<SEC-DOCUMENT>0000905148-20-000570.txt : 20200507
<SEC-HEADER>0000905148-20-000570.hdr.sgml : 20200507
<ACCEPTANCE-DATETIME>20200507172017
ACCESSION NUMBER:		0000905148-20-000570
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20200229
FILED AS OF DATE:		20200507
DATE AS OF CHANGE:		20200507
EFFECTIVENESS DATE:		20200507

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		20857686

	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>
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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>
    <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
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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>
    <div style="font-family: 'Times New Roman'; color: #000000; 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; 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;">February 29, 2020<br>
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              <div>ITEM 1.</div>
            </td>
            <td style="WIDTH: 91.76%">
              <div>REPORT TO STOCKHOLDERS </div>
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    <div style="font-family: 'Times New Roman'; color: #000000; 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>
      <br>
      <div>
        <div style="text-align: right; margin-left: 396pt; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;April 29, 2020</div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">To Our Shareholders:</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">We present the Annual Report of Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;) for the fiscal year ended February 29, 2020.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The net asset value per share (&#8220;NAV&#8221;) of the Fund decreased by 6.7% and the closing market price of the Fund (on the New York Stock Exchange)
          decreased by 2.6% after giving effect to the reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions for the fiscal year ended February 29, 2020. The closing market price of the Fund on February
          29, 2020 was $8.03, representing a discount of 9.3% to the NAV of $8.85. The net assets of the Fund totaled $250,887,390 on February 29, 2020.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Russell/Nomura Small Cap&#8482; Index, the Fund&#8217;s benchmark (&#8220;Benchmark&#8221;), decreased by 7.5% in United States (&#8220;U.S.&#8221;) dollar terms. During the fiscal
          year ended February 29, 2020, the Fund outperformed the Benchmark by 0.8% on a NAV basis. 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 3.2% and the Nikkei Stock Average Index (&#8220;Nikkei&#8221;), a price-weighted index of the 225 leading stocks on the TSE, increased by 1.9% in U.S. dollar terms for the year ended February 29, 2020. The Japanese yen (&#8220;Yen&#8221;) appreciated by
          3.0% against the U.S. dollar during the fiscal year ended February 29, 2020.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">For the quarter ended February 29, 2020, the Benchmark decreased by 15.0%, the TOPIX decreased by 10.0%, and the Nikkei decreased by 8.1% in U.S.
          dollar terms. The NAV of the Fund decreased by 11.4% and outperformed the Benchmark by 3.6%. The Fund&#8217;s share price decreased by 6.6% during the quarter. The Yen appreciated by 1.2% against the U.S. dollar during the quarter.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #FF0066; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Investment Strategy</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Fund invests in undervalued stocks that offer fundamental strength and potential for improvement. The Fund performs extensive fundamental
          research to identify stocks that can create shareholder value. 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. In the Japanese small cap equity market, valuation anomalies do exist and can be exploited through active management. 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: #FF0066; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Performance</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">In terms of the sector allocation strategy during fiscal year ended February 29, 2020, an overweight position in the Chemicals sector and an
          underweight position in the Services sector generated the largest positive contributions. Sector returns were eroded by an overweight position in the Iron and Steel sector and an underweight position in the Electric Appliances sector.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; 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
          Okinawa Cellular Telephone Company in the Information and Communication sector. Conversely, relative performance was negatively impacted by SIIX Corporation in the Wholesale Trade sector, Osaka Steel Co., Ltd. in the Iron and Steel sector, and
          H.I.S. Co., Ltd. in the Services sector.</div>
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        <div>&#160;</div>
        <div style="color: #FF0066; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Market Review</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Benchmark decreased by 10.3% and underperformed the TOPIX index, which decreased by 6.0% in local currency terms, for the fiscal year ended
          February 29, 2020. The Japanese equity market declined in response to a rapid reassessment of near-term corporate earnings prospects triggered by reports of an increasing number of cases of Coronavirus (COVID-19) infections worldwide, including
          in Japan. While the Coronavirus spread has undermined market sentiment, the impact has been even more damaging for Japanese small-cap equities, which tend to have lower liquidity.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Japanese stock market has remained generally flat from March 2019. During a ten day holiday period from April 27 to May 6, 2019 for the
          succession of Japan&#8217;s new Emperor, market sentiment was undermined by announcements from U.S. President Trump threatening further tariff hikes on imports from both China and Mexico. Meanwhile, earnings forecasts for the fiscal year ended March
          31, 2020 issued by Japanese companies from late April to the middle of May 2019 were generally conservative.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Japanese stock market rebounded at the beginning of June 2019 after 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. Stock prices in Japan declined again in early August 2019 after President Trump announced another round of hikes in U.S. tariffs on Chinese goods, raising
          new concerns about the global economic outlook.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Japanese stock market rallied strongly from September to the end of 2019, despite underlying concerns such as the U.S. and China trade dispute
          and Brexit. Accommodative monetary policies by the major central banks were expected to support a continuing recovery in global economic conditions that would enable market participants to look beyond the current weakness. Foreign exchange rate
          volatility has declined which has also helped to establish more stable business conditions for the corporate sector.&#160; International investors turned net buyers of Japanese stocks from October and continued to increase their positions to the end
          of 2019.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Following the strong rally in the second half of 2019, the Japanese equity market experienced a sharp sell-off in January and extended downturn in
          February 2020. Uncertainty about near-term economic prospects was heightened by the potential impact from the outbreak of the Coronavirus in China. Japan&#8217;s real domestic product growth rate for the period from October to December 2019 declined to
          -6.8% quarter over quarter annualized, significantly under the -3.8% consensus estimate. There was a rapid reassessment of near-term corporate earnings prospects triggered by reports of an increasing number of cases of Coronavirus infections
          worldwide, including in Japan, a cyclical recession, and additional pressure from the consumption tax hike.</div>
        <div><br>
        </div>
        <div style="color: #FF0066; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Outlook and Future Strategy</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Fears of a major global recession are materializing as strict restrictions on daily travel and economic activity, and in some cases lock-down
          measures, are imposed across large parts of the developed world to limit the spread of COVID-19. The magnitude of the economic losses will be impossible to assess precisely while it remains unclear how long the containment measures will remain in
          place. Central banks and governments have announced monetary and fiscal stimulus policies on an unprecedented scale, partly aimed at mitigating the risk of a credit crunch and other serious damage to the economy. Japan is expected to record a
          second successive decline in gross domestic product, and a steep fall in growth for the first half of the year will be inevitable due to the severe damage across most of the service sector, but especially the tourism, hospitality and
          transportation related industries. Manufacturers will also be severely hit, except in industries that benefit from special procurement needs such as medical care and telecommuting.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Neighboring China has recently undergone an economic recovery with more than 90% of large-scale industrial firms have officially resumed business and
          the operating rate of major enterprise factories has begun to increase as the official figures suggest the coronavirus outbreak has been almost contained. Local governments in China have begun to implement measures to stimulate consumer spending,
          such as incentives for automobile purchases and coupons that can be used in local restaurants and shops. China however remains in a precarious position given the inevitable impact on exports caused by the global economic slowdown. Nevertheless,
          China&#8217;s Purchasing Managers&#8217; Index rose to 52.0 in March from a record-low 35.7 in February. China also offers a case study showing how other major economies, including Japan, could follow a similar trajectory once the coronavirus pandemic has
          been contained.<br>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Earnings forecasts for Japanese companies for this fiscal year have not yet been revised downward sufficiently. Profit forecasts are likely to
          fluctuate widely and are now heavily dependent on the duration of the containment measures. It is likely to see substantial negative earnings growth figures reported for this fiscal year. In that sense, it would not be appropriate to measure the
          market valuation based on earnings at this stage. Nonetheless, we can also demonstrate that valuations of the Japanese stock market have adjusted considerably over the past three months, as the price-to-book ratio of the Russell Nomura Small Cap
          Index has now dipped to less than 0.9, which is close to the 0.7 level recorded at the bottom of the global financial crisis in 2008. At this point, most companies still have abundant equity to endure difficult times, and should not expect major
          losses to erode capital levels significantly. Therefore, as the rate of new coronavirus infections declines and restrictions and lock-down measures are lifted, this under-valuation is likely to be corrected in the long run.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Fund appreciates your continuing support.<br>
        </div>
      </div>
      &#160;
      <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>
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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>
                <div>
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
                    <div>&#160;</div>
                    <div style="margin-right: 28.9pt; margin-left: 20.5pt; color: #231F20; font-family: 'Times New Roman', Times, serif;">Sources: Nomura Asset Management U.S.A. Inc., Nomura Asset Management Co., Ltd., and Bloomberg L.P. Past performance
                      is not indicative of future results. There is a risk of loss.</div>
                    <div>&#160;</div>
                    <div style="margin-right: 28.9pt; margin-left: 20.5pt; color: #231F20; 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. 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. The Fund&#8217;s performance does not reflect
                      sales commissions.</div>
                    <div>&#160;</div>
                    <div style="text-indent: 0.6pt; margin-right: 28.35pt; margin-left: 20.5pt; color: #231F20; 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. This material should not be considered investment advice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. 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="margin-right: 28.35pt; margin-left: 20.5pt; color: #231F20; 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. This report
                      is for informational purposes only. Investment products offered are not FDIC insured, may lose value, and are not bank guaranteed.</div>
                    <div>&#160;</div>
                    <div style="text-indent: 20.5pt; color: #231F20; font-family: 'Times New Roman', Times, serif;">Indices are unmanaged. An index cannot be directly invested into.</div>
                    <div>&#160;</div>
                    <div style="margin-right: 28.35pt; margin-left: 20.5pt; color: #231F20; 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.
                      federal securities laws. 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. Forward-looking
                      information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.</div>
                    <div style="margin-right: 28.35pt; margin-left: 20.5pt; color: #231F20; font-family: 'Times New Roman', Times, serif;"> <br>
                    </div>
                    <div style="margin-right: 28.35pt; margin-left: 20.5pt; color: #231F20; font-family: 'Times New Roman', Times, serif;">
                      <div style="font-family: 'Times New Roman',Times,serif;">
                        <div style="text-align: left; color: rgb(35, 31, 32);">The Russell/Nomura Small Cap&#8482; Index represents approximately 15% of the total market capitalization of the Russell/Nomura Total Market&#8482; Index. It measures the performance of the
                          smallest Japanese equity securities in the Russell/Nomura Total Market&#8482; Index. As of February 29, 2020, there are 1,248 securities in the Russell/Nomura Small Cap&#8482; Index.</div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <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>
    <div style="font-family: 'Times New Roman'; color: #000000; line-height: 1.25;">
      <div style="color: #000000; line-height: 1.25;">
        <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>&#160;</div>
                        <div style="text-align: center; color: rgb(236, 0, 140); font-family: 'Times New Roman',Times,serif; font-weight: bold;">CHANGE IN AUDITORS</div>
                        <div>&#160;</div>
                        <div style="text-align: justify; text-indent: 12pt; margin-right: 5.85pt; margin-left: 6.5pt; color: #231F20;">The Fund was advised on February 24, 2020 by RSM US LLP (&#8220;RSM&#8221;), its independent public accounting firm, that RSM is not
                          independent under the Securities and Exchange Commission&#8217;s independence rules as it pertains to the Fund due to a discovery of certain non-attest services performed by a foreign affiliated firm. RSM subsequently resigned on
                          February 27, 2020.</div>
                        <div>&#160;</div>
                        <div style="text-align: justify; text-indent: 12pt; margin-right: 5.85pt; margin-left: 6.5pt; color: #231F20;">The resignation of RSM was not the result of any disagreement with management. During the fiscal years ended February 28,
                          2019 and February 28, 2018, RSM&#8217;s audit reports contained no adverse opinion or disclaimer of opinion; nor were the reports qualified or modified as to uncertainty, audit scope, or accounting principles. Further, there were no
                          disagreements between the Fund and RSM on accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of RSM, would have caused it to make
                          reference to the disagreements in connection with their reports.</div>
                        <div>&#160;</div>
                        <div style="text-align: justify; text-indent: 12pt; margin-right: 5.85pt; margin-left: 6.5pt; color: #231F20;">On March 30, 2020, the Audit Committee of the Fund and the Board of Directors of the Fund approved the selection of Ernst
                          &amp; Young LLP as the independent registered public accounting firm to audit the Fund&#8217;s financial statements for its fiscal year ended February 29, 2020. <br>
                        </div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
          </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: rgb(255, 0, 102);">SHAREHOLDERS ACCOUNT INFORMATION</font> <br>
                        </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 (800) 426-5523 for information concerning their
                          accounts.<br>
                        </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: rgb(255, 0, 102);">PROXY VOTING</font> <br>
                          </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) without charge, upon request, by calling toll-free 1-800-833-0018; and (2) on the website of the Securities and Exchange Commission (&#8220;SEC&#8221;) at <u>http://www.sec.gov</u>. 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 30 is available (1) without charge, upon request, by calling toll-free 1-800-833-0018; and (2) on the SEC&#8217;s web site
                            at&#160;<u>http://www.sec.gov.</u>
                            <div>&#160;</div>
                            <div style="text-align: left; text-indent: 11pt; margin-right: 6.05pt; margin-left: 6pt; color: #231F20;">Additional information about the Fund&#8217;s Board of Directors is available (1) without charge, upon request, by calling
                              toll-free 1-800-833-0018; and (2) on the website of the SEC at <u>http://www.sec.gov</u>&#160;in the Fund&#8217;s most recent proxy statement filing.</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>
                      <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. The
                          Fund&#8217;s Forms N-Q are available on the SEC&#8217;s web site at <u>http://www.sec.gov.</u><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>
                      <div>
                        <div style="text-indent: 18pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">I</font>n December 2019, the Fund filed its Principal Executive Officer Certification with the New York Stock Exchange
                          pursuant to Section 303A.12 (a) of the New York Stock Exchange Corporate Governance Listing Standards.
                          <div>&#160;</div>
                          <div style="text-indent: 11pt; margin-right: 5.85pt; margin-left: 6pt; color: #231F20;">The Fund&#8217;s Principal Executive Officer and Principal Financial Officer Certifications pursuant to Section 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 web site at <u>http://www.sec.gov.</u></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><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.<br>
                          </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>
                        <div>
                          <div style="text-indent: 18pt;"><font style="font-family: 'Times New Roman',Times,serif;">N</font>omura 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. The Internet web address is <u>http://funds.nomura-asset.com/japan-smaller-capitalization</u>. </div>
                        </div>
                        <div> </div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
            <br>
          </div>
        </div>
        <div><br>
        </div>
        <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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></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>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FUND HIGHLIGHTS&#8212;FEBRUARY 29, 2020 (Unaudited)</div>
            <div>&#160;</div>
            <div style="color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">KEY STATISTICS</div>
            <div>&#160;</div>
            <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 92%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z27cb112d3a764aae9dc41215b5b40f2a">

                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%;">
                    <div>Net Assets<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                    <div><br>
                    </div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                    <div>$250,887,390</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%;">
                    <div>Net Asset Value per Share<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                    <div><br>
                    </div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                    <div>$8.85</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%;">
                    <div>Market Price<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                    <div><br>
                    </div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                    <div>$8.03</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%;">
                    <div>Percentage Change in Net Asset Value per Share*+<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                    <div>(6.7%)</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1"> <br>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%;">
                    <div>Percentage Change in Market Price*+<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                    <div>(2.6%)</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                    <div><br>
                    </div>
                  </td>
                </tr>

            </table>
            <div style="clear: both;"><br>
            </div>
            <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">MARKET INDICES</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Percentage change in market indices:*</div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zab75bb04e6204b63afab22da4002668d">

                <tr>
                  <td valign="bottom" style="vertical-align: top;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" rowspan="1" colspan="3">
                    <div style="text-align: center; font-weight: bold;"> <u>YEN</u></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;">
                    <div style="text-align: center; font-weight: bold;"><u>U.S. $</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;">
                    <div>Russell/Nomura Small Cap&#8482; Index<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" rowspan="1">
                    <div>(10.3%)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" rowspan="1">
                    <div>(7.5%)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;">
                    <div>Tokyo Price Index<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" rowspan="1">
                    <div>(6.0%)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" rowspan="1">
                    <div>(3.2%)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 76%;">
                    <div>Nikkei Stock Average Index<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" rowspan="1">
                    <div>(1.1%)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" rowspan="1">
                    <div>1.9%</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">*From March&#160;1, 2019 through February&#160;29, 2020.</div>
            <div>&#160;</div>
            <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">+Reflects the percentage change in share price adjusted for reinvestment of income dividends, ordinary income
              distributions, and long-term capital gain distributions.</div>
            <div>&#160;</div>
            <div style="color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">INDUSTRY DIVERSIFICATION</div>
            <div>&#160;</div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z61af81a40fee4fc192a04dbd1e2d1bd5">

                <tr>
                  <td valign="bottom" style="vertical-align: top;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                    <div>
                      <div style="text-align: center; font-weight: bold;">% of </div>
                      <div style="text-align: center; font-weight: bold;"><u>Net Assets</u></div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                    <div>
                      <div style="text-align: center; font-weight: bold;">% of </div>
                      <div style="text-align: center; font-weight: bold;"><u>Net Assets</u></div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Retail Trade<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>15.3</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Transportation Equipment<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>3.3</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Chemicals<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>13.7</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Transportation and Warehousing</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>3.0</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Wholesale Trade<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>11.1</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Utilities<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.9</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Machinery<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>5.8</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Electric Appliances<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.8</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Iron and Steel<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>5.7</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Other Products<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.7</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Banks<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>5.3</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Food<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.5</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Services<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>5.2</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
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                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.2</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Information and Communication</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>5.1</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Real Estate<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.1</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Metal Products<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>4.9</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Textiles and Apparel<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>1.8</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Construction<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>3.3</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 38%;">
                    <div>Precision Instruments<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>0.8</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: center; color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">TEN LARGEST EQUITY HOLDINGS</div>
            <div>&#160;</div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z1896571521bf4906b26d51ab00cc9812">

                <tr>
                  <td valign="bottom" style="vertical-align: bottom;">
                    <div style="margin-right: 288.9pt; font-weight: bold;">Security</div>
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                  <td valign="bottom" style="vertical-align: top;" colspan="2">
                    <div>
                      <div style="text-align: center; font-weight: bold;">% of </div>
                      <div style="text-align: center; font-weight: bold;"><u>Net Assets</u></div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Ryoden Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>4.1</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Okinawa Cellular Telephone Company</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>3.6</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Amiyaki Tei Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>3.4</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Osaka Steel Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>3.1</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">SIIX Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.8</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Nichirei Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.5</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Hi-Lex Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.5</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">The Okinawa Electric Power Company, Incorporated</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.3</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Sakata Inx Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.1</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Fujikura Kasei Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 329.9pt;" id="TRGRRTFtoHTMLTab">&#160; <br>
                      </font></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  <td style="vertical-align: top; text-align: center; width: 9%;" colspan="1">
                    <div>2.0</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>

