<SEC-DOCUMENT>0001752724-22-156541.txt : 20220714
<SEC-HEADER>0001752724-22-156541.hdr.sgml : 20220714
<ACCEPTANCE-DATETIME>20220714150533
ACCESSION NUMBER:		0001752724-22-156541
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220531
FILED AS OF DATE:		20220714
DATE AS OF CHANGE:		20220714
PERIOD START:           	20230228

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		221082922

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regName>Japan Smaller Capitalization Fund, Inc.</regName>
      <regFileNumber>811-05992</regFileNumber>
      <regCik>0000859796</regCik>
      <regLei>5493000KJSHWEB3YKZ37</regLei>
      <regStreet1>309 West 49th St.</regStreet1>
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      <repPdEnd>2023-02-28</repPdEnd>
      <repPdDate>2022-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>240238.65</totLiabs>
      <netAssets>217195824.57</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
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        <name>Kanamoto Co. Ltd.</name>
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        <name>Shinpo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Shinpo Co. Ltd.</title>
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        <name>Mabuchi Motor Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Mabuchi Motor Co. Ltd.</title>
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        <name>PAL GROUP Holdings Co. Ltd.</name>
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        <name>Nishikawa Rubber Co. Ltd. </name>
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        <name>Paltac Corporation</name>
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        <name>Create SD Holdings Co. Ltd.</name>
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        <title>Create SD Holdings Co. Ltd.</title>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kyoei Steel Ltd.</name>
        <lei>N/A</lei>
        <title>Kyoei Steel Ltd.</title>
        <cusip>J3784P100</cusip>
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          <isin value="JP3247400009"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The San-in Godo Bank Ltd.</name>
        <lei>353800I3C5900CEME762</lei>
        <title>The San-in Godo Bank Ltd.</title>
        <cusip>J67220103</cusip>
        <identifiers>
          <isin value="JP3324000003"/>
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        <pctVal>0.247519859584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Osaka Cement Co. Ltd.</name>
        <lei>5299001WJ26J6HQN5D67</lei>
        <title>Sumitomo Osaka Cement Co. Ltd.</title>
        <cusip>J77734101</cusip>
        <identifiers>
          <isin value="JP3400900001"/>
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        <balance>17400.00000000</balance>
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        <pctVal>0.199461988211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Starts Corporation Inc.</name>
        <lei>N/A</lei>
        <title>Starts Corporation Inc.</title>
        <cusip>J76702109</cusip>
        <identifiers>
          <isin value="JP3399200009"/>
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        <balance>79200.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Asia Pile Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Asia Pile Holdings Corporation</title>
        <cusip>J28007102</cusip>
        <identifiers>
          <isin value="JP3389640008"/>
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        <balance>693700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Leasing Company Limited</name>
        <lei>N/A</lei>
        <title>Mizuho Leasing Company Limited</title>
        <cusip>J2308V106</cusip>
        <identifiers>
          <isin value="JP3286500008"/>
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        <balance>50500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SG Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>SG Holdings Co. Ltd.</title>
        <cusip>J7134P108</cusip>
        <identifiers>
          <isin value="JP3162770006"/>
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        <balance>74100.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Daikokutenbussan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Daikokutenbussan Co. Ltd.</title>
        <cusip>J1012U107</cusip>
        <identifiers>
          <isin value="JP3483050005"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Piolax Inc.</name>
        <lei>N/A</lei>
        <title>Piolax Inc.</title>
        <cusip>J63815104</cusip>
        <identifiers>
          <isin value="JP3780400002"/>
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        <balance>396700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morita Holdings Corporation </name>
        <lei>N/A</lei>
        <title>Morita Holdings Corporation </title>
        <cusip>J46604104</cusip>
        <identifiers>
          <isin value="JP3925600003"/>
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        <balance>232500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Okinawa Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Okinawa Financial Group Inc.</title>
        <cusip>J60816105</cusip>
        <identifiers>
          <isin value="JP3194750000"/>
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        <balance>127000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nichirei Corporation</name>
        <lei>529900MX3GPXXKO0MT06</lei>
        <title>Nichirei Corporation</title>
        <cusip>J49764145</cusip>
        <identifiers>
          <isin value="JP3665200006"/>
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        <balance>178500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Gunma Bank Ltd.</name>
        <lei>54930054A69VC4I5BP89</lei>
        <title>The Gunma Bank Ltd.</title>
        <cusip>J17766106</cusip>
        <identifiers>
          <isin value="JP3276400003"/>
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        <balance>425100.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amiyaki Tei Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Amiyaki Tei Co. Ltd. </title>
        <cusip>J01407105</cusip>
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          <isin value="JP3124450002"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tokai Rika Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Tokai Rika Co. Ltd.</title>
        <cusip>J85968105</cusip>
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          <isin value="JP3566600007"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>C. Uyemura &amp; Co. Ltd. </name>
        <lei>N/A</lei>
        <title>C. Uyemura &amp; Co. Ltd. </title>
        <cusip>J0845U102</cusip>
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          <isin value="JP3155350006"/>
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        <balance>47500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aica Kogyo Company Limited</name>
        <lei>353800I589BKZAOJD116</lei>
