<SEC-DOCUMENT>0001752724-25-005610.txt : 20250116
<SEC-HEADER>0001752724-25-005610.hdr.sgml : 20250116
<ACCEPTANCE-DATETIME>20250116114143
ACCESSION NUMBER:		0001752724-25-005610
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20241130
FILED AS OF DATE:		20250116
DATE AS OF CHANGE:		20250116
PERIOD START:           	20250228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		ORGANIZATION NAME:           	
		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:		25534862

	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>
      <regStreet2>Worldwide Plaza</regStreet2>
      <regCity>New York</regCity>
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      <regZipOrPostalCode>10019</regZipOrPostalCode>
      <regPhone>800-833-0018</regPhone>
      <seriesName>Japan Smaller Capitalization Fund, Inc.</seriesName>
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      <repPdEnd>2025-02-28</repPdEnd>
      <repPdDate>2024-11-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>2975918.95</totLiabs>
      <netAssets>276561919.84</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
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        <name>RELO HOLDINGS INC /JPY/</name>
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      <invstOrSec>
        <name>NISHIKAWA RUBBER CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NISHIKAWA RUBBER CO LTD /JPY/</title>
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        <name>VISION INC/TOKYO JAPAN /JPY/</name>
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        <name>ADEKA CORPORATION /JPY/</name>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAIHEN CORP /JPY/</name>
        <lei>353800VGTLA3QRNG5478</lei>
        <title>DAIHEN CORP /JPY/</title>
        <cusip>J09114109</cusip>
        <identifiers>
          <isin value="JP3497800007"/>
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        <balance>43700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2042830.07000000</valUSD>
        <pctVal>0.738651970300</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>CREATE SD HOLDINGS CO /JPY/</name>
        <lei>N/A</lei>
        <title>CREATE SD HOLDINGS CO /JPY/</title>
        <cusip>J09178104</cusip>
        <identifiers>
          <isin value="JP3269940007"/>
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        <balance>327600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>6262925.16000000</valUSD>
        <pctVal>2.264565260330</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>KYOEI STEEL LTD /JPY/</name>
        <lei>N/A</lei>
        <title>KYOEI STEEL LTD /JPY/</title>
        <cusip>J3784P100</cusip>
        <identifiers>
          <isin value="JP3247400009"/>
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        <balance>260500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3000206.14000000</valUSD>
        <pctVal>1.084822574899</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>KYOKUTO KAIHATSU KOGYO /JPY/</name>
        <lei>N/A</lei>
        <title>KYOKUTO KAIHATSU KOGYO /JPY/</title>
        <cusip>J3775L100</cusip>
        <identifiers>
          <isin value="JP3256900006"/>
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        <balance>239200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3628122.49000000</valUSD>
        <pctVal>1.311866251181</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>GMO INTERNET GROUP INC /JPY/</name>
        <lei>529900BFZEY3BESHBW90</lei>
        <title>GMO INTERNET GROUP INC /JPY/</title>
        <cusip>J1822R104</cusip>
        <identifiers>
          <isin value="JP3152750000"/>
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        <balance>224500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3891074.58000000</valUSD>
        <pctVal>1.406945172441</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>SUMITOMO OSAKA CEMENT CO /JPY/</name>
        <lei>5299001WJ26J6HQN5D67</lei>
        <title>SUMITOMO OSAKA CEMENT CO LTD /JPY/</title>
        <cusip>J77734101</cusip>
        <identifiers>
          <isin value="JP3400900001"/>
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        <balance>77000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1706047.81000000</valUSD>
        <pctVal>0.616877338350</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>TACHIBANA ELETECH CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TACHIBANA ELETECH CO LTD /JPY/</title>
        <cusip>J78744109</cusip>
        <identifiers>
          <isin value="JP3466600008"/>
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        <balance>121900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2080774.68000000</valUSD>
        <pctVal>0.752372084054</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>DAICEL CORP /JPY/__</name>
        <lei>353800ZG4XF6D7NZGS72</lei>
        <title>DAICEL CORP /JPY/__</title>
        <cusip>J08484149</cusip>
        <identifiers>
          <isin value="JP3485800001"/>
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        <balance>360000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3170661.97000000</valUSD>
        <pctVal>1.146456450632</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>ASIA PILE HOLDINGS CORP /JPY/</name>