            </table>
          </div>
          <div> <br>
          </div>
          <div> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
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          </div>
          <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>&#160;
                              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
                              <div>&#160;</div>
                              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">To the Shareholders and the Board of Directors of Japan Smaller Capitalization Fund, Inc.</div>
                              <div>&#160;</div>
                              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Opinion on the Financial Statements</div>
                              <div>&#160;</div>
                              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">We have audited the accompanying statement of assets and liabilities of Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;), including the schedule
                                of investments, as of February&#160;29,&#160;2020, and the related statement of operations, statement of changes in net assets, the financial highlights in the year then ended and the related notes (collectively referred to as the
                                &#8220;financial statements&#8221;).&#160; In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at February&#160;29, 2020, the results of its operations, the changes in its net
                                assets and its financial highlights for the year then ended, in conformity with U.S.&#160;generally accepted accounting principles.</div>
                              <div>&#160;</div>
                              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">The statement of changes in net assets for the year ended February&#160;28, 2019, and the financial highlights for each of the years in the four-year
                                period then ended, were audited by another independent registered public accounting firm whose report, dated April&#160;26, 2019, expressed an unqualified opinion on that statement of changes in net assets and those financial
                                highlights.</div>
                              <div>&#160;</div>
                              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Basis for Opinion</div>
                              <div>&#160;</div>
                              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">These financial statements are the responsibility of the Fund&#8217;s management.&#160; Our responsibility is to express an opinion on the Fund&#8217;s financial
                                statements based on our audit.&#160; We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in
                                accordance with the U.S.&#160;federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>
                              <div>&#160;</div>
                              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">We conducted our audit in accordance with the standards of the PCAOB.&#160; Those standards require that we plan and perform the audit to obtain
                                reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.&#160; The Fund is not required to have, nor were we engaged to perform, an audit of the Fund&#8217;s internal
                                control over financial reporting.&#160; As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
                                Fund&#8217;s internal control over financial reporting.&#160; Accordingly, we express no such opinion.</div>
                              <div>&#160;</div>
                              <div>Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.&#160; Such procedures
                                included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.&#160; Our procedures included confirmation of securities owned as of February&#160;29, 2020, by correspondence with the
                                custodian or by other appropriate auditing procedures where replies from others were not received.&#160; Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as
                                evaluating the overall presentation of the financial statements.&#160; We believe that our audit provides a reasonable basis for our opinion. <br>
                              </div>
                              <div> <br>
                              </div>
                              <div>
                                <div><img src="image00001.jpg"></div>
                                <div>&#160;</div>
                                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">We have served as the auditor of one or more Nomura investment companies since 2020.</div>
                                <div style="text-align: justify; font-size: 12pt;"> <font style="font-size: 10pt;"><br>
                                  </font></div>
                                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">New York, New York</div>
                                <div>April&#160;29, 2020 <br>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <br>
              </div>
            </div>
            <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="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; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                <div>&#160;</div>
              </div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SCHEDULE OF INVESTMENTS*</div>
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FEBRUARY 29, 2020</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb4bee69af48a48febd965a28cdae97a0">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                      <div>
                        <div style="font-weight: bold; text-align: right;"><u>Shares</u>&#160;&#160;&#160;<u> <br>
                          </u></div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;"><u>Cost</u>&#160; &#160; &#160; &#160; <u><br>
                          </u></div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;">Fair &#160; &#160; &#160;&#160; &#160;&#160; <br>
                          <u>Value</u> &#160; &#160; &#160; &#160;<u> <br>
                          </u></div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;">% of&#160;&#160;&#160;&#160; <br>
                          Net&#160;&#160;&#160;&#160; <br>
                          <u>Assets</u>&#160;&#160;&#160;<u> <br>
                          </u></div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">
                      <div style="color: #FF3399; font-weight: bold;">JAPANESE EQUITY SECURITIES</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">
                      <div style="font-weight: bold;">Banks</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Fukuoka Financial Group, Inc.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>General banking services</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>78,100</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">
                      <div>$</div>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1,767,670</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">
                      <div>$</div>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1,187,701</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.5</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Akita Bank, Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>General banking services</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>197,100</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>4,898,881</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>3,057,552</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1.2</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Bank of Okinawa, Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>General banking services</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>76,800</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,848,983</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,152,574</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.9</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Keiyo Bank, Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>General banking services</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>482,500</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>3,553,989</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,271,796</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.9</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Musashino Bank, Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>General banking services</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>119,400</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>3,037,007</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1,645,678</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.6</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Taiko Bank, Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>General banking services</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>130,500</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,448,007</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1,715,374</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.7</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Yamanashi Chuo Bank, Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font></font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">
                      <div>164,000</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>2,646,818</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>1,240,942</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>0.5</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt"><font style="font-family: 'Times New Roman',Times,serif;">General banking services</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Total Banks</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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                        <div>21,201,355</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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                        <div>13,271,617</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>5.3</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: top; width: 52%;">
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Adeka Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Manufactures chemical and food products</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>328,500</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>4,954,538</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>4,324,088</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1.7</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">C. Uyemura &amp; Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Plating chemicals</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>50,100</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,461,188</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>3,137,477</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1.3</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Fujikura Kasei Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Specialty coating materials and fine chemicals</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1,143,000</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>6,095,347</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>4,937,616</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2.0</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Koatsu Gas Kogyo Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>High-pressured gases and chemicals</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>565,600</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>3,706,122</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>3,463,551</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1.4</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Sakata Inx Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Manufactures printing ink</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>613,500</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>7,439,384</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>5,357,236</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Sekisui Jushi Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Manufactures plastics and other resin materials</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>134,200</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,602,879</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,634,220</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1.0</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Shikoku Chemicals Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Manufactures chemical products</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>152,600</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1,699,404</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1,528,753</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.6</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Shin-Etsu Polymer Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Manufactures electronic devices, precision moldings, and dwelling materials</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>53,300</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>371,721</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>416,618</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.2</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Soken Chemical &amp; Engineering Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Manufactures chemical products</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>49,700</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>587,354</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>529,159</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.2</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Tenma Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Manufactures synthetic resin products</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>155,800</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>3,039,008</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,336,171</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>0.9</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">T&amp;K Toka Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font>Manufactures specialized inks for printing applications</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>347,800</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>3,301,087</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>2,625,270</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1">
                      <div>1.0</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Yushiro Chemical Industry Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;"><br>
                          </font></font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">
                      <div>286,700</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>3,871,611</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>3,195,722</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>1.3</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt"><font style="font-family: 'Times New Roman',Times,serif;">Manufactures metalworking fluids</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Total Chemicals</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>40,129,643</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>34,485,881</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>13.7</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: center;">See notes to financial statements<br>
              </div>
              <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div id="DSPFPageBreak" style="page-break-after:always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                  <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SCHEDULE OF INVESTMENTS*-(Continued)</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FEBRUARY 29, 2020</div>
                <div>&#160;</div>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z78039a75b96d45aaba8d1f0d6ff2dd61">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1">
                      <div>
                        <div style="font-weight: bold; text-align: right;"><u>Shares</u>&#160;&#160;&#160;<u> <br>
                          </u></div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;"><u>Cost</u>&#160; &#160; &#160; &#160; </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;">Fair &#160; &#160; &#160;&#160; &#160;&#160; <br>
                          <u>Value</u> &#160; &#160; &#160; &#160;<u></u></div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;">% of&#160;&#160;&#160;&#160; <br>
                          Net&#160;&#160;&#160;&#160; <br>
                          <u>Assets</u>&#160;&#160; &#160;<u> </u><u></u></div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt; font-weight: bold;">Construction</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Toenec Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Construction of comprehensive building facilities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>82,300</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">
                      <div>$</div>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,214,255</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">
                      <div>$</div>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,493,248</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.0</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Totetsu Kogyo Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Operates construction-related businesses</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>117,800</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,266,765</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,022,776</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Yondenko Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Construction of electrical distribution systems</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>54,800</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,197,033</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,203,922</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.5</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Yurtec Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
                      <div>316,100</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>2,340,730</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>1,657,913</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>0.6</div>
                      </div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt">Engineering company</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic;">Total Construction</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>9,018,783</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>8,377,859</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>3.3</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt; font-weight: bold;">Electric Appliances</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">AOI Electronics Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab"></font><br>
                        Manufactured electronic components</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>10,600</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>239,112</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>202,382</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Koito Manufacturing Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>37,500</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,175,621</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,477,730</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.6</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Mabuchi Motor Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab"> </font><br>
                        Manufactures small motors</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>119,500</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,319,131</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,139,748</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.6</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Maxell Holdings, Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures media devices, batteries and electrical appliances</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>62,200</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,061,879</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>741,647</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.3</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div>Shindengen Electric Manufacturing Co., Ltd.</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">5,800<br>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
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                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">192,637<br>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
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                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
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                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">161,223<br>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
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                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">0.1<br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;" rowspan="1">
                      <div style="margin-left: 9pt">Manufactures semiconductor products, electrical components, and power supplies</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1"><br>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;<br>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;<br>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;<br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Shinko Electric Industries Co., Ltd.<br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>34,300</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>277,055</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>376,616</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.1</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt">Manufactures semiconductor packages</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic;">Total Electric Appliances</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>9,265,435</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>7,099,346</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>2.8</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt; font-weight: bold;">Financing Business</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Hitachi Capital Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        General financial services</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>104,900</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,443,024</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,680,115</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.1</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Ricoh Leasing Company, Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Leasing and financial services</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>73,200</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,441,583</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,515,499</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.0</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Tokai Tokyo Financial Holdings, Inc.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab"> </font><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>101,200</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>392,082</div>
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                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>265,860</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.1</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt">Investment and financial services</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic;">Total Financing Business</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5,276,689</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5,461,474</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>2.2</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt; font-weight: bold;">Food</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Nichirei Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>247,500</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5,756,398</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>6,302,831</div>
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                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>2.5</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt">Produces frozen foods and provides cold storage warehousing</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic;">Total Food</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5,756,398</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>6,302,831</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>2.5</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div>
                <div><br>
                </div>
                <div style="text-align: center;">See notes to financial statements</div>
              </div>
              <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div id="DSPFPageBreak" style="page-break-after:always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                  <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SCHEDULE OF INVESTMENTS*-(Continued)</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FEBRUARY 29, 2020</div>
                <div>&#160;</div>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z27f6419b670246578d892010cc40d4e7">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;"><u>Shares</u>&#160;&#160;&#160; <br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;"><u>Cost</u>&#160; &#160; &#160;&#160; <br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;">Fair &#160; &#160; &#160;&#160; &#160;&#160; <br>
                          <u>Value</u> &#160; &#160; &#160; &#160;<u></u></div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;">% of&#160;&#160;&#160;&#160; <br>
                          Net&#160;&#160;&#160;&#160; <br>
                          <u>Assets</u>&#160;&#160; &#160;<u> </u><u></u></div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt; font-weight: bold;">Information and Communication</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">NS Solutions Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        System consulting services and software development</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>39,600</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">
                      <div>$</div>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,113,408</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">
                      <div>$</div>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,096,001</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.4</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">OBIC Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Computer system integration</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>12,500</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,059,763</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,536,700</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.6</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Okinawa Cellular Telephone Company<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Telecommunications</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>249,500</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>7,817,985</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>8,989,432</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3.6</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Otsuka Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>30,000</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>1,110,405</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>1,280,699</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.5</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt">Computer information system developer</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>11,101,561</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>12,902,832</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>5.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt; font-weight: bold;">Iron And Steel</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Chubu Steel Plate Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures steel-related products</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>117,200</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>727,787</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>731,789</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.3</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Mory Industries Inc.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures steel tubing products</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>51,500</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>954,419</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,055,677</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.4</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Nichia Steel Works, Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures steel-related products</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">1,825,400<br>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">5,155,036<br>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">4,575,953<br>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">1.8<br>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Osaka Steel Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures steel-related products</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">598,400<br>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">10,631,768<br>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">7,788,250<br>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
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                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">3.1<br>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Sanyo Special Steel Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                      </div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">24,300<br>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
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                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">329,651<br>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">264,118<br>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                    </td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
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                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
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                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">0.1<br>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic; color: #231F20;">Total Iron and Steel</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>17,798,661</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>14,415,787</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5.7</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="font-weight: bold;">Machinery</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Hisaka Works, Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures heat exchangers and other machinery</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>112,200</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>994,296</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>831,343</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.3</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Miura Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures boilers and related products</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>46,900</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,218,286</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,531,446</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.6</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Nippon Pillar Packing Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures mechanical seals</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>131,200</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,514,189</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,541,316</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.6</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Nitto Kohki Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures machine tools and motor pumps</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>187,400</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,119,690</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,558,875</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.4</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Oiles Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Manufactures bearing equipment</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>306,880</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,395,825</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,025,307</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.6</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Shibuya Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                        Packing plant business</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>14,300</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>404,593</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>346,174</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Star Micronics Co., Ltd.<br>
                        Manufactures machinery, electronic components, and precision parts</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>56,600</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>740,100</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>635,084</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.3</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Takeuchi Mfg. Co., Ltd.<br>
                        Manufactures construction machinery</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>30,000</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>522,187</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>459,276</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.2</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Toshiba Machine Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab"> </font><br>
                        Manufactures industrial machinery and equipment</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>43,000</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>802,971</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,179,363</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.5</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;">Yamashin-Filter Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>72,800</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>310,243</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">
                      <div>
                        <div><br>
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                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>455,231</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.2</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt">Manufactures filters</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic;">Total Machinery</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>16,022,380</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>14,563,415</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5.8</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt; color: #231F20; font-weight: bold;">Metal Products</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Dainichi Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
                          Manufactures oil heating equipment</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>206,100</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,435,596</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,138,168</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.5</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Maruzen Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab"> </font><font style="color: #231F20;"><br>
                          Manufactures and sells machinery</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>10,000</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>191,461</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>181,490</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.1</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Neturen Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab"> </font><font style="color: #231F20;"><br>
                          Manufactures steel bars and induction heating equipment</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>575,600</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,588,494</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,625,953</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.4</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Piolax, Inc.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
                          Manufactures automobile-related products</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>173,300</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,387,771</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,486,363</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.0</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Rinnai Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
                          Manufactures heating appliances and components</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>69,100</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,604,127</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,710,855</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.9</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Shinpo Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,300</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>18,935</div>
                      </div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>29,871</div>
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                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.0</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt"><font style="color: #231F20;">Manufactures smokeless roasters</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic; color: #231F20;">Total Metal Products</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>15,226,384</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>12,172,700</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>4.9</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Fuji Seal International, Inc.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>13,300</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>410,894</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>236,338</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Komatsu Wall Industry Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>28,200</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>508,902</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>492,499</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Nishikawa Rubber Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>207,600</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,398,576</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,208,914</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.3</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Pigeon Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
                          Manufactures baby care products</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>9,800</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>418,705</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>331,789</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.1</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">The Pack Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #231F20;"><br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
                      <div>77,400</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>2,455,882</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>2,516,637</div>
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                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>1.0</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic; color: #231F20;">Total Other Products</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>7,192,959</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>6,786,177</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>2.7</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt; color: #231F20; font-weight: bold;">Precision Instrument</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Nakanishi Inc.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab"> </font><font style="color: #231F20;"><br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
                      <div>126,800</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>2,014,794</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>1,908,363</div>
                    </td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>0.8</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt"><font style="color: #231F20;">Manufactures dental instruments</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic; color: #231F20;">Total Precision Instruments</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>2,014,794</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>1,908,363</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>0.8</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>

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              <div><br>
                <div><br>
                </div>
                <div style="text-align: center;">See notes to financial statements<br>
                </div>
              </div>
              <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div id="DSPFPageBreak" style="page-break-after:always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                  <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SCHEDULE OF INVESTMENTS*-(Continued)</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FEBRUARY 29, 2020</div>
              </div>
              <div><br>
              </div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z95eb98d93f6343c791ff86a0ff2e2acc">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="font-weight: bold;"><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;"><u>Shares</u>&#160;&#160;&#160; </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;"><u>Cost</u>&#160; &#160; &#160;&#160; </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div style="text-align: right;"><font style="font-weight: bold;">Fair &#160; &#160; &#160;&#160; &#160;&#160; <br>
                          <u>Value</u> </font>&#160; &#160; &#160; &#160;<u></u></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div style="text-align: right;"><font style="font-weight: bold;">% of&#160;&#160;&#160;&#160; <br>
                          Net&#160;&#160;&#160;&#160; <br>
                          <u>Assets</u>&#160;</font>&#160; &#160;<u> </u><u></u><u></u></div>
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                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); font-weight: bold;" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
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                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                        <div style="text-indent: -7.9pt; margin-left: 7.9pt; color: #231F20; font-weight: bold;">Real Estate</div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                        <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Avantia Co., Ltd.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;">&#160;</font><font style="color: #231F20;"><br>
                            Designs and constructs housing</font></div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>383,600</div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;$</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1"><br>
                      </td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>3,628,825</div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">$ <br>
                      </td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>2,718,076</div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>1.1</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                        <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Daibiru Corporation</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;">&#160;</font><font style="color: #231F20;"><br>
                            Real estate leasing and building management</font></div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>122,700</div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>1,256,651</div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>1,365,414</div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>0.5</div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                        <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="color: #231F20;">Starts Corporation Inc.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;"> </font><font style="color: #231F20;"><br>
                          </font></div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                        <div>57,100</div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                        <div>
                          <div>1,365,786</div>
                        </div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                        <div>
                          <div>1,174,695</div>
                        </div>
                      </td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                        <div>
                          <div>0.5</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                        <div style="margin-left: 9pt"><font style="color: #231F20;">Construction, leasing and management of real estate</font></div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                      <td nowrap="nowrap" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); text-align: right;" colspan="1" rowspan="1">&#160;</td>
                      <td style="vertical-align: top; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
                        <div style="text-indent: -7.9pt; margin-left: 7.9pt;"><font style="font-style: italic; color: #231F20;">Total Real Estate</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 231.1pt;">&#160;</font></div>
                      </td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                        <div>
                          <div>6,251,262</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                        <div>
                          <div>5,258,185</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                      <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                        <div>
                          <div>2.1</div>
                        </div>
                      </td>
                      <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    </tr>