        <title>Aica Kogyo Company Limited</title>
        <cusip>J00252106</cusip>
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          <isin value="JP3100800006"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OBIC Co. Ltd.</name>
        <lei>N/A</lei>
        <title>OBIC Co. Ltd.</title>
        <cusip>J5946V107</cusip>
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          <isin value="JP3173400007"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Komatsu Wall Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Komatsu Wall Industry Co. Ltd.</title>
        <cusip>J35867100</cusip>
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          <isin value="JP3303200004"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nippon Seiki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nippon Seiki Co. Ltd.</title>
        <cusip>J55483101</cusip>
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          <isin value="JP3720600000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EXEO Group Inc.</name>
        <lei>N/A</lei>
        <title>EXEO Group Inc.</title>
        <cusip>J38232104</cusip>
        <identifiers>
          <isin value="JP3254200003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Izumi Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Izumi Co. Ltd.</title>
        <cusip>J25725110</cusip>
        <identifiers>
          <isin value="JP3138400001"/>
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        <balance>163000.00000000</balance>
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        <valUSD>3500330.67000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Maruzen Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Maruzen Co. Ltd.</title>
        <cusip>J40734105</cusip>
        <identifiers>
          <isin value="JP3875610002"/>
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        <balance>46300.00000000</balance>
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        <valUSD>629701.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Trancom Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Trancom Co. Ltd. </title>
        <cusip>J9297N102</cusip>
        <identifiers>
          <isin value="JP3635650009"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Kamigumi Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Kamigumi Co. Ltd.</title>
        <cusip>J29438165</cusip>
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          <isin value="JP3219000001"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Nishio Rent All Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nishio Rent All Co. Ltd.</title>
        <cusip>J56902109</cusip>
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          <isin value="JP3657500009"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kohsoku Corporation</name>
        <lei>N/A</lei>
        <title>Kohsoku Corporation</title>
        <cusip>J34803106</cusip>
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          <isin value="JP3288900008"/>
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      <invstOrSec>
        <name>Nichirin Co. Ltd.  </name>
        <lei>N/A</lei>
        <title>Nichirin Co. Ltd.  </title>
        <cusip>J4983T109</cusip>
        <identifiers>
          <isin value="JP3665000000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fukuoka Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Fukuoka Financial Group Inc.</title>
        <cusip>J17129107</cusip>
        <identifiers>
          <isin value="JP3805010000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Totetsu Kogyo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Totetsu Kogyo Co. Ltd.</title>
        <cusip>J90182106</cusip>
        <identifiers>
          <isin value="JP3595400007"/>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Hyakugo Bank Ltd.</name>
        <lei>549300BYCCERC5EKUX15</lei>
        <title>The Hyakugo Bank Ltd.</title>
        <cusip>J22890107</cusip>
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          <isin value="JP3793800008"/>
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        <balance>151000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kyushu Electric Power Company</name>
        <lei>549300BYNZPLKQVQH430</lei>
        <title>Kyushu Electric Power Company</title>
        <cusip>J38468104</cusip>
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          <isin value="JP3246400000"/>
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        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Foster Electric Company Limited</name>
        <lei>N/A</lei>
        <title>Foster Electric Company Limited</title>
        <cusip>J13650106</cusip>
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          <isin value="JP3802800007"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yondenko Corporation</name>
        <lei>N/A</lei>
        <title>Yondenko Corporation</title>
        <cusip>J72036106</cusip>
        <identifiers>
          <isin value="JP3962600007"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Keiyo Gas Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Keiyo Gas Co. Ltd. </title>
        <cusip>J32362105</cusip>
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          <isin value="JP3281400006"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Makino Milling Machine Co. Ltd.</name>
        <lei>353800JAOIGQ7V5T9078</lei>
        <title>Makino Milling Machine Co. Ltd.</title>
        <cusip>J39530100</cusip>
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          <isin value="JP3862800004"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fuji Seal International Inc.</name>
        <lei>N/A</lei>
        <title>Fuji Seal International Inc.</title>
        <cusip>J15183106</cusip>
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          <isin value="JP3813800004"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIIX Corporation</name>
        <lei>N/A</lei>
        <title>SIIX Corporation</title>
        <cusip>J75511105</cusip>
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          <isin value="JP3346700002"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Seria Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Seria Co. Ltd.</title>
        <cusip>J7113X106</cusip>
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          <isin value="JP3423520000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yurtec Corporation</name>
        <lei>N/A</lei>
        <title>Yurtec Corporation</title>
        <cusip>J85087104</cusip>
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          <isin value="JP3946200007"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Godo Steel Ltd.</name>
        <lei>N/A</lei>
        <title>Godo Steel Ltd.</title>
        <cusip>J17388117</cusip>
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          <isin value="JP3307800007"/>
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      <invstOrSec>
        <name>JM Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>JM Holdings Co. Ltd.</title>