                </table>
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              <div><br>
              </div>
              <div></div>
              <table cellspacing="0" cellpadding="0" 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: top; width: 52%; background-color: rgb(255, 255, 255); font-weight: bold;" rowspan="1">Retail Trade</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">ABC-Mart, Inc.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>26,300</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,617,326</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,498,617</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.6</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Retail sales of shoes</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">AIN Holdings Inc.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,300</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>74,598</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>75,038</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates pharmacies and drug store chains</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Amiyaki Tei Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>299,800</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>10,829,811</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>8,486,083</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3.4</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates barbecue restaurant chains</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Cosmos Pharmaceutical Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>7,800</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,565,851</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,690,523</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.7</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates drug store chains</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Create SD Holdings Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>77,800</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,975,598</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,758,875</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.7</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates pharmacies and drug store chains</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Daikokutenbussan Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>161,900</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>7,467,169</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,560,247</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.8</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates supermarkets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Hiday Hidaka Corp.</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>26</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>506</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Izumi Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>99,400</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,530,345</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,724,409</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates shopping centers, real estate and credit card services</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">JM Holdings Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>157,700</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,781,704</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,095,503</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Supermarket business and operation of eating-out stores</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Kusuri No Aoki Holdings Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>46,600</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,898,751</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,845,012</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates drug stores</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">NAFCO Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>48,300</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>771,843</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>562,506</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates a chain of home and furniture retail outlets</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Pan Pacific International Holdings Corporation</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>73,500</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,215,651</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.5</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates discount stores</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">San-A Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>86,200</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,858,765</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,121,715</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.3</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Retail sales of home goods</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Seria Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>183,800</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>6,288,440</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,910,174</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2.0</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Discount retail sales</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Sundrug Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>24,800</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>978,838</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>774,247</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.3</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates pharmacies and drug store chains</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Yossix Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>55,500</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>1,203,521</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>1,110,975</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>0.4</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;" rowspan="1">
                      <div style="margin-left: 9pt">Operates restaurant chains</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-style: italic;">Total Retail Trade<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>47,805,729</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>38,429,967</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>15.3</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div>
                <div><br>
                </div>
                <div style="text-align: center;">See notes to financial statements</div>
              </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>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                  <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SCHEDULE OF INVESTMENTS*-(Continued)</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FEBRUARY 29, 2020</div>
                <div>&#160;</div>
              </div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z8428721607314e219a251702fe823701">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom;">
                      <div style="font-weight: bold;"><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;"><u>Shares</u>&#160;&#160;&#160; </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div>
                        <div style="text-align: right; font-weight: bold;"><u>Cost</u>&#160; &#160; &#160;&#160; </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div style="text-align: right;"><font style="font-weight: bold;">Fair &#160; &#160; &#160;&#160; &#160;&#160; <br>
                          <u>Value</u> </font>&#160; &#160; &#160; &#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div style="text-align: right;"><font style="font-weight: bold;">% of&#160;&#160;&#160;&#160; <br>
                          Net&#160;&#160;&#160;&#160; <br>
                          <u>Assets</u>&#160;</font>&#160;&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); font-weight: bold;" rowspan="1">Services</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">EPS Holdings, Inc.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>94,100</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,391,365</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>979,256</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.4</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Performs contract medical research services</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">H.I.S. Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>75,600</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,447,787</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,489,552</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.6</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Travel business</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Kanamoto Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>56,200</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,494,027</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,241,957</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.5</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Construction related business</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Nihon M&amp;A Center Inc.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                      <div>45,500</div>
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                      <div>1,078,499</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                      <div>1,380,510</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Nippon Air Conditioning Services Co., Ltd.</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>356,900</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,293,168</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,274,678</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.9</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Provides maintenance and management of building facilities</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Nishio Rent All Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">. <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>102,100</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,932,898</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,506,576</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.0</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Leasing of construction and facility work equipment</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Sprix, Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>76,900</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,158,127</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>591,839</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Educational service business</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Step Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>158,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,707,890</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,075,390</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.8</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates preparatory schools</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Tear Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>83,900</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>591,990</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>412,884</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;" rowspan="1">
                      <div style="margin-left: 9pt">Funeral business</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-style: italic;">Total Services<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>15,095,751</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>12,952,642</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5.2</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-weight: bold;">Textiles and Apparel</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Seiren Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>351,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5,309,520</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>4,506,619</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>1.8</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Manufactures synthetic fibers and textile products</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-style: italic;">Total Textiles and Apparel<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>5,309,520</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>4,506,619</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>1.8</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-weight: bold;">Transportation and Warehousing</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Alps Logistics Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">General logistics services</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Japan Transcity Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>130,600</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">General logistics services</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Meiko Trans Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>345,700</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,471,083</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,517,599</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.4</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Marine logistics services</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">SG Holdings Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>65,900</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                      <div>1,434,760</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,297,213</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div>Trancom Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,800</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>233,801</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>241,839</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="margin-left: 9pt;">General logistics services</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="font-style: italic;">Total Transportation and Warehousing</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>7,372,899</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>7,503,043</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>3.0</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div>
                <div><br>
                </div>
                <div style="text-align: center;">See notes to financial statements</div>
              </div>
              <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div id="DSPFPageBreak" style="page-break-after:always;">
                  <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 style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                  <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
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                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SCHEDULE OF INVESTMENTS*-(Continued)</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FEBRUARY 29, 2020</div>
                <div>&#160;</div>
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                      <div style="font-weight: bold;"><br>
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div style="text-align: right; font-weight: bold;"><u>Shares</u>&#160;&#160;&#160; </div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
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                      <div style="text-align: right; font-weight: bold;"><u>Cost</u>&#160; &#160; &#160;&#160; </div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: center;" colspan="3" rowspan="1"><font style="font-weight: bold;">&#160;&#160; &#160;&#160; Fair<br>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="3" rowspan="1"><font style="font-weight: bold;">% of&#160;&#160;&#160;&#160; <br>
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                        <u>Assets</u>&#160;</font>&#160;&#160;</td>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Hi-Lex Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>414,800</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>8,197,076</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>6,269,675</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2.5</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);" rowspan="1">
                      <div style="margin-left: 9pt">Manufacture control cables<br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Morita Holdings Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>64,600</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>1,131,599</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>1,006,303</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>0.4</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Operates five business transportation segments</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                      <div>401,657</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                      <div>409,203</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                      <div>0.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Nippon Seiki Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>116,106</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>85,681</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>0.0</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Manufactures transportation equipment parts</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Tokai Rika Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>26,900</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>531,202</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>404,850</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>0.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Manufactures automobile parts</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-style: italic;">Total Transportation Equipme</font>nt</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>10,377,640</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>8,175,712</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>3.3</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-weight: bold;">Utilities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Keiyo Gas Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.6</div>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">The Okinawa Electric Power Company, Incorporated</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                      <div>336,177</div>
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                        <div>5,297,028</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                        <div>5,768,543</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                      <div>
                        <div>2.3</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Produces thermal energy products</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-style: italic;">Total Utilities</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>6,572,642</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div>7,177,292</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>2.9</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-weight: bold;">Wholesale Trade</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Ai Holdings Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>31,700</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>789,192</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>447,181</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>0.2</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Information and security equipment</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Elematec Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>18,500</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>154,924</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Matsuda Sangyo Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Paltac Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Ryoden Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>10,654,383</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>10,381,573</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>4.1</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Purchases electronic and electrical devices</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">SIIX Corporation<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>636,500</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>10,288,001</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>7,118,343</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>2.8</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Parts procurement, logistics, and manufacturing of electronics</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Sugimoto &amp; Co., Ltd.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>78,600</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>1,253,361</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>1,238,202</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.5</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Machine tools and measuring instruments</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-style: italic;">Total Wholesale Trade</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 165.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>31,715,977</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>27,898,081</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>11.1</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-weight: bold;">TOTAL INVESTMENTS IN JAPANESE EQUITY SECURITIES</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>290,506,462</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$</div>
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>249,649,823</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>99.5</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div>
                <div><br>
                </div>
                <div style="text-align: center;">See notes to financial statements</div>
              </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>
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              <div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                  <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                  <div>&#160;</div>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SCHEDULE OF INVESTMENTS*-(Continued)</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FEBRUARY 29, 2020</div>
                <div>&#160;</div>
              </div>
              <br>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z174efac0e8924b0b98549c8d33971007">

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                      <div style="color: #FF3399; font-weight: bold;"><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div style="text-align: center; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <u>Cost</u></div>
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                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div style="text-align: center; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; Fair<u> </u></div>
                      <div style="text-align: center; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; <u>Value</u></div>
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                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="3" rowspan="1">
                      <div style="text-align: center; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160; % of </div>
                      <div style="text-align: center; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160; Net </div>
                      <div style="text-align: center; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Assets</u></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; color: rgb(255, 51, 153); font-weight: bold;" rowspan="1">FOREIGN CURRENCY</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Japanese Yen</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Interest bearing account<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 218.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>$</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>959,257</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>$</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>974,666</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>0.4</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-weight: bold;">TOTAL FOREIGN CURRENCY</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 218.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>959,257</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>974,666</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>0.4</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-weight: bold;">TOTAL INVESTMENTS IN JAPANESE EQUITY</div>
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-weight: bold;">SECURITIES AND FOREIGN CURRENCY</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>$</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>291,465,719</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>250,624,489</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>99.9</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-weight: bold;">OTHER ASSETS LESS LIABILITIES, NET</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>262,901</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>0.1</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-weight: bold;">NET ASSETS</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 218.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>250,887,390</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>100.0</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">*The description following each investment is unaudited and not covered by the Report of Independent
                Registered Public Accounting Firm.</div>
              <div>&#160;</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 February&#160;29, 2020.</div>
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Japanese Yen &#165; 108.105 = United States Dollar $1.00</div>
              <div>&#160;</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>
                <div>
                  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                    <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                    <div>&#160;</div>
                  </div>
                  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">STATEMENT OF ASSETS AND LIABILITIES<br>
                  </div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FEBRUARY 29, 2020</div>
                  <div>&#160;</div>
                </div>
              </div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z4f9419d0b8824f888c3927fc498daffb">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="4">
                      <div style="color: #FF3399; font-weight: bold;">ASSETS:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Investments in Japanese equity securities, at fair value (cost&#8212;$290,506,462)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$249,649,823</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Foreign currency, at fair value (cost&#8212;$959,257)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>974,666</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Receivable for investments sold<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>69,266</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Receivable for dividends<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>505,776</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Prepaid expenses<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>38,706</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Cash<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>52,127</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 34.8pt;">Total Assets<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 333pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>251,290,364</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zf8757b1f6ea04dddb0de8e78b329cf1b">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="4">
                      <div style="color: #FF3399; font-weight: bold;">LIABILITIES:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Payable for investments purchased<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>68,076</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Accrued management fee<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>200,596</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Accrued audit and tax fees<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>69,411</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Accrued legal fees<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>20,149</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Accrued directors&#8217; fees and expenses<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>8,023</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Other accrued expenses<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 367.8pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>36,719</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 34.8pt;">Total Liabilities<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 333pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>402,974</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb6257a0557a84bb78c245d0f268aabd0">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="4">
                      <div style="color: #FF3399; font-weight: bold;">NET ASSETS:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Capital stock (28,333,893 shares of capital stock outstanding, 100,000,000 shares authorized, par value $0.10 each)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>2,833,389</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Paid-in capital<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div>286,055,217</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Total distributable loss<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>(38,001,216</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 34.8pt;">Net Assets<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$250,887,390</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
                      <div style="margin-left: 9pt;">Net asset value per share<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>$8.85</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: center;">See notes to financial statements<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>
                <div>
                  <div>
                    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                      <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                      <div>&#160;</div>
                    </div>
                    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">STATEMENT OF OPERATIONS<br>
                    </div>
                    <div>&#160;</div>
                    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FOR THE YEAR ENDED FEBRUARY 29, 2020</div>
                    <div>&#160;<br>
                    </div>
                  </div>
                </div>
              </div>
              <br>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z03ea61742cad43d68aca34f2068da3a7">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="4">
                      <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">INCOME:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt; font-family: 'Times New Roman',Times,serif;">Dividend income (net of $727,211 withholding taxes)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"> <br>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><font style="font-family: 'Times New Roman',Times,serif;">$6,544,883</font></div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">Interest income</font><font style="display: inline-block; text-indent: 0px; width: 219.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div style="font-family: 'Times New Roman',Times,serif;">8,251</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="margin-left: 34.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">Total Income</font><font style="display: inline-block; text-indent: 0px; width: 184.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div> <br>
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><font style="font-family: 'Times New Roman',Times,serif;">$6,553,134</font></div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zfcb9d153ab0e47ae802fa9f139bc2818">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="4">
                      <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">EXPENSES:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">Management fee</font><font style="display: inline-block; text-indent: 0px; width: 219.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">2,586,111</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">Custodian fee</font><font style="display: inline-block; text-indent: 0px; width: 219.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">232,533</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">Directors&#8217; fees and expenses</font><font style="display: inline-block; text-indent: 0px; width: 219.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">218,125</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">Legal fees</font><font style="display: inline-block; text-indent: 0px; width: 219.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">204,002</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">Other expenses</font><font style="display: inline-block; text-indent: 0px; width: 219.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">200,922</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div style="font-family: 'Times New Roman',Times,serif;">3,441,693</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">INVESTMENT INCOME&#8212;NET</font><font style="display: inline-block; text-indent: 0px; width: 219.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div style="font-family: 'Times New Roman',Times,serif;">3,111,441</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zebc5730b2c2c4055a2fbe4973d018138">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="4">
                      <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">
                      <div style="text-indent: -12.3pt; margin-left: 12.3pt; font-family: 'Times New Roman',Times,serif;">Realized gain on investments and foreign currency transactions:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%;">
                      <div style="text-indent: -12.3pt; margin-left: 12.3pt;"><font style="font-family: 'Times New Roman',Times,serif;">Net realized gain on investment</font><font style="display: inline-block; text-indent: 0px; width: 219.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">10,898,938</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;">
                      <div style="text-indent: -12.3pt; margin-left: 12.3pt; font-family: 'Times New Roman',Times,serif;">Net realized gain on foreign currency transactions</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">54,590</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;">
                      <div style="text-indent: -12.3pt; margin-left: 12.3pt; font-family: 'Times New Roman',Times,serif;">Net realized gain on investments and foreign currency transactions</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">10,953,528</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%;">
                      <div style="text-indent: -12.3pt; margin-left: 12.3pt; font-family: 'Times New Roman',Times,serif;">Net change in unrealized depreciation on investments</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">(39,549,755</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;">
                      <div style="text-indent: -12.3pt; margin-left: 12.3pt; font-family: 'Times New Roman',Times,serif;">Net change in unrealized appreciation on foreign currency transactions and translation</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif;">9,304,342</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;">
                      <div style="text-indent: -12.3pt; margin-left: 12.3pt; font-family: 'Times New Roman',Times,serif;">Net realized and unrealized loss on investments and foreign currency transactions and translation</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">(19,291,885 <br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">)<br>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -12.3pt; margin-left: 12.3pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#160;</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div style="font-family: 'Times New Roman',Times,serif;">$(16,180,444</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div style="font-family: 'Times New Roman',Times,serif;">)</div>
                      </div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div>
                <div><br>
                </div>
                <div style="text-align: center;">See notes to financial statements</div>
              </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>
                <div>
                  <div>
                    <div>
                      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">
                        <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                        <div>&#160;</div>
                      </div>
                      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">STATEMENTS OF CHANGES IN NET ASSETS<br>
                      </div>
                      <div>&#160;<br>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z4e932fe05d3c4bc9b8bd9e46290b75f5">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 1px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px;" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: center;" colspan="2">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">For the Year Ended</div>
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> February 29, 2020</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 1px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px;" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); text-align: center;" colspan="2">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">For the Year Ended </div>
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">February 28, 2019</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 1px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="8">
                      <div style="color: #FF3399; font-weight: bold;">FROM OPERATIONS:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Net investment income<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 264.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$3,111,441</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$2,351,794</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Net realized gain on investments<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 264.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>10,898,938</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>31,611,746</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Net realized gain (loss) on foreign currency transactions</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>54,590</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(52,051</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Net change in unrealized depreciation on investments</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>(39,549,755</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div>(81,444,013</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Net change in unrealized appreciation (depreciation) on foreign currency transactions and translation</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>9,304,342</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(13,006,353</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Net decrease in net assets resulting from operations</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>(16,180,444</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>(60,538,877</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z21fca8acece54684bd94c6286a6c4afe">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="8">
                      <div style="color: #FF3399; font-weight: bold;">FROM DISTRIBUTIONS TO SHAREHOLDERS:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Distributions to shareholders<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 264.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(21,040,749</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(48,439,623</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Decrease in net assets derived from distributions to shareholders</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>(21,040,749</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>(48,439,623</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                      <div>
                        <div>)</div>
                      </div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z5e532454c15e4d8bbbd7584e190500a1">

                  <tr>
                    <td valign="bottom" style="vertical-align: top;" colspan="8">
                      <div style="color: #FF3399; font-weight: bold;">NET ASSETS:</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Beginning of year<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 264.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>288,108,583</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>397,087,083</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">End of year<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 264.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$250,887,390</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$288,108,583</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div>
                <div><br>
                </div>
                <div style="text-align: center;">See notes to financial statements</div>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="page-break-after: always;" id="DSPFPageBreak">
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              </div>
            </div>
            <div>
              <div id="DSPFPageHeader">
                <div style="text-align: center; color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                <div>&#160;</div>
              </div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">NOTES TO FINANCIAL STATEMENTS</div>
              <div>&#160;</div>
              <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 51, 153);">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(255, 51, 153);">Significant Accounting Policies</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; 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&#8209;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: 36pt; 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 the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification
                Topic 946 <font style="font-style: italic;">Financial Services-Investment Companies</font>.&#160; 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-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(a) 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.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(b) 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 the results of operations for the current period.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The net assets of the Fund are presented at the exchange rates and fair values on February&#160;29, 2020.&#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 February&#160;29, 2020.&#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 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-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(c) 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 the first in, first out basis.</div>
              <div>&#160;</div>
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                <div id="DSPFPageFooter">
                  <div><br>
                  </div>
                </div>
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              <div>
                <div id="DSPFPageHeader">
                  <div style="text-align: center; color: rgb(255, 51, 153); 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&#8212;(Continued)</div>
                  <div><br>
                  </div>
                </div>
              </div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"> <br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; 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;&#8221;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: 36pt; 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;29, 2020, the Fund did not earn any fees from lending fund portfolio securities, pursuant to
                the securities lending agreement.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(d) 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.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; 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 - Limitation on Benefits Article.&#160; There is no withholding tax on realized gains.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; 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>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(e)&#160; 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.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(f)&#160; 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.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">(g)&#160; Indemnifications&#8212;Under the Fund&#8217;s organizational documents, its officers and 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. </div>
              <div>&#160;</div>
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                <div id="DSPFPageFooter">
                  <div><br>
                  </div>
                </div>
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              </div>
              <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">
                <div>
                  <div id="DSPFPageHeader">
                    <div style="text-align: center; color: rgb(255, 51, 153); font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
                    <div>&#160;</div>
                    <div style="text-align: center; font-weight: bold; color: rgb(0, 0, 0);">NOTES TO FINANCIAL STATEMENTS&#8212;(Continued)</div>
                    <div style="text-align: center; font-weight: bold; color: rgb(0, 0, 0);"> <br>
                    </div>
                    <div style="text-align: center; font-weight: bold; color: rgb(0, 0, 0);"> <br>
                    </div>
                  </div>
                </div>
              </div>
              <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;"><font style="color: rgb(0, 0, 0); font-weight: normal;"> </font><br>
              </div>
              <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">2.&#160; Management Agreement and Transactions With Affiliated Persons</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Nomura Asset Management U.S.A. Inc. (&#8220;NAM-U.S.A.&#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: 36pt; 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 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 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
                $2,586,111 for the fiscal year ended February&#160;29, 2020.&#160; Under the investment advisory agreement, NAM earned investment advisory fees of $1,149,405 from the Manager, not the Fund, for the fiscal year ended February&#160;29, 2020.&#160; At
                February&#160;29, 2020, the management fee payable to the Manager by the Fund was $200,596.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">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 year ended February&#160;29, 2020.&#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 $218,125 for
                the fiscal year ended February&#160;29, 2020.</div>
              <div>&#160;</div>
              <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">3.&#160; Purchases and Sales of Investments</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Purchases and sales of investments, exclusive of foreign currency and investments in short-term securities, for the fiscal year ended
                February&#160;29, 2020 were $84,300,151 and $102,490,166, respectively.</div>
              <div>&#160;</div>
              <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">4.&#160; Federal Income Tax</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">As of February&#160;29, 2020, net unrealized depreciation on investments, exclusive of foreign currency, for federal income tax purposes was
                $43,270,855, of which $11,882,276 related to appreciated securities and $55,153,131 related to depreciated securities.&#160; The cost of investments, exclusive of foreign currency of $959,257, at February&#160;29, 2020 for federal income tax purposes
                was $292,920,678.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">At February&#160;29, 2020, the components of accumulated earnings on a tax basis consisted of unrealized depreciation on investments and foreign
                currency transactions of $43,248,501, late year loss deferral of $870,027, undistributed long-term capital gains of $6,117,312, and undistributed ordinary income of $0.&#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> <br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageFooter">
                  <div><br>
                  </div>
                </div>
                <div style="page-break-after: always;" id="DSPFPageBreak">
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              </div>
              <div>
                <div style="text-align: center; color: rgb(255, 51, 153); 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; color: rgb(0, 0, 0);">NOTES TO FINANCIAL STATEMENTS&#8212;(Continued)</div>
                <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);"> <br>
                </div>
                <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">&#160; &#160;
                  <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">The Fund paid an ordinary income distribution of $11,225,889, which represents $0.3962 per share and a long-term capital gains distributions of $9,814,860, which
                    represents $0.3464 per share to shareholders of record as of December&#160;18, 2019.&#160; The distribution was paid on December&#160;27, 2019.</div>
                  <div style="font-weight: normal;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt; font-weight: normal;">The Fund paid an ordinary income distribution of $8,647,504, which represents $0.3052 per share and a long-term capital gains distributions 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>
              </div>
              <div><font style="font-weight: normal;"> </font><br>
              </div>
              <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">5.&#160; Fair Value Measurement</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; 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 frame work 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 style="text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Level 1&#8212;quoted prices in active markets for identical investments</font></div>
              <div>&#160;</div>
              <div style="text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="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.)</font></div>
              <div>&#160;</div>
              <div style="text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="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)</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">At February&#160;29, 2020, 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: 36pt; font-family: 'Times New Roman',Times,serif;">During the fiscal year ended February&#160;29, 2020, the Fund did not hold any instrument which used significant unobservable inputs (Level 3) in
                determining fair value.</div>
              <div>&#160;</div>
              <div style="color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-weight: bold;">6.&#160; Subsequent Events</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The Fund has evaluated subsequent events through April&#160;29, 2020, the date as of which the financial statements are available to be issued.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The post year-end coronavirus outbreak is impacting the global economy and the market environment.&#160; The final impact of the coronavirus outbreak
                is hard to predict.&#160; Going forward, any such impact could adversely affect the fund&#8217;s performance.</div>
              <div>&#160;</div>
              <div> <br>
              </div>
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                <div id="DSPFPageFooter">
                  <div><br>
                  </div>
                </div>
                <div style="page-break-after: always;" id="DSPFPageBreak">
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              </div>
              <br>
              <div><br>
              </div>
              <div style="text-align: center; color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
              <div>&#160;</div>
              <div style="color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">FINANCIAL HIGHLIGHTS</div>
              <div>&#160;</div>
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">For a share of common stock outstanding throughout each year:</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z58ffd5505d0d4da1b76b33286c561dfe">

                  <tr>
                    <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="18">
                      <div>
                        <div style="text-align: center; font-weight: bold;">For the Year Ended</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2"><font style="font-weight: bold;">February 29,</font><br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: middle; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10"><font style="font-weight: bold;">February 28,</font><br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2"><font style="font-weight: bold;">February 29,</font><br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;"> <u>2020</u></div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;"><u>2019</u></div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;"><u>2018</u></div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;"><u>2017</u></div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;"><u>2016</u></div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Net asset value, beginning of year:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$10.17</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$14.01</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$12.09</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$10.50</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$10.98</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Investment Operations:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Net investment income <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.11</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.09</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.09</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.12</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.06</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Net realized and unrealized gain (loss) on investments and foreign currency</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(0.69)</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(2.22)</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>3.71</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>2.41</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>0.34</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Total from investment operations</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.58)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(2.13)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3.80</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2.53</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.40</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Less Distributions:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Distributions from ordinary income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.27)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.09)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.55)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.35)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.17)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Distributions from capital gains</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(0.47)</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(1.62)</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(1.33)</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(0.59)</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>(0.71)</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Total from distributions</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.74)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(1.71)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(1.88)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.94)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.88)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Net asset value, end of year</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$8.85</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$10.17</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>
                        <div>$14.01</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$12.09</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div><br>
                        </div>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>
                        <div>$10.50</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" rowspan="1" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td rowspan="1" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Market value, end of year</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$8.03</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$8.92</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1"> <br>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$12.48</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$10.60</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$8.98</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Total investment return <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(2.6%)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(13.8%)</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>36.0%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>24.9%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.7%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 7.8pt;">Ratio/Supplemental Data:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
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                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$250,887</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
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                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$288,109</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
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                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$397,087</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
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                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$342,513</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
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                      <div>$297,550</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Ratio of expenses to average net assets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.21%</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.13%</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.05%</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.09%</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.11%</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Ratio of net income to average net assets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1.09%</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.67%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.66%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.99%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.50%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.8pt; margin-left: 16.8pt;">Portfolio turnover rate</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>30%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>24%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>50%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>20%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>24%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                  </tr>

              </table>
              <div>
                <div><br>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
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                          <div style="font-size: 8pt;">Based on average shares outstanding.</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table cellspacing="0" cellpadding="0" id="z188982008a0d427f9341819dfb18d973" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                          <div style="font-size: 8pt;">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
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                  </table>
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              <div>&#160;</div>
              <div><br>
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                  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">See notes to financial statements</div>
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                  <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 style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
                <div style="text-align: center; color: rgb(255, 51, 153); font-weight: bold;"><font style="font-size: 12pt;">JAPAN SMALLER CAPITALIZATION FUND, INC.</font>
                  <div>&#160;</div>
                  <div style="font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0);">SUPPLEMENTAL SHAREHOLDER INFORMATION (Unaudited)</div>
                </div>
                <font style="color: rgb(0, 0, 0);"> </font>
                <div style="color: rgb(0, 0, 0);">&#160;</div>
              </div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"> <br>
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              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The 2019 Annual Meeting of the Shareholders of the Fund was held at the offices of NAM&#8209;U.S.A. at Worldwide Plaza, 309 West 49th&#160;Street, New York,
                New York on November&#160;26,&#160;2019.&#160; The purpose of the meeting was (1)&#160;to elect two Directors to serve for a term to expire in 2020 (2)&#160;to transact such other business as may properly come before the meeting or any adjournment or postponement
                thereof.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">At the meeting, E. Han Kim and Marcia L. MacHarg were re-elected to serve as Directors of the Fund for a term expiring in 2020 and until their
                successors are duly elected and qualify.&#160; The results of the voting at the Annual Meeting were as follows:</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">1.&#160; To elect two Directors:</div>
              <div>&#160;</div>
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                  <tr>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;">Shares </div>
                        <div style="text-align: center; font-weight: bold;">Voted For</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;">% of Outstanding Shares</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;">Shares Voted Withhold Authority</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;">% of Outstanding Shares</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div>
                        <div style="text-align: center; font-weight: bold;">Shares </div>
                        <div style="text-align: center; font-weight: bold;">Abstained</div>
                      </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
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                        <div style="text-align: center; font-weight: bold;">Broker </div>
                        <div style="text-align: center; font-weight: bold;">Non-Vote</div>
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                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
                      <div><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255);">E. Han Kim</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 88.8pt; background-color: rgb(255, 255, 255);" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>20,978,627</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>74.04%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,890,123</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>6.67%</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: middle; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>-</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td style="vertical-align: middle; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>-</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>20,971,598</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                      <div>74.02%</div>
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                      <div><br>
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                      <div>1,897,152</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                      <div>6.70%</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                      <div><br>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: middle; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>-</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td style="vertical-align: middle; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>-</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <font style="background-color: rgb(255, 255, 255);"> </font></div>
            <font style="background-color: rgb(255, 255, 255);"> </font></div>
          <font style="background-color: rgb(255, 255, 255);"> </font>
          <div> <font style="background-color: rgb(255, 255, 255);"><br>
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          <br>
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SUPPLEMENTAL SHAREHOLDER INFORMATION (Unaudited)</div>
            <div>&#160;</div>
            <div><br>
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            <div><br>
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                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 2%; vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: bottom;" rowspan="1">&#160;</td>
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                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Rodney A. Buck (72)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
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                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
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                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Owner, Buck Capital Management (private investment management firm) since 2005; Chairman of the Dartmouth-Hitchcock Health Care Investment Committee since 2011.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">E.&#160; Han Kim (73)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
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                      </font>Director since:&#160; 2010<font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font>Director of one fund in the Fund Complex</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
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                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Everett E. Berg Professor of Business Administration at Ross Business School, University of Michigan since 1980; Director of Mitsui Financial Research Center
                    from 1990&#8209;2020; Advisor to CEO of Taubman Asia from 2009-2016.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">David B. Chemidlin (63)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font><font style="font-size: 10pt;">Director and Chairman of the Audit Committee </font></div>
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;">Director since:&#160; 2006</font></div>
                  <div style="font-family: 'Times New Roman',Times,serif;">Director of one fund in the Fund Complex</div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
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                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Owner and President of AbidesWorks LLC (accounting and business support services) since 2016; Corporate Controller, Advance Magazine Publishers, Inc. (d/b/a
                    Conde Nast) from 1995-2016.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Marcia L. MacHarg (71)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font><font style="font-size: 10pt;">Director</font></div>
                  <div style="font-family: 'Times New Roman',Times,serif;">Director since:&#160; 2013</div>
                  <div style="font-family: 'Times New Roman',Times,serif;">Director of one fund in the Fund Complex</div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
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                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Partner, Debevoise &amp; Plimpton LLP from 1987-2012; Of Counsel, Debevoise &amp; Plimpton LLP since 2013; Trustee, Board of Trustees of Smith College since
                    2014 and Chair of the Audit Committee of the Board of Trustees since 2016; Member of the Executive Committee of the Friends of Smith College Libraries from 2013-2015; Trustee and Chair of the Audit committee of the American University
                    in Bulgaria from May 2019 to April&#160;2020.</div>
                </td>
              </tr>

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              <div style="text-align: center; color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; 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-size: 12pt; font-weight: bold;">SUPPLEMENTAL SHAREHOLDER INFORMATION (Unaudited)</div>
              <div>&#160;</div>
              <div><br>
              </div>
            </div>
          </div>
          <div><br>
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          <div><font style="font-weight: bold;">INTERESTED DIRECTORS</font> <br>
          </div>
          <div>
            <div><br>
            </div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z1136e22344e340b2890467aa76d0f5ee" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
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                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Name, Age, Position(s) Held with the Fund, Length of Service, Other Directorships Held by Director, Number of Portfolios in Fund Complex/Outside Fund Complexes
                    Currently Overseen by Director</div>
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                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 2%; vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: bottom;" rowspan="1">&#160;</td>
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              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Yuichi Nomoto (47)*</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font></div>
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;">President and Director <font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font></font></div>
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;">Since:&#160; April 1, 2019</font><br>
                    <font style="font-size: 10pt;">Director of one fund in the Fund complex</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
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                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">President and Chief Executive Officer of NAM-U.S.A and President of Nomura Global Alpha LLC (&#8220;NGA&#8221;) since April&#160;1, 2019; Managing Director of NAM-U.S.A since
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                    of Investment Trust Marketing of NAM from 2010 to 2016.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Yutaka Itabashi (54)*</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font><font style="font-size: 10pt;">President and Director<font style="font-family: 'Times New Roman',Times,serif;"><br>
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                      </font>Director of one fund in the Fund Complex</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Senior Managing Director of NAM since 2015; President and Chief Executive Officer of NAM-U.S.A and President of NGA from 2013 to March&#160;31, 2019; Managing
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                </td>
              </tr>

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          <div>
            <div><br>
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            <div>
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          <div style="text-align: justify;">
            <div>
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                  <tr>
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                      <div style="font-family: 'Times New Roman',Times,serif;">Mr.&#160;Nomoto and Mr.&#160;Itabashi are &#8220;interested persons&#8221; of the Fund based on their positions with NAM-U.S.A. and NAM and as defined in the Investment Company Act.</div>
                    </td>
                  </tr>

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          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Committees and Directors&#8217; Meetings</font><font style="font-size: 10pt;">.&#160; The Board of Directors has a standing Audit Committee, a standing Nominating Committee, and a standing Governance and Compliance Committee, each of which consists of the Directors who are not &#8220;interested persons&#8221;
              of the Fund within the meaning of the Investment Company Act and are &#8220;independent&#8221; as defined in the New York Stock Exchange listing standards.&#160; Currently, Rodney A. Buck, David B. Chemidlin, E. Han Kim and Marcia L. MacHarg are members of
              these Committees.&#160; The Fund has no standing Compensation Committee.</font></div>
          <div>&#160;</div>
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            least 75% of the aggregate number of meetings of the Board of Directors held during the period for which they served and, if a member, of the aggregate number of meetings of the Audit and Nominating Committees held during the period for which
            they served.</div>
          <div>&#160;</div>
          <br>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageFooter">
              <div><br>
              </div>
            </div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
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              <div style="text-align: center; color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; 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-size: 12pt; font-weight: bold;">SUPPLEMENTAL SHAREHOLDER INFORMATION (Unaudited)</div>
              <div>&#160;</div>
              <div><br>
              </div>
            </div>
          </div>
          <br>
          <div><br>
          </div>
          <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">OFFICERS OF THE FUND</div>
          <div>&#160;</div>
          <div>
            <div><br>
            </div>
          </div>
          <table cellspacing="0" cellpadding="0" id="z54b56786beb04bf587d73ee4c8964e12" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 50%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: 'Times New Roman',Times,serif;">Name, Address*, Age, Position(s) Held with the Fund, Term of Office ** and Length of Service</div>
                </td>
                <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Principal Occupation(s) During Past 5 Years:</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 2%; vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: bottom;" rowspan="1">&#160;</td>
              </tr>

          </table>
          <table cellspacing="0" cellpadding="0" id="ze7fd8d1a38664ae29a2bf2267343f7d0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Yuichi Nomoto (47)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font></div>
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;">President and Director <br>
                    </font></div>
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman',Times,serif;">Since:&#160; April 1, 2019<br>
                      </font>Director of one fund in the Fund complex</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">President and Chief Executive Officer of NAM-U.S.A and President of NGA since April&#160;1, 2019; Managing Director of NAM&#8209;U.S.A since April 2018; Head of Client
                    Services and Marketing of NAM-U.S.A since 2016; Executive Director of NAM-U.S.A from 2016 to 2018; Senior Manager and Head of the Marketing Planning Team, NISA Project Team in Retail Client Strategy, and Head of Investment Trust
                    Marketing of NAM from 2010 to 2016.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Yutaka Itabashi (54)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font><font style="font-size: 10pt;">President and Director<font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font>From 2013 to March&#160;31, 2019<font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font>Director of one fund in the Fund Complex</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Senior Managing Director of NAM since 2015; President and Chief Executive Officer of NAM-U.S.A and President of NGA from 2013 to March&#160;31, 2019; Managing
                    Director of NAM from 2012-2013; Senior Managing Director of NFRT from 2009-2012.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Zheng Liu (41)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font><font style="font-size: 10pt;">Vice President<font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font>Vice President since:&#160; 2018</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Chief Administrative Officer of NAM-U.S.A since 2018; Senior Manager of the Corporate Planning Department of NAM from 2012&#8209;2018; Quantitative Analyst for
                    Quantitative Research and Development Department of NAM from 2007-2012.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Maria R. Premole (57)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font><font style="font-size: 10pt;">Vice President</font></div>
                  <div style="font-family: 'Times New Roman',Times,serif;">Vice President since:&#160; 2013</div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Vice President of NAM-U.S.A since 2013; Associate of NAM-U.S.A from 2008-2013.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Neil A. Daniele (59)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font></div>
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;">Secretary and Chief Compliance Officer </font></div>
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;">Secretary since:&#160; 2002<font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font></font></div>
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;">Chief Compliance Officer since:&#160; 2005</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Chief Compliance Officer of NAM-U.S.A since 2005 and Managing Director of NAM&#8209;U.S.A since 2007; Chief Compliance Officer of NGA since 2008; Chief&#160; Compliance
                    Officer of Nomura Corporate Research and Asset Management Inc. and Nomura Funds Research and Technologies America, Inc. since 2009; Corporate Secretary of NAM-U.S.A and NGA since 2013.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amy J. Robles (42)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font><font style="font-size: 10pt;">Treasurer<font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font>Treasurer since:&#160; 2013<font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font>Assistant Treasurer from 2011 to 2013</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Executive Director of NAM-U.S.A since 2015; Controller and Treasurer of NAM&#8209;U.S.A and Treasurer of NGA since 2013; Vice President of NAM-U.S.A from 2009-2015.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Kelly S. Lee (37)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
                    </font><font style="font-size: 10pt;">Assistant Treasurer<font style="font-family: 'Times New Roman',Times,serif;"><br>
                      </font>Assistant Treasurer since:&#160; 2015</font></div>
                </td>
                <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Vice President of NAM-U.S.A since 2015; Fund Controller at JP&#160;Morgan Chase &amp; Co. from 2014-2015; Financial Services Senior at Ernst &amp; Young LLP from
                    2010-2014.</div>
                </td>
              </tr>