        <cusip>J2789W102</cusip>
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          <isin value="JP3389690003"/>
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        <name>Pan Pacific International Holdings Corporation</name>
        <lei>529900QLHJM2E18A5763</lei>
        <title>Pan Pacific International Holdings Corporation</title>
        <cusip>J6352W100</cusip>
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          <isin value="JP3639650005"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Musashino Bank Ltd.</name>
        <lei>353800L8RJMVN2OOS612</lei>
        <title>The Musashino Bank Ltd.</title>
        <cusip>J46883104</cusip>
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          <isin value="JP3912800004"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nichia Steel Works Ltd. </name>
        <lei>N/A</lei>
        <title>Nichia Steel Works Ltd. </title>
        <cusip>J49248107</cusip>
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          <isin value="JP3660000005"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Osaka Steel Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Osaka Steel Co. Ltd.</title>
        <cusip>J62772108</cusip>
        <identifiers>
          <isin value="JP3184600009"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Topre Corporation</name>
        <lei>N/A</lei>
        <title>Topre Corporation</title>
        <cusip>J89365100</cusip>
        <identifiers>
          <isin value="JP3598200008"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Soken Chemical &amp; Engineering Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Soken Chemical &amp; Engineering Co. Ltd. </title>
        <cusip>J76085109</cusip>
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      <invstOrSec>
        <name>Ricoh Leasing Company Ltd.</name>
        <lei>N/A</lei>
        <title>Ricoh Leasing Company Ltd.</title>
        <cusip>J64694102</cusip>
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          <isin value="JP3974100004"/>
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      <invstOrSec>
        <name>The Akita Bank Ltd.</name>
        <lei>353800N5LZ62LYDUOK89</lei>
        <title>The Akita Bank Ltd.</title>
        <cusip>J01092105</cusip>
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          <isin value="JP3107600003"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sekisui Jushi Corporation</name>
        <lei>N/A</lei>
        <title>Sekisui Jushi Corporation</title>
        <cusip>J70789110</cusip>
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          <isin value="JP3420200002"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>The Yamanashi Chuo Bank Ltd. </name>
        <lei>353800DUD9B4IAIADJ68</lei>
        <title>The Yamanashi Chuo Bank Ltd. </title>
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          <isin value="JP3942000005"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meiko Trans Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Meiko Trans Co. Ltd. </title>
        <cusip>J41938101</cusip>
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          <isin value="JP3915400000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Okinawa Electric Power Company</name>
        <lei>N/A</lei>
        <title>The Okinawa Electric Power Company</title>
        <cusip>J60815107</cusip>
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          <isin value="JP3194700005"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sakata Inx Corporation</name>
        <lei>N/A</lei>
        <title>Sakata Inx Corporation</title>
        <cusip>J66661125</cusip>
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          <isin value="JP3314800008"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Yamashin-Filter Corporation</name>
        <lei>N/A</lei>
        <title>Yamashin-Filter Corporation</title>
        <cusip>J96264106</cusip>
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          <isin value="JP3936600000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Taiko Bank Ltd. </name>
        <lei>3538003H3GIODN7ZSJ40</lei>
        <title>The Taiko Bank Ltd. </title>
        <cusip>J79475109</cusip>
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          <isin value="JP3441600008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Otsuka Corporation</name>
        <lei>529900RG9DJ58J3UIE72</lei>
        <title>Otsuka Corporation</title>
        <cusip>J6243L115</cusip>
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          <isin value="JP3188200004"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nitto Kohki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nitto Kohki Co. Ltd.</title>
        <cusip>J58676107</cusip>
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          <isin value="JP3682300003"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ryoden Corporation</name>
        <lei>N/A</lei>
        <title>Ryoden Corporation</title>
        <cusip>J65715120</cusip>
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          <isin value="JP3976200000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABC-Mart Inc.</name>
        <lei>353800AXWW4CMTSJWL33</lei>
        <title>ABC-Mart Inc.</title>
        <cusip>J00056101</cusip>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>The Pack Corporation</name>
        <lei>N/A</lei>
        <title>The Pack Corporation</title>
        <cusip>J63492102</cusip>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Japan Petroleum Exploration Co. Ltd.</name>
        <lei>549300WXUNBZ356DMN17</lei>
        <title>Japan Petroleum Exploration Co. Ltd.</title>
        <cusip>J2740Q103</cusip>
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          <isin value="JP3421100003"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cosmos Pharmaceutical Corporation</name>
        <lei>N/A</lei>
        <title>Cosmos Pharmaceutical Corporation</title>
        <cusip>J08959108</cusip>
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          <isin value="JP3298400007"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kanaden Corporation</name>
        <lei>N/A</lei>
        <title>Kanaden Corporation</title>
        <cusip>J29524105</cusip>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Taihei Dengyo Kaisha Ltd.</name>
        <lei>N/A</lei>
        <title>Taihei Dengyo Kaisha Ltd.</title>
        <cusip>J79088100</cusip>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Sundrug Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Sundrug Co. Ltd.</title>
        <cusip>J78089109</cusip>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Step Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Step Co. Ltd. </title>
        <cusip>J7674N109</cusip>
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        <invCountry>JP</invCountry>
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        <name>Okinawa Cellular Telephone Company</name>
        <lei>N/A</lei>
        <title>Okinawa Cellular Telephone Company</title>