          </table>
          <div>
            <div><br>
            </div>
          </div>
          <div>* The address of each officer listed above is Worldwide Plaza, 309 West 49th&#160;Street, New York, New York 10019. <br>
          </div>
          <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">** Elected and appointed by the Board of Directors and hold office until they resign, are removed or are otherwise disqualified
            to serve.</div>
          <div>&#160;</div>
          <div><br>
          </div>
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          <div style="text-align: center; color: rgb(255, 51, 153); font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div style="text-indent: 9pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">TAX INFORMATION (Unaudited)</div>
            <div style="text-align: justify;"> <br>
              &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are required by subchapter M of the Internal Revenue Code of 1986, as amended, to advise you within 60&#160;days of the Fund&#8217;s fiscal year ended February&#160;29, 2020 as to the federal tax status of distributions received by
              shareholders during such fiscal year.&#160; Accordingly, the Fund designates $727,211 as foreign tax credit with the associated foreign gross income of $7,272,094.</div>
          </div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Shareholders should not use the above information to prepare their tax returns.&#160; The information necessary to complete your income tax returns will
            be included with your Form&#160;1099 DIV which was sent to you separately in January&#160;2020.</div>
          <div>&#160;</div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-size: 12pt;">REVIEW OF THE FUND&#8217;S MARKET PRICE COMPARED TO NET ASSET VALUE (Unaudited)</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Shares of closed-end investment companies, including funds focusing on a single country, have at various times traded at both premiums and discounts
            to their net asset value (&#8220;NAV&#8221;).&#160; Although the shares of the Fund have traded at such a premium, they also have traded at a discount from NAV.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Since the Fund was established, the Board of Directors on a quarterly basis has reviewed the market price of the Fund&#8217;s shares.&#160; The purpose of such
            review has been to determine whether a discount exists and, if so, whether it would be in the shareholders&#8217; overall best interests for the Fund to conduct share repurchases, make an issuer tender offer for shares or consider another means of
            possibly reducing the discount.&#160; For example, the Board of Directors has also considered whether it would be in the best interests of the Fund to convert to an open-end fund or to an interval fund, which is a form of investment company that
            makes periodic share repurchases at prices based on NAV.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">In addition, on May&#160;26, 2016, the Board of Directors approved a Discount Management Plan.&#160; Under the plan, the Fund is authorized to make open-market
            share repurchases on the New York Stock Exchange.&#160; Such repurchases may be made from time to time as authorized by the Board of Directors.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">To date, the Board of Directors has not authorized open-market share repurchases or a tender offer for shares of the Fund.&#160; The Board of Directors
            also has not felt that it would be in the best interests of the Fund or its shareholders to convert to an open-end fund or an interval fund.&#160; As a &#8220;country fund&#8221; emphasizing a smaller capitalization segment of the market, the Fund&#8217;s NAV is more
            volatile than might be the case for a fund with a broader investment focus.&#160; The Board of Directors believes that converting the Fund to either an open-end or interval fund would subject the Fund to redemptions or repurchases at times when
            liquidation of portfolio securities could disadvantage remaining shareholders, and the Directors believe that the recent volatility of the financial markets in Japan supports their view.&#160; Additionally, since an open-end fund has a limited
            ability to invest in illiquid securities, such a conversion could hinder the Fund&#8217;s ability to pursue its investment objectives.&#160; The Board of Directors intends to continue to review, on a quarterly basis, the trading market for the Fund&#8217;s
            shares.</div>
          <div>&#160;</div>
          <div><br>
          </div>
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              <div style="text-align: center; color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; 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-size: 12pt; font-weight: bold;">Board Review of the Management and Investment Advisory Agreements</div>
              <div><br>
              </div>
            </div>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"> <br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The Board of Directors of the Fund (the &#8220;Board&#8221;) consists of five directors, four of whom are independent or non-interested directors (the
            &#8220;Independent Directors&#8221;).&#160; The Board considers matters relating to the Fund&#8217;s management and investment advisory agreements throughout the year.&#160; On an annual basis, the Board specifically considers whether to approve the continuance of these
            agreements for an additional one-year period.&#160; The specific agreements (the &#8220;Agreements&#8221;) consist of the Fund&#8217;s management agreement with Nomura Asset Management U.S.A. Inc. (the &#8220;Manager&#8221;) and the investment advisory agreement between the
            Manager and its parent, Nomura Asset Management Co., Ltd. (the &#8220;Investment Adviser&#8221;).</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The Board, including the Independent Directors, most recently approved the continuance of the Agreements at a meeting held on November&#160;26, 2019.&#160; In
            connection with their deliberations at that meeting and at a separate meeting of the Independent Directors held on November&#160;18, 2019, the Independent Directors received materials that included, among other items, information provided by the
            Manager regarding (i)&#160;the investment performance of the Fund, performance of comparative small-cap funds, and performance of the Fund&#8217;s benchmark, (ii)&#160;the past three fiscal year financial highlights and expenses of the Fund and the management
            fee paid by the Fund to the Manager and the advisory fee paid by the Manager to the Investment Adviser, (iii)&#160;management fees charged by the Manager to comparable closed-end funds with Asia Equity strategies, (iv)&#160;the most current financial
            statements and profitability of the Manager and the Investment Adviser and (v)&#160;responses to questionnaires from the Manager and the Investment Adviser concerning the services they provide to the Fund and other matters.&#160; The Independent
            Directors were advised by, and received materials (including a detailed memorandum reviewing the applicable legal standards and factors to be taken into account in considering the renewal of investment management agreements, as set forth by the
            Supreme Court and other relevant court decisions) from their independent counsel in considering these matters and the continuance of the Agreements.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">In considering the continuance of the Agreements at the meeting held on November&#160;26,&#160;2019, the Board, including the Independent Directors, did not
            identify any single factor as determinative.&#160; Matters considered by the Directors in connection with their review of the Agreements included the following:</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">The nature, extent and quality of
              the services provided to the Fund under the Agreements.&#160; </font><font style="font-size: 10pt;">The Board considered the nature, extent and quality of the services provided to the Fund by the Manager and the Investment Adviser and the
              resources dedicated by the Manager and the Investment Adviser.&#160; These services included both investment advisory services and related services such as the compliance oversight provided by the Manager.&#160; Based on its review of all of the
              services provided by the Manager and the Investment Adviser, the Board, including the Independent Directors, concluded that the nature, extent and quality of these services supported the continuance of the Agreements.</font></div>
          <div>&#160;</div>
          <div><br>
          </div>
          <br>
          <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">
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          <br>
          <div style="text-align: center; color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
          <div>&#160;</div>
          <div style="text-indent: 9pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold; font-size: 12pt;">Board Review of the Management and Investment Advisory Agreements (Continued)</div>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"><br>
            </font></div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Investment performance.&#160; </font><font style="font-size: 10pt;">The Board considered performance information provided by the Manager regarding the Fund&#8217;s investment performance over a number of time periods, including the one-year, three-year, five-year, and ten-year periods ended
              September&#160;30, 2019.&#160; The Manager provided information about the performance of the Fund compared to the Fund&#8217;s benchmark index, data on the Fund&#8217;s expense ratio and components thereof, and comparative fee, expense ratio and performance
              information for other closed-end funds investing primarily in Asian securities.</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">In connection with their review of investment performance, the Independent Directors noted that, following a series of discussions with management in
            2012 and 2013 that focused on the Fund&#8217;s performance, the Investment Adviser had installed a new management team as of July&#160;1, 2013.&#160; The Independent Directors recognized that, as contemplated at the time of the transition, the new portfolio
            managers had invested in a more diversified portfolio than the Fund had maintained in the past with an increased focus on value characteristics evidenced by financial measurements.&#160; The Independent Directors also noted the Fund&#8217;s comparative
            performance since the transition and the Fund&#8217;s performance for the one-year, three-year and five-year periods ended September&#160;30, 2019 amongst six funds (including the Fund) identified by the Manager as having similar investment objectives.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">The costs of the services to be
              provided and the profits to be realized by the Manager and its affiliates from their advisory relationships with the Fund.&#160; </font><font style="font-size: 10pt;">The Board considered the fee payable under the Fund&#8217;s management agreement in
              connection with other information provided for the Directors&#8217; consideration.&#160; The Board considered information provided by the Manager regarding fees charged by the Manager and its affiliates to institutional accounts and other investment
              companies having investment objectives similar to the Fund&#8217;s investment objective, including Japanese retail unit trusts.&#160; The Board recognized that the nature of the services provided by the Manager and the Investment Adviser to other
              investment vehicles and separate accounts differed from the range of services provided to the Fund.</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The Manager also provided the Board with information prepared by the Manager and the Investment Adviser indicating the profitability of the
            Agreements to these respective advisers.&#160; This presentation included information regarding methodologies used to allocate expenses in considering the profitability of the Agreements to the Manager and the Investment Adviser.&#160; The Independent
            Directors reviewed this information with the Manager to understand expense allocation methodology utilized by the Investment Adviser.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">After reviewing the information described above including investment performance and fee structures of comparative funds, the Independent Directors
            concluded that the management fee proposed to be charged to the Fund was reasonable and the profitability of the Agreements to the Manager and the Investment Adviser supported the continuance of the Agreements.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Based on an evaluation of all factors deemed relevant, including the factors described above and taking into account information received throughout
            the preceding year, the Board, including each of the Independent Directors, concluded that each of the Agreements should be continued through December&#160;31, 2020.</div>
          <div>&#160;</div>
          <div>
            <div style="text-align: center;"> <font style="font-weight: bold; font-size: 12pt;">DIVIDEND REINVESTMENT PLAN (Unaudited)</font><br>
            </div>
            <br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The Dividend Reinvestment Plan (the &#8220;Plan&#8221;) is available automatically for any holder of Common Stock with shares registered in his/her own name who
            wishes to purchase additional shares with income dividends or long-term capital gain distributions received on shares owned, unless such shareholder elects to receive all dividends and capital gain distributions in cash, paid by check and
            mailed to the shareholder.&#160; If a shareholder holds shares in his/her own name, communications regarding the Plan should be addressed to Computershare Trust Company, N.A., (the &#8220;Plan Agent&#8221;), P.O.&#160;Box 505000 Louisville, KY 40233.&#160; Under the
            Plan, shareholders appoint the Plan Agent to reinvest dividends and distributions in shares of the Fund.&#160; Such shares will be acquired by the Plan Agent for shareholders either through open market purchases if the Fund is trading at a discount
            or through the issuance of authorized but unissued shares if the Fund is trading at net asset value or a premium.&#160; If the market price of a share on the payable date of a dividend or distribution is at or&#160; above the Fund&#8217;s net asset value per
            share on such date, the number of shares to be issued by the Fund to each shareholder receiving shares in lieu of cash dividends or distributions will be determined by dividing the amount of the cash dividends or distributions to which such
            shareholder would be entitled by the greater of the net asset value per share on such date or 95% of the market price of a share on such date.&#160; If the market price of a share on such distribution date is below the net asset value per share, the
            number of shares to be issued to such shareholders will be determined by dividing such amount, less brokerage commission, by the per share market price.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Purchases will be made by the Plan Agent from time to time on the New York Stock Exchange (the &#8220;Exchange&#8221;) or elsewhere to satisfy dividend and
            distribution investment requirements under the Plan.&#160; Purchases will be suspended on any day when the closing price (or the mean between the closing bid and ask prices if there were no sales) of the shares on the Exchange on the preceding
            trading day was higher than the net asset value per share.&#160; If on the dividend payable date, purchases by the Fund are insufficient to satisfy dividend or distribution investments and on the last trading day immediately preceding the dividend
            payable date the closing price or the mean between the closing bid and ask prices of the shares is lower than or the same as the net asset value per share, the Plan Agent will continue to purchase shares until all investments by shareholders
            have been completed or the closing price or the mean between the bid and ask prices of the shares becomes higher than the net asset value, in which case the Fund will issue the necessary additional shares from authorized but unissued shares.&#160;
            If on the last trading day immediately preceding the dividend payable date, the closing price or the mean between the bid and ask prices of the shares is higher than the net asset value per share and if the number of shares previously purchased
            on the Exchange or elsewhere is insufficient to satisfy dividend investments, the Fund will issue the necessary additional shares from authorized but unissued shares.&#160; There will be no brokerage charges with respect to shares issued directly by
            the Fund to satisfy the dividend investment requirements.&#160; However, each participant will pay a pro&#160;rata share of brokerage commissions incurred with respect to the Fund&#8217;s open market purchases of shares.&#160; In each case, the cost per share of
            shares purchased for each shareholder&#8217;s account will be the average cost, including brokerage commissions, of any shares purchased in the open market plus the cost of any shares issued by the Fund.&#160; For the fiscal year ended February&#160;29, 2020,
            the Fund issued no new shares for dividend reinvestment purposes.</div>
          <div>&#160;</div>
          <div><br>
          </div>
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            <div id="DSPFPageFooter">
              <div><br>
              </div>
            </div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
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          <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; color: #FF3399; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
            <div>&#160;</div>
            <div style="text-indent: 9pt;">
              <div style="text-align: center; font-weight: bold;"><font style="font-size: 12pt;">DIVIDEND REINVESTMENT PLAN (Continued) (Unaudited)</font> </div>
            </div>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"> <br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"> <br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Shareholders who elect to hold their shares in the name of a broker or other nominee should contact such broker or other nominee to determine whether
            they may participate in the Plan.&#160; To the extent such participation is permitted, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the broker as representing the total amount registered
            in the shareholder&#8217;s name and held for the account of beneficial owners who are participating in such Plan.&#160; Shareholders that participate in the Plan holding shares in a brokerage account may not be able to transfer the shares to another
            broker and continue to participate in the Plan.&#160; Shareholders who are participating in the Plan may withdraw from the Plan at any time.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">There will be no penalty for withdrawal from the Plan, and shareholders who have previously withdrawn from the Plan may rejoin it at any time.&#160;
            Changes in participation in the Plan should be made by contacting the Plan Agent if the shares are held in the shareholder&#8217;s own name and must be in writing and should include the shareholder&#8217;s name and address as they appear on the account
            registration.&#160; If the shares are held in the name of a broker or other nominee, such person should be contacted regarding changes in participation in the Plan.&#160; Upon withdrawal from the Plan, the appropriate number of full shares will be
            reflected in the Fund records and a cash payment for any fractional shares will be issued.&#160; The shareholder may also request the Plan Agent to sell part or all of the shareholder&#8217;s shares at the market price and remit the proceeds to the
            shareholder, net of any brokerage commissions.&#160; A $2.50 fee plus $0.15 per share sold will be charged by the Plan Agent upon any cash withdrawal or termination.&#160; An election to withdraw from the Plan will, until such election is changed, be
            deemed to be an election by a shareholder to take all subsequent distributions in cash.&#160; An election will be effective only for a dividend or distribution if it is received by the Plan Agent not less than 10&#160;days prior to such record date.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The Plan Agent will maintain all shareholders&#8217; accounts in the Plan, and furnish written confirmation of all transactions in such account, including
            information needed by shareholders for tax records.&#160; Shares in the account of each Plan participant may be held by the Plan Agent in non&#8209;certificated form in the name of the participant, and each shareholder&#8217;s proxy will include those shares
            purchased or received pursuant to the Plan.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The automatic reinvestment of dividends will not relieve participants of any income taxes that may be payable (or required to be withheld) on such
            dividends.&#160; Shareholders receiving dividends or distributions in the form of additional shares pursuant to the Plan should be treated for Federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the
            shareholders receiving cash dividends or distributions will receive and should have a cost basis in the shares received equal to such amount.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The Fund reserves the right to amend or terminate the Plan as applied to any dividend paid subsequent to written notice of the change sent to
            participants in the Plan at least 90&#160;days before the record date for such dividend.&#160; There is no service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the
            participants.&#160; All correspondence concerning the Plan, including requests for additional information about the Plan, should be directed to the Trust Company, at Computershare Trust Company, N.A. P.O.&#160;Box 505000 Louisville, KY 40233.</div>
          <br>
        </div>
        <br>
      </div>
      <div style="color: #000000; line-height: 1.25;">
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          <div id="DSPFPageBreak" style="page-break-after: always;">
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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 style="width: 50%; vertical-align: top;" rowspan="6">
                    <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> Yuichi Nomoto since April&#160;1, 2019<br>
                      </div>
                      <div> Yutaka Itabashi from 2013 to March&#160;31, 2019<br>
                      </div>
                      <div> E. Han Kim<br>
                      </div>
                      <div> Marcia L. MacHarg</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 rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                  <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;">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 style="width: 50%; vertical-align: top;" rowspan="13">
                    <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;">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;">FEBRUARY 29, 2020</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>
                    </div>
                  </td>
                </tr>
                <tr>
                  <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;">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 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;">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 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;">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 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;">CUSTODIAN</font></div>
                    <div style="text-align: left;">Brown Brothers Harriman &amp; Co.</div>
                    <div style="text-align: left;">50 Post Office Square</div>
                    <div style="text-align: left;">Boston, Massachusetts 02110-1548</div>
                  </td>
                </tr>
                <tr>
                  <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;">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 rowspan="1" style="width: 50%; vertical-align: top;">&#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;">Ernst &amp; Young LLP</div>
                    <div style="text-align: left;">5 Times Square</div>
                    <div style="text-align: left;">New York, New York 10036</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 style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="6" colspan="1">
                    <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 style="width: 50%; vertical-align: top; padding-bottom: 2px;" rowspan="1"><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 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="font-family: 'Times New Roman'; color: #000000; line-height: 1.25;"> <br>
    </div>
    <br>
    <div>
      <div style="line-height: 1.25">
        <div style="line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <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">
          <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="zf6b335edc69f434297e07f6ef30473f2">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(a) and (b)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">As of February 29, 2020, the Registrant had adopted a code of ethics that applies to the Registrant&#8217;s Principal Executive Officer and Principal Financial Officer; the
                        Registrant&#8217;s Principal Financial Officer also serves as the Principal Accounting Officer.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div>&#160;</div>
          <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="z9386fdac18c94fa0b045e7aad3ee963b">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(c)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">There were no amendments during the fiscal year ended February 29, 2020 to the code of ethics.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div>&#160;</div>
          <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="za8a857e43b734b888ef5c8ca5f5610bb">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(d)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">Not applicable.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div>&#160;</div>
          <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="z580f558b2241497d939b163b53759ad4">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(e)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">Not applicable.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div>&#160;</div>
          <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="zc222d6a5ec9449e28c20ced36f17cb77">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(f)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">A copy of the code of ethics will be provided upon request at no charge by contacting the Registrant&#8217;s Chief Compliance Officer at (800) 426-5523 or via post request addressed
                        to: Nomura Asset Management U.S.A. Inc., Worldwide Plaza, 309 West 49th Street, Attn: Chief Compliance Officer, New York, NY 10019.</div>
                    </td>
                  </tr>

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

                <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">
          <div style="font-family: 'Times New Roman',Times,serif;">The Registrant&#8217;s Board of Directors has determined that David B. Chemidlin, a member of the Registrant&#8217;s Audit Committee, is an &#8220;audit committee financial expert&#8221; and &#8220;independent&#8221; as such
            terms are defined in this Item.&#160; This designation will not increase the designee&#8217;s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board of Directors; nor will
            it reduce the responsibility of the other Audit Committee members.</div>
          <div>&#160;</div>
          <br>
          <font style="font-family: 'Times New Roman'; color: #000000;"></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" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <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">
          <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="ze84a8b4542a049acad1d030b41358ba5">

                <tr>
                  <td style="width: 36pt; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">(a)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">AUDIT FEES</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="font-size: 12pt;"> <font style="font-size: 10pt;"><br>
            </font></div>
          <div style="font-family: 'Times New Roman',Times,serif;">The aggregate audit fees billed for each of the last two fiscal years for professional services rendered by the Registrant&#8217;s principal accountant (the &#8220;Auditor&#8221;) for the audit of the
            Registrant&#8217;s annual financial statements or services that are normally provided by the Auditor in connection with statutory and regulatory filings or engagements for those fiscal years were $95,000 for February 29, 2020 and $51,755 for February
            28, 2019.</div>
          <div>&#160;</div>
          <div style="font-family: 'Times New Roman',Times,serif;">As indicated in the Registrant's report on Form 8K filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on March 4, 2020, RSM US LLP (&#8220;RSM&#8221;), the Registrant's prior principal
            accountant, advised the Registrant that is not independent under the SEC&#8217;s independence rules as it pertains to the Registrant due to a discovery of certain non-attest services performed by a foreign affiliated firm. The resignation was not the
            result of any disagreement with management.&#160; As indicated in the Registrant&#8217;s report on Form 8K filed with the SEC on March 30, 2020, the Board of Directors and the Audit Committee of the Registrant subsequently voted to appoint Ernst &amp;
            Young LLP (&#8220;E&amp;Y&#8221;) as the independent registered public accounting firm for the Registrant for its fiscal year ended February 29, 2020.&#160; The reference in this Item 4(a) to audit fees for February 29, 2020 is to the fee billed to the
            Registrant by E&amp;Y and reference to audit fees for February 28, 2019 is the fee billed to the Registrant by RSM.</div>
          <div>&#160;</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="z978be5f29ee944d7baa79700bd92444e">

                <tr>
                  <td style="width: 36pt; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">(b)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">AUDIT-RELATED FEES</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="font-size: 12pt;"> <font style="font-size: 10pt;"><br>
            </font></div>
          <div style="font-family: 'Times New Roman',Times,serif;">The aggregate fees billed in each of the last two fiscal years for assurance and related services by the Registrant&#8217;s principal accountant that are reasonably related to the performance of
            the audit of the Registrant&#8217;s financial statements and are not reported under paragraph (a) of this item were $0 for February 29, 2020 and $0 for February 28, 2019.</div>
          <div>&#160;</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="z877a211226c34780bf7e94f1a5e9d6fa">

                <tr>
                  <td style="width: 36pt; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">(c)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">TAX FEES</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="font-family: 'Times New Roman',Times,serif;"><br>
            The aggregate fees billed in each of the last two fiscal years for tax compliance, tax advice, and tax planning services by the Registrant&#8217;s current principal accountant, E&amp;Y, were $23,671 for February 29, 2020 and $27,846 for February 28,
            2019.&#160; The amount represents aggregate fees paid for tax compliance, tax advice and tax planning services, which include the filing of federal, state and local income tax returns, registered investment company qualification review, assistance
            with determination of Passive Foreign Investment Companies, and tax distribution and analysis planning.</div>
          <div>&#160;</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="za8ebd114534a4b4f865b85d8f7372894">

                <tr>
                  <td style="width: 36pt; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">(d)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">ALL OTHER FEES</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="font-size: 12pt;"> <font style="font-size: 10pt;"><br>
            </font></div>
          <div style="font-family: 'Times New Roman',Times,serif;">There were no other services performed for each of the last two fiscal years by the Registrant&#8217;s principal accountant other than the services reported in paragraphs (a) through (c) of this
            Item.</div>
          <div>&#160;</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="zcac6c6c849184ce79bfd75960b1a9f6e">

                <tr>
                  <td style="width: 36pt; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">(e)(1)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div><font style="font-family: 'Times New Roman',Times,serif;">The Charter for the Audit Committee of the Registrant requires the Audit Committee (a) to pre-approve all auditing services to be provided to the Registrant by the
                        Registrant&#8217;s independent accountants; (b) to pre-approve all non-audit services, including tax services, to be provided to the Registrant by the Registrant&#8217;s independent accountants in accordance with the Securities Exchange Act of
                        1934, as amended (the &#8220;1934 Act&#8221;); provided, however, that the pre-approval requirement with respect to the provision of non-audit services to the Registrant by the Registrant&#8217;s independent accountants may be waived by the Audit
                        Committee under the circumstances described in the 1934 Act; and (c) to pre-approve non-audit services to be provided to the Registrant&#8217;s investment adviser (and any entity controlling, controlled by or under common control with the
                        investment adviser that provides ongoing services to the Registrant) if the engagement relates directly to the operations and financial reporting of the Registrant.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
            </font></div>
          <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">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">(e)(2)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div>Not applicable.<br>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font></div>
          </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="z0a09ccd32f9b40e5ab70ff4d13a8fcec">

                <tr>
                  <td style="width: 36pt; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">(f)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">Not applicable.</div>
                    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                    </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="z37e8a75117ab4f689063ad32e499b750">

                <tr>
                  <td style="width: 36pt; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">(g)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">Non-audit fees billed by E&amp;Y for services rendered to the Registrant and Registrant&#8217;s Manager and any entity controlling, controlled by, or under common control with the
                      Registrant&#8217;s Manager that provides ongoing services to the Registrant ("Service Affiliates") were $3.5 million for the fiscal year ended March 31, 2020 and $4.6 million for the fiscal year ended March 31, 2019.&#160; These amounts
                      represent aggregate fees paid for audit related services, tax compliance, tax advice and tax planning services and other advisory services concerning risk management and regulatory matters rendered by E&amp;Y to Service Affiliates.</div>
                    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                    </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="z7793a46d43874deb969d7a0ac3bda54b">

                <tr>
                  <td style="width: 36pt; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">(h)</div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered by E&amp;Y to Service Affiliates during the Registrant's most recent
                      fiscal year which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence. All services provided by the principal accountant to the Registrant or to service affiliates
                      by E&amp;Y which were required to be pre-approved were pre-approved as required.</div>
                  </td>
                </tr>

            </table>
          </div>
          <br>
        </div>
        &#160; <br>
      </div>
      <div style="margin-bottom: 3pt; margin-top: 3pt;">
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        </div>
        <div>
          <div style="line-height: 1.25;">
            <div>
              <div> <br>
              </div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                  <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">
            <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="z66090a1164ca4ff881e95ab71af13503">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">(a)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">The Registrant&#8217;s Board of Directors has a standing Audit Committee, which consists of the Directors who are not &#8220;interested persons&#8221; of the Registrant within the meaning of the
                        Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). Rodney A. Buck, E. Han Kim, David B. Chemidlin and Marcia L. MacHarg are members of the Audit Committee.</div>
                      <div style="font-size: 12pt;"> <font style="font-size: 10pt;"><br>
                        </font></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="z1c0401279592454d8ee00c34baa43c85">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">(b)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">Not applicable.</div>
                    </td>
                  </tr>

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

                  <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" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                    <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 February 29, 2020 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" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman'; color: #000000;">ITEM 7.</font></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>
            <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>
          </div>
          <div><br>
          </div>
          <div><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>
            <div><br>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div style="text-align: center; margin-right: 153.3pt; margin-left: 153.25pt; font-weight: bold;"><u>Global Proxy Voting Policy</u></div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div style="text-align: center; margin-right: 153.3pt; margin-left: 153.25pt; font-weight: bold;">Nomura Asset Management</div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="text-align: center; margin-right: 150.45pt; margin-left: 153.25pt; font-weight: bold;">November 1, 2018</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageFooter"></div>
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            </div>
            <div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div><br>
              </div>
            </div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div style="margin-left: 5.1pt; font-size: 12pt; font-weight: bold;">Global Proxy Voting Policy</div>
            <div><br>
            </div>
            <div style="text-align: right;">November 1, 2018<br>
            </div>
            <div style="text-align: right;">Nomura Asset Management<br>
            </div>
            <div><br>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="margin-right: 5.7pt; margin-left: 5.1pt;">This Policy applies to resolutions to be proposed at shareholders&#8217; meetings which are held on or after November 1, 2018.</div>
              <div>&#160;</div>
              <div><br>
              </div>
              <div style="margin-left: 5.1pt;">This Policy applies for investee companies globally.</div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="zd85fea8f53694131bcf4872a011e0204" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 20.05pt; vertical-align: top; align: right;">
                        <div style="margin-left: 5.1pt; font-weight: bold;">1.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-weight: bold;">Policy for Proxy Voting</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div><br>
              </div>
              <div style="margin-right: 5.7pt; margin-left: 5.1pt;">NOMURA ASSET MANAGEMENT (&#8220;NAM&#8221; or &#8220;we&#8221; hereafter) has the fiduciary duty (a duty to manage our business activities in the best interest of our clients) to do our best to enhance returns
                for our clients as an investment manager. To fulfill our duties, we will continue to encourage investee companies to adopt appropriate management practices, in order to help them to enhance corporate value and achieve sustainable growth.
                Therefore, we shall exercise our proxy voting rights in a proper manner based on this Policy. We also encourage investee companies to operate their businesses in the best interests of their shareholders over the long term through our proper
                proxy voting activity.</div>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z4fb63c84e8354568b1181faa65996c3d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 20.05pt; vertical-align: top; align: right;">
                        <div style="margin-left: 5.1pt; font-weight: bold;">2.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-weight: bold;">Proxy Voting Guidelines</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div><br>
              </div>
              <div style="margin-right: 5.7pt; margin-left: 5.1pt;">When exercising proxy voting rights, we will vote for resolutions that are deemed to enhance shareholder value, while voting against those that are deemed harmful to shareholder value. We
                do not exercise our proxy voting rights solely as a means to address specific social or political issues, irrespective of the investment returns of the company.</div>
              <div>&#160;</div>
              <div style="margin-right: 8.15pt; margin-left: 5.1pt;">When making a judgment on the exercise of proxy voting rights, we regard any misconduct, violation of laws and regulations and rules of stock exchanges, or any act that is deemed
                questionable in view of efforts directed at ESG issues or social norms, as being harmful to shareholder value.</div>
              <div>&#160;</div>
              <div style="margin-right: 5.7pt; margin-left: 5.1pt;">(Note) ESG refers to environment, social and corporate governance. We place emphasis on ESG issues, as they need to be considered in the context of corporate social responsibility and
                sustainability.</div>
            </div>
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            </div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">We closely examine voting resolutions that meet one or more of the conditions listed below. Where we believe that a specific resolution is not in the best interest of shareholders, we will,
              in principle, decide to vote against the resolution.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z37750cbb9c1a48838ffb0f70708fc73c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top;">
                      <div style="margin-left: 5.1pt;">(1)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 30.9pt;">The company continuously reports sluggish business performance and its management&#8217;s business improvement efforts are considered inadequate. Sluggish business performance indicators that are considered
                        when judging the exercise of proxy voting rights, include performance that leads to a significant decline in the investment returns of the company, such as recording a deficit for three consecutive years. Business performance is
                        based on consolidated accounts. However, if consolidated accounts are not reported, business performance is based on non-consolidated accounts. (The same shall apply hereafter.)</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z19a363df09a94507b6499a127b6c7573" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt;">(2)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 30.9pt;">The company accumulates a large amount of excess funds that are deemed not to be used effectively and/or are not distributed to shareholders adequately.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z781945330e6b4157a2105571af877769" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt;">(3)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 30.9pt;">The company&#8217;s disclosure is considered inadequate and harmful to shareholder value.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z71d39a70e69d4a2db5096a215a8c7be9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt;">(4)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 30.9pt;">The auditor&#8217;s opinion on the issuer is qualified.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z12890bca1fc9419395923e06fc7a1210" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt;">(5)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 30.9pt;">The composition and/or size of the company&#8217;s board of directors, or the composition and/or size of its board of statutory auditors, audit committee or any other committee is deemed to be inadequate
                        and may harm shareholder value.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z8e8a73f559654dbab9e213a2647fbbb3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt;">(6)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 30.9pt;">Extraordinary resolutions that are deemed highly likely to harm shareholder value.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="zb4980ccea8ec4e3d97b9b9bbb7d53f16" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 20.05pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">3.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">Positions on Specific Issues</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="zaf77d1d5aa544d06b26422f499019d6c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(1)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Election of Directors</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">The board of directors is expected to consist of persons who are qualified for the position with sufficient skills and experience and the capability to supervise the execution of the
              business on behalf of shareholders.</div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">If the company is found to have engaged in any activity that is materially harmful to shareholder value, or if the company&#8217;s business performance remains sluggish over a long period and
              little remedial effort is apparent, or if any similar issue is found with regard to the company, we will in principle vote against the election of directors who are deemed to be responsible for such issues/activities.
              <div>&#160;</div>
              <div>In principle, we vote for the election of outside directors. However, we pay special attention to the directors&#8217; qualifications, such as their independence. We determine the independence of the outside directors from a comprehensive
                perspective on whether they are representatives of major shareholders, have received a large amount of income other than executive remuneration from the company in question, and are related to other executive members.</div>
              <div>&#160;</div>
              <div>The number of directors should be adequate and appropriate considering the nature of the company&#8217;s business and its scale.</div>
              <div style="margin-right: 5.7pt; margin-left: 5.1pt;"> <br>
              </div>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageFooter"></div>
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            <br>
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              <table cellspacing="0" cellpadding="0" id="z494fd926dfb34f4195406d956889a11c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(2)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Election of Auditors</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 11.4pt; margin-left: 5.1pt;">Auditors are expected to be qualified to audit the business on behalf of shareholders, and are also expected to function adequately for that purpose. Where the company is found to have
              engaged in any activity that is materially harmful to shareholder value or if any similar issue is found with regard to the company in question, and an auditor is found responsible for any part thereof, or is deemed to have failed to fully
              perform his/her duties, we will vote against the reelection of the auditor.</div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">It is desirable that outside auditors are independent of management. It is not desirable to have a board of statutory auditors and an audit committee composed of outside auditors, all of
              whom lack independence. We determine the independence of the outside auditors from a comprehensive perspective on whether they are representatives of major shareholders, have received a large amount of income other than executive remuneration
              from the company in question, and are related to other executive members.</div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">Where a reduction in the number of auditors is proposed, there should be proper justification for such a reduction.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z3339bd9d7d824d1ca9ede4fb01e21346" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(3)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Election of Accounting Auditors</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">In principle, we will vote for the election of accounting auditors except where it is found that:</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;"> <br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z74bff342a3ed44d2beaeceed109bee45" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 26.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt;">&#183;</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div>The accounting auditor has an interest in the company and lacks independence.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z15c7d57ae6cb40e8b5f708ee98eaf943" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 26.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt;">&#183;</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div>Excessive non-audit remuneration has been paid to the accounting auditor by the company.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="zff630209c70b452f993f6252252de309" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 26.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt;">&#183;</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div>The accounting auditor has expressed inaccurate opinions on the company&#8217;s financial conditions.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="zba01f943a10844c3bffc9b4e4262cab6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(4)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Executive Remuneration</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">It is desirable that executive remuneration plans are reasonable and are aligned with the long-term performance of the company.</div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">We vote against remuneration plans, if the company is found to have engaged in any activity that is materially harmful to shareholder value, or the amount of remuneration is inconsistent
              with or inequitable compared to the company&#8217;s overall financial condition, or plans are deemed to substantially harm shareholder value. In particular, we will vote against resolutions on executive bonuses when there is a significant decline
              in business performance, or when the bonus payment amount is found to be unreasonably large in relation to past achievements and the current financial conditions of the company, or as compared with other competitors.</div>
            <div>&#160;</div>
            <div style="margin-right: 11.4pt; margin-left: 5.1pt;">In particular, we will vote against resolutions on offering company stocks (including stock options) when there is a significant decline in business performance, or when the value of stock
              remuneration is found to be unreasonably high in view of past achievements and the current financial conditions of the company, or as compared with other competitors. In principle, we vote for stock remuneration plans when the terms and
              conditions of the plan, such as eligibility and scale, are properly set forth for the purpose of incentivizing executives. However, we vote against such plans when the terms and conditions of the plan, including eligibility and scale, are
              deemed to be improper.</div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">We will determine whether to vote for or against resolutions on the granting of stock remuneration to the company&#8217;s employees or outside parties by applying mutatis mutandis the rules on
              stock remuneration plans for executives mentioned above. We will require sufficient explanation on stocks offered to outside parties in light of whether it leads to the enhancement of shareholder value.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z3979b8c7f47d45f097ad366953913721" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(5)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Retirement Bonus for Directors and Auditors</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 8.15pt; margin-left: 5.1pt;">We will vote against resolutions on retirement bonuses for retiring executives when the company is found to have engaged in any activity that is materially harmful to shareholder value, or
              when there is a significant decline in business performance or share price, or when the amount of the retirement bonus payment is found to be unreasonably large considering past achievements and the current financial conditions of the
              company, or as compared with other competitors.
              <div>&#160;</div>
            </div>
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            <br>
            <div>
              <table cellspacing="0" cellpadding="0" id="z11ac4e811365486ea671a656a6698557" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(6)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Allocation of Dividends and Profits</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">In deciding on distributions to its shareholders, the company should ensure that such distributions are consistent with its long-term investment plan and capital policies. In principle, it
              is desirable that excess funds are distributed to shareholders.</div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">While considering whether the company&#8217;s allocation of dividends and profits is consistent with its long-term investment plan and capital policies, we shall vote against allocation policies
              that are deemed to be significantly inadequate and harmful to shareholder value.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z13bcdfa3ca104fe088f2959e4fa02377" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(7)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Acquisition of the Company&#8217;s Own Stock</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 11.4pt; margin-left: 5.1pt;">While we view the acquisition of the company&#8217;s own stock positively as a means to enhance shareholder value, we would oppose such a resolution when it is deemed to be inappropriate for the
              sake of the company&#8217;s capital structure.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z84d115c63fb54585b36b708eccb76e6a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(8)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Change in Number of Authorized Shares</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">When said purposes are inappropriate, NAM will in principle vote against a company&#8217;s proposed increase in the number of authorized shares.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z1af61b95f15f447fb0f43318b36940e3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 5.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(9)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 21.05pt; font-weight: bold;">Issuance of Preferred and Other Classes of Shares</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">We will in principle vote for resolutions if the purpose is deemed to be clear and appropriate, and the issuance of such shares is deemed not to harm the interests of general shareholders in
              consideration of appropriate application requirements, the fairness of voting rights, beneficiaries and other relevant matters. Otherwise, we would oppose the resolution in principle.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div> </div>
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            <div>&#160;</div>
            <div>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 5.1pt; vertical-align: top; align: right;">
                        <div style="margin-left: 5.1pt; font-weight: bold;">(10)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="text-indent: 30.9pt; font-weight: bold;">Corporate Restructuring and Capital Policy (Mergers, Acquisitions, Sale/Transfer of Business, Corporate Separation, Capital Increase, etc.)</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <div> <br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">We will vote for proposed corporate restructuring and capital policies, if they are deemed appropriate after considering the contents of the respective resolutions, financial conditions
              (including premiums), effects on shareholder value, basis and rationality of management judgment, fair disclosure, etc., from an overall perspective. Otherwise, we would oppose the resolutions. When general shareholders receive a
              consideration, whether in the form of shares, money or otherwise, in relation to corporate restructuring or capital policy, we would emphasize the appropriateness of the consideration when forming a judgment on whether to vote for or against
              the resolutions.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
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                      <div style="margin-left: 5.1pt; font-weight: bold;">(11)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 2.85pt; font-weight: bold;">Anti-Takeover Measures</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 8.15pt; margin-left: 5.1pt;">We individually analyze anti-takeover measures. We would oppose such resolutions unless shareholder value is protected.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="ze8d25868ba86494f9943dc419e75e5f9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
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                      <div style="margin-left: 5.1pt; font-weight: bold;">(12)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 2.85pt; font-weight: bold;">Amendment of Articles</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 9.15pt; margin-left: 5.1pt;">We will determine whether to vote for or against resolutions on amendments to the articles of incorporation on a case by case basis from the perspective of the long-term enhancement of
              shareholder value or the protection of shareholder value from impairment. We will vote for (against) such resolutions if we find them appropriate (inappropriate) from these perspectives.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z84195e7876e9407ab496464683e68088" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 33.3pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(13)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 2.7pt; font-weight: bold;">Shareholder Resolution</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">We will determine whether to vote for or against shareholder resolutions on a case by case basis from the perspective of long-term enhancement of shareholder value or the protection of
              shareholder value from impairment. We will vote for (against) such resolutions if we find them appropriate (inappropriate) from these perspectives.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="zb2e55e1f3f83415cbb3e402c2de09280" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                    <td style="width: 33.15pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(14)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-indent: 2.85pt; font-weight: bold;">Other</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">NAM will determine whether to vote for or against resolutions on any other issues on a case by case basis from the perspective of the long-term enhancement of shareholder value or the
              protection of shareholder value from impairment. We will vote for (against) such resolutions if we find them appropriate (inappropriate) from these perspectives.</div>
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            &#160;
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="zaceb5ed8e128491ab6a0b47b6950fadd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                    <td style="width: 20.05pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">4.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">Conflict-of-Interest Management Policy</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">We conduct business in good faith and consider the fair treatment of our clients, and we appropriately manage conflicts of interest based on our &#8220;Conflict-of- Interest Management Policy.&#8221;</div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">To manage the risk of a conflict of interest arising, we conduct our business in an appropriate manner by giving first priority to the clients&#8217; interests.</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">With regard to proxy voting, the Responsible Investment Committee which consists of members who are independent of the investment division , is in charge of policy-makings and final proxy
              voting decisions. In cases where we exercise proxy voting rights for securities issued by Group Companies and subsidiaries or affiliates of Nomura Holdings Inc., and/or concerning the Group Companies&#8217; interests, after making such facts clear,
              we refer to opinions from multiple proxy advisors and make decisions at the Responsible Investment Committee to protect the clients&#8217; interests. The Responsible Investment Council validates whether such decisions are adequate and if necessary
              may make a recommendation to the Responsible Investment Committee. When receiving the recommendation, the Responsible Investment Committee reviews the related proxy voting decision again and makes the final decision.</div>
            <div><br>
            </div>
            <br>
            <div>
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                      <div style="margin-left: 5.1pt; font-weight: bold;">5.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">Other</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-right: 43.65pt; margin-left: 5.1pt;">NAM may be unable to vote or may decide to abstain from voting in certain circumstances. The following list, although not exhaustive, highlights some potential
              instances in which a proxy may not be voted:</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="zba33515e158743db88ac331e98d1a27a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                    <td style="width: 26.1pt; vertical-align: top; align: right;">
                      <div style="margin-left: 5.1pt; font-weight: bold;">(1)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">Securities Lending</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">When securities are offered for loan as of the record date of exercising a proxy vote, they need to be collected before exercising the vote. We may not exercise a proxy vote after
              considering the practical implications of such an exercise and the cost incurred for collecting such securities.</div>
            <div>&#160;</div>
            <br>
            <div> </div>
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            <div>&#160;</div>
            <div>
              <div><br>
              </div>
              <div>
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                        <div style="margin-left: 5.1pt; font-weight: bold;">(2)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-weight: bold;">Share Blocking</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <div> <br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">Some countries and regions require shareholders to deposit their shares with a designated depository during a specific period shortly before a shareholders&#8217; meeting as a condition for
              exercising a proxy vote. Shares cannot be sold during this blocking period. In such a case, we may not exercise the proxy vote due to practical considerations and the potential for opportunity loss.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z4ea353f64c8d4f40a9b62e05629247ed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                      <div style="margin-left: 5.1pt; font-weight: bold;">(3)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">Re-registration</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 5.7pt; margin-left: 5.1pt;">In some countries and regions, re-registration of shares is required to exercise a proxy vote. We may choose not to exercise a proxy vote in consideration of the fact that the shares cannot
              be sold during the re-registration period.</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" id="z582cea73de3a42ca8d84ae2622d643f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                      <div style="margin-left: 5.1pt; font-weight: bold;">(4)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">Other</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div style="margin-right: 9.15pt; margin-left: 5.1pt;">For example, when we are unable to obtain adequate information, e.g., if the period between receipt of the resolutions and the exercise of voting is insufficient. Also, if the cost of
              voting the proxy outweighs the possible benefit to the client, we may also choose not to exercise the proxy vote.</div>
          </div>
          <div><br>
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        </div>
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          <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Proxy Voting Standards for Japanese Companies</u></div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Nomura Asset Management</div>
            <div>&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">November 1, 2018</div>
            <div>&#160;</div>
            <div><br>
            </div>
            <div>&#160;</div>
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            </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Proxy Voting Standards for Japanese Companies</div>
            <div>&#160;</div>
            <div> <br>
            </div>
            <div style="text-align: right;"><font style="font-weight: bold;">November 1, 2018</font><font style="font-weight: bold;"><br>
              </font></div>
            <div style="text-align: right;"><font style="font-weight: bold;"> Nomura Asset Management</font><br>
            </div>
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
            </div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">These Proxy Voting Standards apply to resolutions to be proposed at shareholders&#8217; meetings which are held on or after November 1, 2018.</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Based on the &#8220;Global Proxy Voting Policy,&#8221; these Proxy Voting Standards define the proxy voting standards required specifically for investee companies that are listed in Japan.</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Companies are expected to provide general shareholders with a thorough and easy- to-understand explanation in their business reports, reference documents for shareholders&#8217; meetings and
              other materials to allow them to make proper judgments on the exercise of their voting rights with sufficient understanding of the contents of respective issues and management status.</div>
            <div>&#160;</div>
            <div>
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                  <tr>
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                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">1.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Election of Directors</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
              </font></div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">If the company
                is found to have engaged in any activity that is materially harmful to shareholder value and if an individual person is found to be responsible for such activity, we will vote against the election of the relevant person as a director.&#160; When
                making a judgment on the exercise of proxy voting rights, we regard any misconduct, violation of laws and regulations and rules of stock exchanges, or any act that is deemed questionable in view of efforts directed at ESG issues or social
                norms, as being harmful to shareholder value.</font></div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">(Note) ESG refers to environment, social and corporate governance.&#160; We place emphasis on ESG issues, as these need to be addressed in the context of corporate social responsibility and
              sustainability.</div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If the return
                on equity (ROE) of the company in question has been below 5% and below the median value for the industry for the most recent 3 consecutive fiscal years and no efforts for management improvement have been demonstrated, we will in principle
                vote against the re-election of a director who has been in the position of chairperson and president, etc., for the most recent 3 or more consecutive fiscal years.&#160; However, this provision does not apply to a company which has not been
                listed for 5 years as of the last day of the most recent fiscal year.</font></div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">In these Proxy Voting Standards, financial data principally refers to data published on a consolidated basis.&#160; If no financial data on a consolidated basis has been published, the data on
              a non-consolidated basis shall be used (the same applies hereinafter).</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">&#8220;The median value for the industry&#8221; is obtained from the companies listed on the First Section of the Tokyo Stock Exchange, and is based on the 33 industrial classifications of the Tokyo
              Stock Exchange.&#160; If the calculated value is below 0%, the median value is 0%.</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">The phrase &#8220;no efforts for management improvement have been demonstrated&#8221; refers to any case that does not fall under either &#9312;or &#9313; below.&#160; However, both &#9312; and &#9313; exclude cases where the
              total of net profits reported during the most recent 3 consecutive fiscal years is a negative figure.</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">&#9312;</font><font style="font-size: 10pt;"> Recurring profit (if no recurring profit is reported, pretax profit; hereinafter the same applies)
                for the last fiscal year or the net profit has increased compared with the previous fiscal year.</font></div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">&#9313;</font><font style="font-size: 10pt;"> Recurring profit for the last fiscal year or the net profit has increased compared with 3 fiscal
                years ago.</font></div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">In these Proxy Voting Standards, &#8220;chairperson and president, etc.&#8221; refers to the chairperson, president, bank president, chief executive officer (CEO), chief operating officer (COO) and
              any person who assumes a position equivalent thereto.</div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(3)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If any
                inappropriate information disclosure is made, if shareholder value decreases due to management, financial or capital strategies, or if any other conduct that clearly damages shareholder value is committed, we will in principle vote against
                the election of a director who is found to be responsible for the conduct.&#160; If the disclosure of financial information is delayed and it becomes difficult to make a judgment on the exercise of proxy voting rights, it will be deemed that the
                information disclosure was inappropriate.&#160; It is desirable that necessary financial information is disclosed at least 1 month prior to the day of the shareholders' meeting.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">With regard to
                the appropriation of surpluses resolved by the board of directors, without being proposed at a shareholders' meeting, we will in principle vote against the re-election of the director who would have been in the position of chairperson and
                president, etc., in cases where it would have been reasonable for us to object to said appropriation of surpluses measures pursuant to these Proxy Voting Standards if such appropriation had been presented at the shareholders' meeting.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">With regard to
                anti-takeover measures introduced following a decision by the board of directors, without being proposed at a shareholders' meeting, we will in principle vote against the re-election of the director who would have been in the position of
                chairperson and president, etc., in cases where it would have been reasonable for us to object to the introduction of said anti-takeover measures pursuant to these Proxy Voting Standards, if the introduction of such measures had been
                presented at the shareholders' meeting.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">If there are
                fewer than 2 outside directors, we will in principle vote against the re-election of the director who has been in the position of chairperson and president, etc.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(7)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If the number
                of outside directors is less than one-third of the number of directors in a company with a controlling shareholder and the average ROE for the most recent 3 fiscal years is less than 8%, we will in principle vote against the re- election of
                the director who has been in the position of chairperson and president, etc.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(8)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">We will request
                that highly-independent persons should be elected as outside directors.&#160; If it is found that the degree of independence of a candidate is low, we will in principle vote against the election of the candidate as an outside director.</font></div>
            <div>&#160;</div>
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            <div style="font-family: 'Times New Roman',Times,serif;">As used in these Proxy Voting Standards, &#8220;highly-independent person&#8221; refers to a person who is notified as an independent executive to the related stock exchange.&#160; It also includes
              someone who is stated in a business report or reference document for a shareholders' meeting as a person expected to be nominated as an independent executive.&#160; In either case, the individual must never have served with any company which is a
              major shareholder of the company in question during the 3-year period immediately prior to the time he/she first assumed the position as an outside director.&#160; &#8221;Major shareholder&#8221; refers to a shareholder whose share holdings ratio listed in
              the &#8220;Top 10 Shareholders&#8221; list in the business report of the company in question for the most recent fiscal year is 10% or more; provided, however, that any person who is clearly likely to have a conflict of interest with general shareholders
              shall be regarded as a person whose degree of independence is low.</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Although a candidate to fill an external director vacancy is not subject to the stock exchange notification as an independent director we will request that a statement be included in the
              reference document for a shareholders' meeting indicating whether the candidate is expected to be notified as an independent director when he/she assumes the office of director.&#160; The statement will allow us to confirm this point.&#160; If such a
              statement is not contained in the document, we consider that the degree of independence of such a candidate is low, and we will vote against the election of the candidate.</div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(9)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If it is
                obvious that outside directors failed to fully fulfill their expected roles during the most recent fiscal year, we will in principle vote against the re-election.&#160; &#8220;Expected roles of outside directors&#8221; refers to those described in Principle
                4.7 of Japan&#8217;s Corporate Governance Code.</font></div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">[Japan&#8217;s Corporate Governance Code Principle 4.7 Roles and Responsibilities of Independent Directors]</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Companies should make effective use of independent directors, taking into consideration the expectations listed below with respect to their roles and responsibilities:</div>
            <div>&#160;</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="z17b240a91df548e1a6041e505eb6bd9a">