        <cusip>J60805108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nakanishi Inc. </name>
        <lei>353800EXA7IQ42YKF224</lei>
        <title>Nakanishi Inc. </title>
        <cusip>J4800J102</cusip>
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          <isin value="JP3642500007"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Miura Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Miura Co. Ltd.</title>
        <cusip>J45593100</cusip>
        <identifiers>
          <isin value="JP3880800002"/>
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        <balance>6800.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Toenec Corporation</name>
        <lei>N/A</lei>
        <title>Toenec Corporation</title>
        <cusip>J85624112</cusip>
        <identifiers>
          <isin value="JP3552230009"/>
        </identifiers>
        <balance>67600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>1790920.05000000</valUSD>
        <pctVal>0.824564677311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chubu Steel Plate Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Chubu Steel Plate Co. Ltd. </title>
        <cusip>J06720106</cusip>
        <identifiers>
          <isin value="JP3524600008"/>
        </identifiers>
        <balance>107500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>674149.00000000</valUSD>
        <pctVal>0.310387642734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Matching Service Japan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Matching Service Japan Co. Ltd.</title>
        <cusip>J40832107</cusip>
        <identifiers>
          <isin value="JP3167330004"/>
        </identifiers>
        <balance>35800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>241498.54000000</valUSD>
        <pctVal>0.111189310603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yushiro Chemical Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Yushiro Chemical Industry Co. Ltd.</title>
        <cusip>J98548100</cusip>
        <identifiers>
          <isin value="JP3948400001"/>
        </identifiers>
        <balance>267500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>2154152.89000000</valUSD>
        <pctVal>0.991802164827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>T&amp;K Toka Co. Ltd.</name>
        <lei>N/A</lei>
        <title>T&amp;K Toka Co. Ltd.</title>
        <cusip>J83582106</cusip>
        <identifiers>
          <isin value="JP3538570007"/>
        </identifiers>
        <balance>639500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>4144746.16000000</valUSD>
        <pctVal>1.908299189547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AOI Electronics Co. Ltd.</name>
        <lei>N/A</lei>
        <title>AOI Electronics Co. Ltd.</title>
        <cusip>J01586106</cusip>
        <identifiers>
          <isin value="JP3105280006"/>
        </identifiers>
        <balance>36900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>552100.37000000</valUSD>
        <pctVal>0.254194743887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sugimoto &amp; Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Sugimoto &amp; Co. Ltd. </title>
        <cusip>J7682N109</cusip>
        <identifiers>
          <isin value="JP3397050000"/>
        </identifiers>
        <balance>72700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>1321355.38000000</valUSD>
        <pctVal>0.608370525822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hi-Lex Corporation</name>
        <lei>N/A</lei>
        <title>Hi-Lex Corporation</title>
        <cusip>J20749107</cusip>
        <identifiers>
          <isin value="JP3699600007"/>
        </identifiers>
        <balance>379700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>3415158.14000000</valUSD>
        <pctVal>1.572386645443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shikoku Chemicals Corporation</name>
        <lei>N/A</lei>
        <title>Shikoku Chemicals Corporation</title>
        <cusip>J71993117</cusip>
        <identifiers>
          <isin value="JP3349600001"/>
        </identifiers>
        <balance>207000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>2021279.91000000</valUSD>
        <pctVal>0.930625583618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fujikura Kasei Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Fujikura Kasei Co. Ltd. </title>
        <cusip>J14742100</cusip>
        <identifiers>
          <isin value="JP3811200009"/>
        </identifiers>
        <balance>1569300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>5836416.26000000</valUSD>
        <pctVal>2.687167799636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rinnai Corporation</name>
        <lei>N/A</lei>
        <title>Rinnai Corporation</title>
        <cusip>J65199101</cusip>
        <identifiers>
          <isin value="JP3977400005"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>1035207.16000000</valUSD>
        <pctVal>0.476623877116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRAIT Holdings Corporation</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT Holdings Corporation</title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
        </identifiers>
        <balance>74800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="128.52500000"/>
        <valUSD>940492.51000000</valUSD>
        <pctVal>0.433015925541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented on Item B.5.a have been calculated without deducting sales loads." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Japan Smaller Capitalization Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Amy J. Robles</ncom:signature>
      <ncom:signerName>Amy J. Robles</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>JOF_Part_F_SOI_at_5.31.22.htm
<DESCRIPTION>SCHEDULE OF INVESTMENTS
<TEXT>
<html>
  <head>
    <title></title>
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<body style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
  <div>
    <div style="text-align: center; font-weight: bold;">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
    <div style="text-align: center; font-weight: bold;">SCHEDULE OF INVESTMENTS</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">May 31, 2022 (unaudited)</div>
    <div>&#160;</div>