                  <tr>
                    <td style="width: 72pt; vertical-align: top;">
                      <div style="margin-left: 36pt; font-family: 'Times New Roman',Times,serif;">i)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">Provision of advice on business policies and business improvement based on their knowledge and experience with the aim to promote sustainable corporate growth and increase
                        corporate value over the mid- to long-term;</div>
                      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                      </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="z2e9d8ed80987480390791fb8274b79c6">

                  <tr>
                    <td style="width: 72pt; vertical-align: top;">
                      <div style="margin-left: 36pt; font-family: 'Times New Roman',Times,serif;">ii)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">Monitoring of management through important decision-making at the board of directors meetings including the appointment and dismissal of senior management;</div>
                      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                      </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="ze73ba157a5da43a59da70e0460b3a4c6">

                  <tr>
                    <td style="width: 72pt; vertical-align: top;">
                      <div style="margin-left: 36pt; font-family: 'Times New Roman',Times,serif;">iii)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">Monitoring of conflicts of interest between the company and management or the controlling shareholders; and</div>
                      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                      </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="zc8eaa1b03ce541c5b3afd9d2590619f2">

                  <tr>
                    <td style="width: 72pt; vertical-align: top;">
                      <div style="margin-left: 36pt; font-family: 'Times New Roman',Times,serif;">iv)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">Appropriately representing the views of minority shareholders and other stakeholders at the board of directors meetings from a perspective independent of management and the
                        controlling shareholders.</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br>
            </div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(10)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the case of
                an outside director who is expected to be re-elected, if the external director's ratio of attendance at the board of directors meetings held over the last fiscal year is less than 75%, we will in principle vote against the re-election.&#160; In
                the case of a person who is expected to be re-elected as an audit committee member for a company with a nominating committee, etc., we will in principle vote against the re-election if the person's ratio of attendance at the audit committee
                meetings held over the last fiscal year is less than 75%; and in the case of a person who is expected to be re-elected as an audit and supervisory committee member for a company with an audit and supervisory committee, we will in principle
                vote against the re-election, if the person's ratio of attendance at the audit and supervisory committee meetings held in the last fiscal year is less than 75%.&#160; If the person who is expected to be re-elected has been elected as an external
                director mid-way through the last fiscal year, the ratio of attendance at the board of directors meetings, audit committee meetings, and audit and supervisory committee meetings referred to above will be calculated with respect to the board
                of directors meetings, audit committee meetings, and audit and supervisory committee meetings held after the election as an external director in the last fiscal year.&#160; If there is no disclosure of information necessary for the calculation
                of the attendance ratio, we will in principle vote against the re-election.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(11)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In cases where
                there was an issue that was materially harmful to shareholder value during the most recent fiscal year, if the total number of auditors and audit committee members elected would be fewer than the number prior to their election, even if all
                candidates for auditors and audit committee members nominated by the board of directors are elected, we will in principle vote against the re-election of the director who was the chairperson and president, etc. during the most recent fiscal
                year.</font></div>
            <div>&#160;</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="z391c72e3844242c7abbd5cfd1354861e">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">2.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Election of Statutory Auditors</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
              </font></div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">If the company
                is found to have engaged in any activity that is materially harmful to shareholder value, we will vote against the election of auditors who are deemed to be responsible for such activity.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">We will request
                that highly-independent persons (as defined in (8) under &#8220;1.&#160; Election of Directors&#8221; above) outside auditors should be elected as outside auditors.&#160; If it is found that the degree of independence is low, we will in principle vote against
                the election of such an outside auditor.</font></div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Although a candidate for outside auditor to fill a vacancy is not subject to notification requirements to the stock exchange as an independent auditor, we will request that that a
              statement be included in the reference document for a shareholders' meeting indicating whether a candidate is expected to be notified as an independent auditor when he/she assumes the office of auditor.&#160; The statement will allow us to confirm
              this point.&#160; If such a statement is not contained in the document, we consider that the degree of independence of such a candidate is low, and we will vote against the election of the candidate.</div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(3)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the case of
                a person who is expected to be re-elected as an external auditor, we will in principle vote against the re-election, if either the person's ratio of attendance at the board of directors meetings held during the last fiscal year (or, if the
                person was elected as an external auditor in the middle of the last fiscal year, the board of directors meetings held after the election as an external auditor during the last fiscal year), or the person's ratio of attendance at the board
                of auditors meetings held during the last fiscal year (or, if the person was elected as an external auditor in the middle of the last fiscal year, the board of auditors meeting held after the election as an external auditor during the last
                fiscal year), is less than 75%.&#160; If there is no disclosure of information necessary for the calculation of the attendance ratio, we will in principle vote against the re-election.</font></div>
            <div>&#160;</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 id="DSPFPageHeader"></div>
            </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="z1386b7c8cb7541c0a9d643c61e5d3bc3">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">3.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Election of Accounting Auditors</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">In principle, we will vote for the election of an accounting firm as the company's accounting auditor except where it is found that:</div>
            <div>&#160;</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="z7da24bf6e0b84774af7adb8aa068f954">

                  <tr>
                    <td style="width: 72pt; vertical-align: top;">
                      <div style="margin-left: 36pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">The accounting firm has an interest in the company and lacks independence.</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="z921785ca7722461ebfba2da81148132e">

                  <tr>
                    <td style="width: 72pt; vertical-align: top;">
                      <div style="margin-left: 36pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">Excessive non-audit remuneration has been paid to the accounting firm by the company.</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="zccd5132db1ef4ad5a38026e0bb085418">

                  <tr>
                    <td style="width: 72pt; vertical-align: top;">
                      <div style="margin-left: 36pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">The accounting firm has expressed inaccurate opinions on the company &#8217; s financial conditions.</div>
                      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                      </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="z81b37377729a4a7a8d7335b221af939f">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">4.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Executive Remuneration</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
              </font></div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">If the company
                is found to have engaged in any activity that is materially harmful to shareholder value, or the ROE is below 5% for the most recent 3 consecutive fiscal years, we will in principle vote against an increase of executive remuneration and the
                payment of executive bonuses, unless a satisfactory explanation is made.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">We will in
                principle vote against a resolution on executive remuneration at a certain level or higher, if outside directors do not account for the majority of the board of directors or an independent remuneration committee is not established.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(3)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">We will in
                principle vote against resolutions on offering company stocks (including stock options) as remuneration, in the following cases:</font></div>
            <div>&#160;</div>
            <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="z6f73e7a7d9924389885f0a4c8e59ad4a">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9312;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">Offering company stocks will result in a 5% or more dilution of the issued shares.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z3317ee1c37d4478dac14c16f7e710177">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9313;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">Offering company stocks has restrictions on transfer as remuneration, if the period of restriction on transfer is less than 3 years.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="zbff3515798094f68b78772b2d63c01cb">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9314;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">The persons eligible for receiving company stocks include outside directors, directors who are audit committee members or directors who are audit and supervisory committee
                          members, or any external parties who are found to be inappropriate to receive the stock incentive.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">However, even if company stocks are offered to external parties, we will vote for the resolution, if explanation is provided in an appropriate manner and it is found that the offering of
              company stocks as remuneration to the external parties contributes to the improvement of shareholder value.</div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">In cases other
                than those referred to above, we will consider an increase of executive remuneration after giving comprehensive consideration to the reason for the change in executive remuneration, and the appropriateness of the amount of such executive
                remuneration, etc.&#160; We will in principle vote against the resolution, if the offering of company stocks as remuneration will give an excessive profit to specific eligible persons, or if the offering of company stocks is inappropriate or
                inequitable to a significant degree.</font></div>
            <div>&#160;</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="z35e2abe40a3f4829bea0351165f714e3">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">5.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Retirement Bonus for Directors and Auditors</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">We will consider resolutions concerning retirement bonuses for directors and auditors, in accordance with the following standards.</div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">We will in
                principle vote against the payment of a retirement bonus to an executive who has been involved in any activity that is materially harmful to shareholder value or who is found to be responsible for serious misconduct.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If the ROE is
                below 5% for the most recent 3 consecutive fiscal years and there is a deficit, or if the total of the current net profits during the most recent 3 fiscal years is a negative figure, we will in principle vote against the resolution.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(3)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If the amount
                is found to be unreasonably large taking into consideration the past business performance or the current financial conditions or in comparison with other companies in the same industry, etc., we will in principle vote against the
                resolution.&#160; We will in principle vote against a resolution on said retirement bonus at a certain level or higher and without the disclosure of the amount thereof, if outside directors do not account for the majority of the board of
                directors or an independent remuneration committee is not established.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">We will in
                principle vote against resolutions on payment to an external director or a director of an audit committee member of companies that have a board with an audit committee structure or statutory auditors.</font></div>
            <div>&#160;</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="z2575b9d59f4f47e2a9005a0ab87bec00">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">6.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Allocation of Dividends and Profits</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
              </font></div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">We will in
                principle vote against a resolution on the appropriation of surpluses, if all the conditions listed in &#9312;, &#9313; and &#9314; below are satisfied for the most recent 2 consecutive fiscal years and the ROE during the most recent fiscal year is below 8%
                except where the shareholder&#8217;s return ratio is 50% or more.&#160; However, this provision does not apply to any company which has not been listed for 5 years as of the last day of the most recent fiscal year and where how surplus funds are used
                is clearly defined.</font></div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">(Note) Shareholders' return ratio = (Dividends + Share repurchase) / Current net profit</div>
            <div>&#160;</div>
            <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="zc52edceded994bbd89682b6ca44421b0">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9312;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">Shareholders' equity ratio &gt; 50%</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z87c5ef193c5b454b81e21d9d74cbe1d2">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9313;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">Net financial assets / Sales &gt; 30%</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z2096036897fd484990f2fef7d4cdbbc9">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9314;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">Net financial assets / Total assets &gt; 30%</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">(Note) Net financial assets = Cash and deposits + Long- or short-term securities&#8211; Interest-bearing liabilities (excluding long- and short-term securities for companies engaged in Banks,
              Securities and Commodities Futures, Insurance or Other Financing Business in the 33 industry classifications of the Tokyo Stock Exchange).</div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">We will vote
                against resolutions on dividend policy or the appropriation of surpluses which are found to be harmful to shareholder value.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(3)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">We will vote
                against resolutions on the appropriation of surpluses, in any other cases where it is found that shareholders' returns are insufficient to a significant degree.</font></div>
            <div>&#160;</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="zc9391786a63e4e7a81bb4dff1632d85b">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">7.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Acquisition of the Company's Own Stock</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">We will in principle vote for resolutions on the acquisition of the company's own stock.&#160; However, we will vote against the resolution, if the liquidity of the company's stock is low (the
              ratio of liquid stock is below 10% or the aggregate market price is below 10 billion yen) and an increase in the amount of dividends is considered a more appropriate measure for shareholder return than the acquisition of the company's own
              stock; or if it is found that the acquisition of the company's own stock is inappropriate from the perspective of capital composition or will materially harm shareholder value.</div>
            <div>&#160;</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="z99be168e65e64c699d1d3ef5256403c8">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">8.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Change in Number of Authorized Shares</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">When said purposes are inappropriate, we will in principle vote against a company&#8217;s proposed increase in the number of authorized shares.</div>
            <div>&#160;</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="z5881fbd9f99b418ab5f04875adb28bc7">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">9.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Issuance of Preferred and Other Classes of Shares</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"><br>
              We will in principle vote for resolutions if the purpose is deemed to be clear and appropriate, and the issuance of such shares is deemed not to harm the interests of general shareholders in consideration of appropriateness of application
              requirements, the fairness of voting rights, beneficiaries and other relevant matters.&#160; Otherwise, we would oppose the resolution in principle.</div>
            <div>&#160;</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="zb861470cec5b40f9bf9ba65a27836c92">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">10.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Corporate Restructuring and Capital Policy (Mergers, Acquisitions, Sale/Transfer of Business, Corporate Separation, Capital Increase, etc.)</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">We will vote for proposed corporate restructuring and capital policy, if they are deemed appropriate in consideration of the contents of respective resolutions, financial condition
              (including premiums), effects on shareholder value, basis and rationality of management judgment, fair disclosure, etc., from an overall perspective.&#160; Otherwise, we would oppose the resolutions.&#160; When general shareholders receive a
              consideration, whether in the form of shares, money or otherwise, in relation to corporate restructuring or capital policy, we would emphasize the appropriateness of the consideration in making a judgment on voting for or against the
              resolution.</div>
            <div>&#160;</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 id="DSPFPageHeader"></div>
            </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="z401dcd22c46f49eba2bd09aca31bd465">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">11.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Anti-Takeover Measures</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">We will in principle vote against a resolution that is found to set an anti-takeover measure, except when highly-independent outside directors account for the majority of the board of
              directors and no problem is found with respect to the design of the anti-takeover measure from the perspectives of a long-term increase of shareholder value or prevention of harm to shareholder value.</div>
            <div>&#160;</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="z24b68edd17ff4fbb87716b3f59c70ad5">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">12.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amendment of Articles</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
              </font></div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">In the case of
                a resolution under which the articles of incorporation are to be changed in order to authorize the board of directors to carry out a discretionary distribution of surplus, we will in principle vote for the resolution, if the company's
                appropriation of surpluses is appropriate and the company has 2 or more outside directors.&#160; As used in these Proxy Voting Standards, the appropriateness of the appropriation of surpluses will be determined in accordance with the standards
                stipulated in &#8220;6.&#160; Allocation of Dividends and Profits.&#8221;</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">We will in
                principle vote against a resolution under which the articles of incorporation are to be changed in order to eliminate the possibility that a dividend of surplus will be decided by a resolution at the shareholders' meeting.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(3)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the case of
                a resolution under which an anti-takeover measure is to be prescribed in the articles of incorporation, if we should vote against the introduction of the anti-takeover measure in accordance with the standards set out in &#8220;11.&#160; Anti- Takeover
                Measures&#8221; above, we will in principle vote against the resolution.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">We will in
                principle vote against a resolution that makes the requirements for the dismissal of directors stricter.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">We will in
                principle vote against a resolution that makes the requirements for a resolution on organizational restructuring stricter, or to establish additional requirements for a resolution on organizational restructuring.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">In the case of
                a resolution to change the articles of incorporation in order to authorize the board of directors to add a record date for voting rights by its decision, we will vote for the resolution if the purpose of the change is clearly explained and
                is found to be reasonable.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(7)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the case of
                a resolution to change the articles of incorporation in order to increase the total number of authorized shares, we will consider whether to vote for the resolution in accordance with the standards set out in &#8220;8.&#160; Change in Number of
                Authorized Shares&#8221; above.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(8)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the case of
                a resolution to change the articles of incorporation in relation to classes of shares, we will consider whether to vote for the resolution in accordance with the standards set out in &#8220;9.&#160; Issuance of Preferred and Other Classes of Shares&#8221;
                above.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(9)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Regarding the
                following amendments to the articles of incorporation, we will in principle vote against the resolution of &#9312;, and for the resolution of &#9313;, &#9314;, &#9315; and &#9316;:</font></div>
            <div>&#160;</div>
            <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="zbee357b6906b484db14429c1867a7066">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9312;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">To set a substantial limit on the number of outside directors or highly- independent outside directors</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z98897dc8050b45a2aea9d06687a766fa">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9313;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">To proceed with the &#8220;separation between the chair of the board of directors and the chief executive officer (CEO)&#8221;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z5b5c22adc16549b69029d65a53874928">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9314;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">To proceed with the abolition of advisory positions such as &#8220;Sodanyaku&#8221; or &#8220;Komon&#8221; or any other similar position to be assumed by a person who is not a director</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z1ea71b4e0d9a4476b02f853b477c717c">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9315;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">To determine that the director&#8217;s term of office is one year in a company with a board of auditors</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z882e8d3bb57d47f4abc34a74333595ea">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9316;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">To establish a voluntary nominating/remuneration committee in a company with a board of auditors or a company with an audit and supervisory committee.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</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="zd25ca0aaca584e69a2a68b55b4bd382b">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">13.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Shareholder Resolution</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
              </font></div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">We will
                individually consider a shareholders' resolution, from the perspective of improving shareholder value on a long-term basis or preventing any deterioration in shareholder value.&#160; We will in principal vote against a resolution in which a
                potential conflict of interest exists between the company or a shareholder and the proposer, a resolution which is found to restrict the latitude of company management, or a resolution in which it is found that the proposer does not provide
                sufficient explanation about the effect of the resolution.&#160; At the time of the consideration, we will also take into account the opinion of the board of directors.&#160; It is desirable that the shareholder proposing a resolution and the board
                of directors provide general shareholders with easily comprehensible and thorough explanations from their own standpoint through the perspective of shareholder value to enable them to make judgments based on proper understanding of the
                contents of the proposal.</font></div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If a
                shareholders' resolution falls under one of the following items, we will in principle vote against the resolution.</font></div>
            <div>&#160;</div>
            <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="ze20cb9a137e747c98e52771266b7da66">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9312;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">The resolution is not made from the perspective of shareholder value, and the purpose of the resolution is to make a social or political statement.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="ze61209b254514c2d9754bf58cded6b7f">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9313;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">A resolution on amendments to the articles of incorporation, when the amendments include any content related to individual and specific business execution.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z47fa7073c3ac4e6eb838d82a0ee41c6c">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9314;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">The contents of the resolution are ambiguous and lacking concrete information, and the resolution does not satisfy the requirements for a resolution.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Therefore, on the part of a shareholder proposing a resolution, it is desirable that he/she submits a proposal with clear and specific contents which satisfy the requirements for a
              resolution.</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">On the part of the board of directors, if the contents of the resolution are ambiguous and lack concrete information and the resolution does not satisfy the requirements for a resolution,
              it is desirable that the board clearly indicates such facts in the reference document for the shareholders&#8217; meeting.</div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(3)</font><font style="display: inline-block; text-indent: 0px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">We will in
                principle vote for a shareholder resolution on amendments to the articles of incorporation which fall under any of the following items and are deemed to be clear and concrete.&#160; A resolution requesting amendments:</font></div>
            <div>&#160;</div>
            <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="z33a62c27b580452e9698338f10f56863">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9312;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to disclose important information concerning a resolution for the election of directors and auditors;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="zd81bd58bcb0147dd85e01dab92ecc0cc">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9313;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to seek two or more independent outside directors;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="zd45624f47ea34db69797c274e26f7665">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9314;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to seek an external director to serve as the chair of the board of directors;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="zea9ddd83720e4315a752a5eb88a5eda1">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9315;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to prohibit or remove the chief executive officer from serving as the chair of the board of directors;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="zc77ff45668724d9098dc4f58becdc36d">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9316;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to abolish the position of &#8220;Sodanyaku&#8221; or &#8220;Komon&#8221; to be assumed by a person who is not a director;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="zc34608d81227455a89ef20122705fe32">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9317;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to disclose remuneration for an individual director or auditor;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z30acfe555e7e45fb81e3f6d2992a4e18">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9318;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to abolish the provisions of the articles of incorporation which prohibit the payment of dividends by resolution of the shareholders' meeting (if the company's appropriation
                          of surpluses for the most recent fiscal year is inappropriate or the company does not have 2 or more outside directors), or to abolish the provisions of the articles of incorporation which authorize the board of directors to make
                          a decision on the payment of dividends;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z5186004faf8c48b5bfaf616c4bbfc599">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9319;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to sell stocks held by the company that are deemed to be problematic in light of the improvement of corporate value and sustainable growth;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z3a879341da3e4b53b19543ecec7ec739">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9320;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to formulate or disclose the basic policy on the exercise of voting rights related to strategically held stocks, and to disclose the results of the exercise of voting rights;</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z38c4e412fb1c4e83af3f3cd5a8d0fac6">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9321;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to determine that the director&#8217;s term of office is one year in a company with a board of auditors; or</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z1d0ce34e48f34d928d9c98594939158b">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9322;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">to establish a voluntary nominating/remuneration committee in a company with a board of auditors or a company with an audit and supervisory committee.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</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 id="DSPFPageHeader"></div>
            </div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">In the case of
                a shareholders' resolution requesting the election of directors, if a director candidate designated by the board of directors is found to be suitable in light of the standards set out in &#8220;1.&#160; Election of Directors&#8221; above, we will in
                principle respect the opinion of the board of directors.&#160; In any other cases, we will examine whether the director candidate proposed by a shareholder satisfies all the requirements listed in &#9312; to &#9314;, and consider the appropriateness of the
                candidate and carefully determine whether we should vote for or against the resolution.</font></div>
            <div>&#160;</div>
            <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="z4f95e04f6d004fbab5619cf17b486304">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9312;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">The candidate has experience in corporate management or any experience equivalent thereto, and is found to be sufficiently capable of corporate management.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="z6b6a8af0f34e47489cebf8983a030367">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9313;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">The candidate does not have a potential conflict of interest with general shareholders.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <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="zb87ac2c9e1b141789c5f5af5d217015d">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#9314;</td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-family: 'Times New Roman',Times,serif;">The candidate is expected to contribute to the improvement of shareholder value.</div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div>&#160;</div>
            <div><font style="font-family: 'Times New Roman',Times,serif;">(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;">In the case of
                a shareholders' resolution concerning the appropriation of surplus, we will consider the resolution in comparison with the company resolution, in accordance with the standards set out in &#8220;6.&#160; Allocation of Dividends and Profits&#8221; by taking
                into account the reason for the proposal, the effect on share price formation and corporate governance status.</font></div>
            <div>&#160;</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="zaed960a7467443549d75bc64f1e16f03">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">14.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Other</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">We will vote for any other resolution that is found to be appropriate from the perspective of improving shareholder value on a long-term basis or preventing any deterioration of
              shareholder value; and we will vote against any other resolution that is found to be inappropriate from the same perspective.</div>
            <div>&#160;</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="za156f107d05249af9d3ccccbc1ebeada">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">15.</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Waiver of Rights</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">In principle, we will not waive the rights in the shareholders' meeting where we possess voting rights.&#160; However, the voting rights may be waived if the waiver is found to be appropriate.</div>
            <div>&#160;</div>
          </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><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable">

              <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>
                  <font style="font-family: 'Times New Roman'; color: #000000;"> </font> </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <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">

                  <tr>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">(a)(1)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-family: 'Times New Roman',Times,serif;">As of February 29, 2020, Mr. Hiromitsu Daimon acts as the Registrant&#8217;s lead portfolio manager. Mr. Daimon leads the Japan Small Cap Team of Nomura Asset Management Co., Ltd.,
                        the Registrant&#8217;s Investment Adviser. He has been a member of the Japan Small/Mid Cap Team and has been managing Japan Small Cap Funds for Japanese retail clients since 2003 and has served as the portfolio manager of the Registrant
                        since 2013. The portfolio manager is primarily responsible for the day-to-day portfolio management for the Registrant. He oversees investment decisions and activities and reviews research analysis.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div><br>
          <div>
            <div>
              <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">

                      <tr>
                        <td style="width: 36pt; vertical-align: top;">
                          <div style="font-family: 'Times New Roman',Times,serif;">&#160; &#160;&#160; (2)</div>
                        </td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="font-family: 'Times New Roman',Times,serif;">As of February 29, 2020, the portfolio manager was primarily responsible for the day-to-day portfolio management for the Registrant and for two other pooled investment
                            vehicles that are not registered investment companies under the 1940 Act (with total assets of $113 million as of February 29, 2020). None of the investment advisory fees with respect to these accounts is based on the
                            performance of the account. Real, potential or apparent conflicts of interest may arise where a portfolio manager has day-to-day responsibilities with respect to more than one account. These conflicts include the following: (i)
                            the process for allocation of investments among multiple accounts for which a particular investment may be appropriate, (ii) allocation of a portfolio manager&#8217;s time and attention among relevant accounts and (iii) circumstances
                            where the Registrant&#8217;s investment adviser has an incentive fee arrangement or other interest with respect to one account that does not exist with respect to other accounts.</div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div><br>
              </div>
            </div>
            <div>
              <div>
                <div>
                  <div>
                    <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">

                            <tr>
                              <td style="width: 36pt; vertical-align: top;">
                                <div style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160; (3)</div>
                              </td>
                              <td style="width: auto; vertical-align: top;">
                                <div style="font-family: 'Times New Roman',Times,serif;">
                                  <div>As of February 29, 2020, the portfolio manager receives a combination of base compensation and discretionary compensation consisting of a cash bonus. The methodology used to determine the portfolio manager&#8217;s
                                    compensation is applied across all accounts managed by the portfolio manager. Generally, the portfolio manager receives fixed salary compensation based on his duties and performance. The amount of base salary is reviewed
                                    annually after completion of the formal performance appraisal process. In order to appraise the portfolio manager&#8217;s performance, certain measures are used, such as a review of his specialties and expertise, a review of
                                    his capabilities to achieve assigned duties and a review of his management and communication skills. In addition to base compensation, the portfolio manager may receive discretionary compensation in the form of a cash
                                    bonus. The bonus, which is paid annually, is based on both quantitative and qualitative scores. The quantitative score is determined prior to payment based on the performance of the portfolio manager&#8217;s accounts, measured
                                    on a pre-tax basis for rolling three-year periods against the Russell / Nomura Small Cap Tm Index. The quantitative scoring for purposes of the bonus comprises 60 percent of the performance appraisal measurement. The
                                    qualitative score is determined by analyzing the quality of the portfolio manager&#8217;s contribution to the Registrant&#8217;s investment adviser. While the bonus can range up to 100 percent or more of base salary, the
                                    Registrant&#8217;s investment adviser has indicated that cash bonuses typically represent approximately 20 to 40 percent of its portfolio managers&#8217; aggregate cash compensation. <br>
                                  </div>
                                </div>
                              </td>
                            </tr>

                        </table>
                      </div>
                    </div>
                    <div><br>
                    </div>
                  </div>
                  <div>
                    <div>
                      <div>
                        <div>
                          <div>
                            <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">

                                    <tr>
                                      <td style="width: 36pt; vertical-align: top;">
                                        <div style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160; (4)</div>
                                      </td>
                                      <td style="width: auto; vertical-align: top;">
                                        <div style="font-family: 'Times New Roman',Times,serif;">As of February 29, 2020, the portfolio manager did not own beneficially any securities issued by the Registrant.</div>
                                      </td>
                                    </tr>

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

                                    <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;">&#160;<br>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </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" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable">

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

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

                <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;">&#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" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable">

            <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;">
            <div style="font-family: 'Times New Roman',Times,serif;">There were no changes to the procedures by which shareholders may recommend nominees to the Registrant&#8217;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>&#160;</div>
          </div>
        </div>
        <div style="margin-bottom: 3pt; margin-top: 3pt;"> <br>
        </div>
        <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;"> <br>
        </div>
      </div>
      <div style="margin-bottom: 3pt; margin-top: 3pt;">
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable">

            <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" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable">

                <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: rgb(0, 0, 0);">
                        <div style="font-family: 'Times New Roman',Times,serif;">The Registrant&#8217;s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant&#8217;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>
                    </div>
                  </td>
                </tr>

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

                <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: rgb(0, 0, 0);">
                        <div style="font-family: 'Times New Roman',Times,serif;">There was no change in the Registrant&#8217;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&#8217;s internal control over financial reporting.</div>
                      </div>
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                  </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; 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" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable">

                <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" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable">

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

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

                    <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"> <font style="background-color: #ffffff;">EXHIBITS</font> </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
        <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">&#160;
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" id="z2cba69276df74546bd2b1201e574c430" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 5.77%; vertical-align: top;">
                  <div style="color: #000000;">(a) (1)</div>
                </td>
                <td style="width: 94.23%; vertical-align: top;">
                  <div style="color: #000000;">See Item (2)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 5.77%; vertical-align: top;">
                  <div style="color: #000000;">(a) (2)</div>
                </td>
                <td style="width: 94.23%; vertical-align: top;">
                  <div><font style="color: #000000;">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><font style="color: #FF0000;"></font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 5.77%; vertical-align: top;">
                  <div style="color: #000000;">(a) (3)</div>
                </td>
                <td style="width: 94.23%; vertical-align: top;">
                  <div style="color: #000000;">Not applicable.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 5.77%; vertical-align: top;">
                  <div style="color: #000000;">(a) (4)</div>
                </td>
                <td style="width: 94.23%; vertical-align: top;">
                  <div><font style="color: #000000;">See EX-99.IND PUB ACCT attached hereto.</font><font style="color: #FF0000;"></font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 5.77%; vertical-align: top;">
                  <div style="color: #000000;">(b)</div>
                </td>
                <td style="width: 94.23%; vertical-align: top;">
                  <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 Rule15d-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>&#160;</div>
        </div>
      </div>
      <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
        <div>
          <div style="MARGIN-BOTTOM: 3pt; MARGIN-TOP: 3pt">
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                <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"><br>
                  </td>
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      <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: 91.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none"><br>
              </td>
            </tr>
            <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: 91.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none"><br>
              </td>
            </tr>
            <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: 91.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none"><br>
              </td>
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            <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: 91.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none"><br>
              </td>
            </tr>
            <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: 91.98%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none"><br>
              </td>
            </tr>

        </table>
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    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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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>
    <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, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
      authorized.</div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">Japan Smaller Capitalization Fund, Inc.</div>
    <div style="LINE-HEIGHT: 1.25">&#160;<br>
      <br>
    </div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
    </div>
    <div style="LINE-HEIGHT: 1.25">By: <font style="font-family: 'Times New Roman';"><u>/s/ </u></font><font style="font-family: 'Times New Roman';"><u>Yuichi Nomoto &#160; &#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>
    </div>
    <div style="LINE-HEIGHT: 1.25">Principal Executive Officer</div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">Date:&#160; 5/7/2020<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>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="LINE-HEIGHT: 1.25">&#160;</div>
      <div style="LINE-HEIGHT: 1.25">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman';">By: <u>/s/ </u><u>Yuichi Nomoto &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</u><u> </u></div>
      <div style="LINE-HEIGHT: 1.25">Yuichi Nomoto</div>
      <div style="LINE-HEIGHT: 1.25">Principal Executive Officer</div>
    </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; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; line-height: 1.25;">Date:&#160; 5/7/2020<br>
    </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; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; line-height: 1.25;">By: <u>/s/ Amy J. Robles &#160; &#160; &#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">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; line-height: 1.25;">&#160;</div>
    <div style="font-family: 'Times New Roman'; color: #000000; line-height: 1.25;">Date:&#160; 5/7/2020<br>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>efc20-384_ex99cert.htm
<TEXT>
<html>
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  <div>
    <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; line-height: 1.25;">
      <div style="text-align: justify;">
        <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif;">I, Yuichi Nomoto, certify that:</div>
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <tr>
              <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>&#160;</div>
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            <tr>
              <td style="width: 7.68%; vertical-align: top;">
                <div style="color: #000000;">2.</div>
              </td>
              <td style="width: 92.32%; vertical-align: top;">
                <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>
            </tr>

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        <div>&#160;</div>
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              <td style="width: 7.68%; vertical-align: top;">
                <div style="color: #000000;">3.</div>
              </td>
              <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>
              </td>
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        <div>&#160;</div>
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            <tr>
              <td style="width: 7.68%; vertical-align: top;">
                <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>
              </td>
            </tr>

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        <div>&#160;</div>
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                <div style="color: #000000;">a.</div>
              </td>
              <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>
              </td>
            </tr>

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        <div>&#160;</div>
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                <div style="color: #000000;">b.</div>
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                <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>
              </td>
            </tr>

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        <div>&#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>
              </td>
            </tr>

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        <div>&#160;</div>
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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="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
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                <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
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                <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>
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        Date: 5/7/2020<br>
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          <td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center">/s/ Yuichi Nomoto </td>
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            <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Yuichi Nomoto<br>
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            <div style="font-family: 'Times New Roman'; color: #000000; text-align: center; line-height: 1.25;">Principal Executive Officer</div>
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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>
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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>
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    <div style="font-family: 'Times New Roman'; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;"><u>CERTIFICATIONS</u></div>
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        <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif;">I, Amy J. Robles, certify that:</div>
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                <div style="color: #000000;">1.</div>
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                <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;">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>
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        <div>&#160; <br>
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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;">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
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                <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
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        <div>&#160;</div>
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                <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
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        <div>&#160;</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;">d.</div>
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              <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>
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        <div>&#160;</div>
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                <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
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                <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>
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                <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>
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        <div>&#160;</div>
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      <div style="color: #000000; line-height: 1.25;">&#160;Date: 5/7/2020<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; &#160;&#160; </td>
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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;">Principal Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>efc20-384_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>
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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>
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    <div style="font-family: 'Times New Roman'; color: #000000; 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="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; text-align: justify;">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; color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <div style="color: rgb(0, 0, 0); text-align: justify;">1.&#160;&#160;</div>
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              <div style="text-align: justify; color: #000000;">The Form N-CSR of the Registrant for the period ended February 29, 2020 (the &#8220;Report&#8221;) fully complies with the requirements of Section&#160;13(a) or 15(d) of the Securities Exchange Act of 1934;
                and</div>
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              <div style="text-align: justify; color: #000000;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</div>
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      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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    <br>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
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                  <div>/s/ Yuichi Nomoto </div>
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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;">Principal&#160;Executive Officer</div>
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        <div style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div>
        <div style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div>
        <div style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div>
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                  <div style="display: block; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">Date:&#160; 5/7/2020<br>
                  </div>
                </td>
                <td valign="top" style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 33%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center">
                  <div>&#160;&#160;&#160;&#160;&#160;&#160; /s/ Amy J. Robles </div>
                </td>
              </tr>
              <tr>
                <td valign="top" style="width: 64%; border-bottom: 4px; border-left: medium none;">&#160; </td>
                <td valign="top" style="BORDER-RIGHT: medium none; WIDTH: 33%; BORDER-BOTTOM: 4px">
                  <div style="text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amy J. Robles<br>
                    Principal Financial Officer</div>
                </td>
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    <div style="font-family: 'Times New Roman'; color: #000000; line-height: 1.25;">&#160;</div>
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      <div style="color: rgb(0, 0, 0); text-align: justify;">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 staff upon request.<br>
      </div>
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    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">&#160;
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<DOCUMENT>
<TYPE>EX-99.IND PUB ACCT
<SEQUENCE>4
<FILENAME>efc20-384_ex99indpubacct.htm
<DESCRIPTION>CHANGE OF INDEPENDENT PUBLIC ACCOUNTANT
<TEXT>
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    <div style="text-align: center; font-weight: bold;">Exhibit 13(a)(4)(i) to Form N-CSR</div>
    <div style="text-align: center; font-weight: bold;">Change in the Registrant&#8217;s Independent Public Accountant</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">On February 27, 2020, RSM US LLP (&#8220;RSM&#8221;) notified Japan Smaller Capitalization Fund, Inc. (the &#8220;Company&#8221;) of its resignation as the Company&#8217;s independent registered public accounting firm for the
      fiscal year ending February 29, 2020 due to the discovery of certain non-attest services performed by a foreign affiliated firm for remote &#8220;brother-sister&#8221; affiliates of the Company that appear to be inconsistent with Securities and Exchange
      Commission independence rules.</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">RSM&#8217;s reports on the financial statements for the fiscal years ended February 28, 2019 and February 28, 2018 contained no adverse opinion or disclaimer of opinion nor were they qualified or
      modified as to uncertainty, audit scope or accounting principles.&#160; During the Company&#8217;s two most recent fiscal years and through February 27, 2020, (i) there have been no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K with
      RSM on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedure which, if not resolved to the satisfaction of RSM, would have caused RSM to make reference to the subject matter in connection
      with their reports on the Company&#8217;s financial statements, and (ii) there were no &#8220;reportable events&#8221; of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">On March 30, 2020, the Audit Committee of the Board of Directors of the Company engaged Ernst &amp; Young LLP (&#8220;E&amp;Y&#8221;) as the Company's independent registered public accounting firm for the
      fiscal year ended February 29, 2020.&#160; During the Company&#8217;s fiscal years ended February 28, 2019 and February 28, 2018 and any subsequent interim period prior to engaging E&amp;Y, neither the Company, nor anyone on its behalf, consulted with E&amp;Y
      on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed&#894; or the type of audit opinion that might be rendered on the Company's financial statements, or (ii) concerned the subject
      of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item&#160;304).</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">The Company requested RSM to furnish it with a letter addressed to the Securities and Exchange Commission stating whether RSM agrees with the statements contained above. A copy of that letter is
      attached hereto as Exhibit 13(a)(4)(ii).</div>
    <div>&#160;</div>
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      <div style="text-align: center; font-weight: bold;">Exhibit 13(a)(4)(ii) to Form N-CSR</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>May 5, 2020</div>
      <div><br>
      </div>
      <div>Securities and Exchange Commission</div>
      <div>100 F Street, NE</div>
      <div>Washington, DC 20549</div>
      <div><br>
      </div>
      <div>Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">We have read Exhibit 13(a)(4)(i) of Form N-CSR of the Japan Smaller Capitalization Fund, Inc. and are in agreement with the statements contained in the first three sentences in the first
        paragraph.&#160; We have no basis to agree or disagree with other statements of the Registrant&#8217;s contained therein.</div>
      <div><br>
      </div>
      <div>/s/ RSM US LLP</div>
      <div style="color: #000000; line-height: 1.25;"> <br>
      </div>
      <div style="color: #000000; line-height: 1.25;"> May 5, 2020
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