    <table id="zbbd7d4b6376d401ba23aa43d138b03c1" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;"><u>Shares</u></div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;"><u>Fair Value</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">COMMON STOCKS &#8212; 98.3%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">JAPAN &#8212; 98.3%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Banks &#8212; 9.8%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Fukuoka Financial Group, Inc.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">78,000</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,334,543</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Okinawa Financial Group, Inc.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">127,000</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,113,620</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>The Akita Bank, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">360,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">4,282,221</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>The Gunma Bank, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">425,100</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,157,635</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>The Hyakugo Bank, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">151,000</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">374,783</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>The Keiyo Bank, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">846,200</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,002,273</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>The Musashino Bank, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">184,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,473,006</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>The San-in Godo Bank, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">108,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">537,603</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>The Taiko Bank, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">278,000</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,785,948</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>The Yamanashi Chuo Bank, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">370,400</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,296,927</div>
          </td>
        </tr>
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            <div style="font-style: italic;">&#160;</div>
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          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">21,358,559</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">Chemicals &#8212; 13.7%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Adeka Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">53,200</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,044,752</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Aica Kogyo Company, Limited</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">119,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,593,458</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>C. Uyemura &amp; Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">47,500</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,675,744</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>C.I. Takiron Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">203,100</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">828,044</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Fujikura Kasei Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,569,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">5,836,416</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Sakata Inx Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">617,700</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">4,411,971</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Sekisui Jushi Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">294,500</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,849,523</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Shikoku Chemicals Corporation</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">207,000</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,021,280</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Soken Chemical &amp; Engineering Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">23,900</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">326,911</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>T&amp;K Toka Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">623,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">4,039,750</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Yushiro Chemical Industry Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">267,500</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,154,153</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">29,782,002</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">Construction &#8212; 8.0%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>EXEO Group, Inc.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">258,000</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">4,145,264</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Kandenko Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">683,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">4,263,813</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>MIRAIT Holdings Corporation</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">74,800</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">940,493</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Taihei Dengyo Kaisha, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">21,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">454,422</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Toenec Corporation</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">67,600</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,790,920</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Totetsu Kogyo Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">144,100</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,426,239</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Yondenko Corporation</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">89,800</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,183,592</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Yurtec Corporation</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">405,300</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,147,514</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">17,352,257</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Electric Appliances &#8212; 1.2%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>AOI Electronics Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">36,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">552,100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Foster Electric Company, Limited</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">122,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">684,664</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Mabuchi Motor Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">48,200</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,331,336</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">2,568,100</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Financing Business &#8212; 0.8%</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Mizuho Leasing Company, Limited</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">50,500</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,200,370</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Ricoh Leasing Company, Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">22,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">590,792</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,791,162</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">Food &#8212; 1.5%</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Nichirei Corporation</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">178,500</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,149,877</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">3,149,877</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">Glass and Ceramics Products &#8212; 1.8%</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Asia Pile Holdings Corporation</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">693,700</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,488,198</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Nichiha Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">56,000</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,048,761</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Sumitomo Osaka Cement Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">17,400</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">433,223</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
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          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">3,970,182</div>
          </td>
        </tr>

    </table>
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    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>OBIC Co., Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">7,500</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,113,402</div>
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          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Okinawa Cellular Telephone Company</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">197,700</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">7,891,080</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Otsuka Corporation</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">90,600</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,879,603</div>
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          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">11,884,085</div>
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          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Iron and Steel &#8212; 7.1%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Chubu Steel Plate Co., Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">107,500</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">674,149</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Godo Steel, Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">159,200</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,594,168</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Kyoei Steel Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">172,200</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,751,141</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Nichia Steel Works, Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,860,800</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,778,789</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Osaka Steel Co., Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">700,800</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">7,513,732</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">15,311,979</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Machinery &#8212; 2.0%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Makino Milling Machine Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">18,500</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">608,870</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Miura Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">6,800</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">153,592</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Nitto Kohki Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">209,800</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,437,124</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Star Micronics Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">81,100</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,063,876</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Yamashin-Filter Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">46,000</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">110,235</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">4,373,697</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Metal Products &#8212; 4.0%</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Maruzen Co., Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">46,300</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">629,702</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Piolax, Inc.</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">396,700</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">5,679,269</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Rinnai Corporation</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">15,000</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,035,207</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Shinpo Co., Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">19,721</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Topre Corporation</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">153,300</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,224,969</div>
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          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">8,588,868</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Other Products &#8212; 2.9%</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Fuji Seal International, Inc.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">14,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">179,925</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Komatsu Wall Industry Co., Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">20,700</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">306,977</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Nishikawa Rubber Co., Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">298,100</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,783,272</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Pigeon Corporation</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">46,300</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">664,285</div>
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          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>The Pack Corporation</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">132,200</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,389,423</div>
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          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
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          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">6,323,882</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Pharmaceutical &#8212; 1.2%</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Nippon Shinyaku Co., Ltd.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">42,400</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,629,278</div>
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          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
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          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">2,629,278</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Precision Instruments &#8212; 1.6%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Nakanishi Inc.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">171,100</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">3,394,709</div>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">3,394,709</div>
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        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Real Estate &#8212; 0.7%</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Starts Corporation Inc.</div>
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          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">79,200</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,499,269</div>
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          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
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          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,499,269</div>
          </td>
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">Retail Trade &#8212; 14.3%</div>
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          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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            <div>ABC-Mart, Inc.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">50,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,178,175</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Amiyaki Tei Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">195,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">4,447,719</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Cosmos Pharmaceutical Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">13,700</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,300,447</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Create SD Holdings Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">157,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,594,554</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Daikokutenbussan Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,800</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">64,913</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Izumi Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">163,000</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,500,331</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>JM Holdings Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">397,100</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">4,702,480</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>PAL GROUP Holdings Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">201,600</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,531,666</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Pan Pacific International Holdings Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">61,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">955,049</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>San-A Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">41,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,282,836</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Seria Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">252,400</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">4,461,800</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Sundrug Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">32,700</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">710,355</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Yossix Holdings Co., Ltd. <font style="font-weight: bold;">(a)</font></div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">85,700</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,424,944</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">31,155,269</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Services &#8212; 3.5%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="color: rgb(0, 0, 0);">Kanamoto Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">150,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,224,902</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Matching Service Japan Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">35,800</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">241,499</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Nishio Rent All Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">140,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,969,835</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Step Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">160,400</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,216,459</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-style: italic; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">7,652,695</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">Transportation and Warehousing &#8212; 3.9%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Alps Logistics Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">29,900</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">270,792</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Kamigumi Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">65,400</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,299,095</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Meiko Trans Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">285,100</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,435,634</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>SG Holdings Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">74,100</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,338,153</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Trancom Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">62,200</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,121,494</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-style: italic; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">8,465,168</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">Transportation Equipment &#8212; 5.0%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Hi-Lex Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">379,700</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,415,158</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Morita Holdings Corporation</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">232,500</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,353,492</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Nichirin Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">86,700</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,036,150</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Nippon Seiki Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">339,300</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">2,333,719</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Tokai Rika Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">143,000</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,556,561</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-style: italic; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">10,695,080</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">Utilities &#8212; 2.6%</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Japan Petroleum Exploration Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">27,400</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">672,608</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Keiyo Gas Co., Ltd.</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">31,200</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">689,180</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>Kyushu Electric Power Company</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">255,400</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,663,255</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>Shikoku Electric Power Company</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">279,000</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">1,680,187</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom;" nowrap="nowrap">
            <div>The Okinawa Electric Power Company</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">104,390</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">951,104</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-style: italic; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
          <td style="width: 13%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">5,656,334</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="zf3da0b7ae36c4366b7db3814bc1a2cc1" class="cfttable" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: bottom; width: 73%;" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">Wholesale Trade &#8212; 7.3%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom;" colspan="2" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom;" colspan="2" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; background-color: rgb(204, 238, 255);" nowrap="nowrap" valign="bottom">
            <div>Kanaden Corporation</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>320,900</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>2,511,771</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%;" nowrap="nowrap" valign="bottom">
            <div>Kohsoku Corporation</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>254,400</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>3,107,629</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; background-color: rgb(204, 238, 255);" nowrap="nowrap" valign="bottom">
            <div>Paltac Corporation</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>96,600</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>3,303,303</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%;" nowrap="nowrap" valign="bottom">
            <div>Ryoden Corporation</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>412,300</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>5,277,055</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; background-color: rgb(204, 238, 255);" nowrap="nowrap" valign="bottom">
            <div>SIIX Corporation</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>45,600</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>379,276</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%;" nowrap="nowrap" valign="bottom">
            <div>Sugimoto &amp; Co., Ltd.</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>72,700</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%;" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div>1,321,355</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap" valign="bottom">
            <div style="font-style: italic; font-weight: bold;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">15,900,389</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">TOTAL INVESTMENTS &#8212; 98.3% (cost $277,353,520)</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">213,502,841</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">FOREIGN CURRENCY &#8212; 0.4% (cost $978,570) (b)</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">969,327</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">TOTAL INVESTMENTS AND FOREIGN CURRENCY &#8212; 98.7% (cost $278,332,090)</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">214,472,168</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">OTHER ASSETS AND LIABILITIES &#8212; 1.3%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">2,726,144</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">NET ASSETS &#8212; 100.0%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell" nowrap="nowrap" valign="bottom">
            <div style="font-weight: bold;">217,198,312</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>(a) Non-income producing security.</div>
    <div>(b) Japanese Yen - Interest bearing account.</div>
    <div><br>
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    <div style="color: rgb(0, 0, 0); font-weight: bold;">Notes to Schedule of Investments (Unaudited)</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Valuation of Securities</div>
    <div>&#160;</div>
    <div style="text-align: justify;">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. 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. 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="font-weight: bold;">Fair Value Measurements</div>
    <div>&#160;</div>
    <div style="text-align: justify;">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.</div>
    <div>&#160;</div>
    <div>The three-tier hierarchy of inputs is summarized below.</div>
    <div>&#160;</div>
    <div>&#8226; Level 1&#8212;quoted prices in active markets for identical investments</div>
    <div>&#160;</div>
    <div>&#8226; Level 2&#8212;other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</div>
    <div>&#160;</div>
    <div>&#8226; Level 3&#8212;significant unobservable inputs (including the Fund&#8217;s own assumptions in determining the fair value of investments)</div>
    <div>&#160;</div>
    <div>At May 31, 2022, all of the Fund&#8217;s investments were determined to be Level 1 securities.</div>
    <div>&#160;</div>
    <div>During the quarter ended May 31, 2022, the Fund did not hold any instrument which used significant unobservable inputs (Level 3) in determining fair value.</div>
    <div>&#160;</div>
    <div><br>
    </div>
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