        <lei>N/A</lei>
        <title>ASIA PILE HOLDINGS CORP /JPY/</title>
        <cusip>J28007102</cusip>
        <identifiers>
          <isin value="JP3389640008"/>
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        <balance>459700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2488252.15000000</valUSD>
        <pctVal>0.899708879458</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>KOA CORP /JPY/</name>
        <lei>N/A</lei>
        <title>KOA CORP /JPY/</title>
        <cusip>J34125104</cusip>
        <identifiers>
          <isin value="JP3283400004"/>
        </identifiers>
        <balance>178700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1152634.90000000</valUSD>
        <pctVal>0.416772815529</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>M&amp;A RESEARCH INSTITUTE H /JPY/</name>
        <lei>N/A</lei>
        <title>M&amp;A RESEARCH INSTITUTE HOLDI /JPY/</title>
        <cusip>J3971G103</cusip>
        <identifiers>
          <isin value="JP3167370000"/>
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        <balance>63300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>856571.47000000</valUSD>
        <pctVal>0.309721407233</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>IBJ LEASING CO LTD /JPY/</name>
        <lei>353800O6EEA5GK30Z659</lei>
        <title>IBJ LEASING CO LTD /JPY/</title>
        <cusip>J2308V106</cusip>
        <identifiers>
          <isin value="JP3286500008"/>
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        <balance>580000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3876051.47000000</valUSD>
        <pctVal>1.401513076074</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>OSAKA SODA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>OSAKA SODA CO LTD /JPY/</title>
        <cusip>J62707104</cusip>
        <identifiers>
          <isin value="JP3485900009"/>
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        <balance>111900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1087115.74000000</valUSD>
        <pctVal>0.393082222103</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>TSUMURA &amp; CO /JPY/</name>
        <lei>N/A</lei>
        <title>TSUMURA &amp; CO /JPY/</title>
        <cusip>J93407120</cusip>
        <identifiers>
          <isin value="JP3535800001"/>
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        <balance>151300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>4850332.81000000</valUSD>
        <pctVal>1.753796333495</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>DAISHI HOKUETSU FINANCIA /JPY/</name>
        <lei>N/A</lei>
        <title>DAISHI HOKUETSU FINANCIAL GR /JPY/</title>
        <cusip>J10795102</cusip>
        <identifiers>
          <isin value="JP3483850008"/>
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        <balance>301500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>5641659.74000000</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>MORITA HOLDINGS CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>MORITA HOLDINGS CORPORATION /JPY/</title>
        <cusip>J46604104</cusip>
        <identifiers>
          <isin value="JP3925600003"/>
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        <balance>371100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>5219114.27000000</valUSD>
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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>INTEGRATED DESIGN &amp; ENGI /JPY/</name>
        <lei>N/A</lei>
        <title>INTEGRATED DESIGN &amp; ENGINEER /JPY/</title>
        <cusip>J2401B106</cusip>
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          <isin value="JP3104770007"/>
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        <balance>32400.00000000</balance>
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        <valUSD>1396096.69000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NIPPN CORP /JPY/</name>
        <lei>353800V7HRZ1HQGJCW63</lei>
        <title>NIPPN CORP /JPY/</title>
        <cusip>J5179A101</cusip>
        <identifiers>
          <isin value="JP3723000000"/>
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        <balance>77200.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1090353.43000000</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>SAKAI CHEMICAL INDUSTRY  /JPY/</name>
        <lei>N/A</lei>
        <title>SAKAI CHEMICAL INDUSTRY CO /JPY/</title>
        <cusip>J66489121</cusip>
        <identifiers>
          <isin value="JP3312800000"/>
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        <balance>161600.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2741241.48000000</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>MORINAGA &amp; CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>MORINAGA &amp; CO LTD /JPY/</title>
        <cusip>J46367108</cusip>
        <identifiers>
          <isin value="JP3926400007"/>
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        <balance>64000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1164371.45000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIKEN TECHNOS CORP /JPY/</name>
        <lei>353800S7OXXKLNDX3U70</lei>
        <title>RIKEN TECHNOS CORP /JPY/</title>
        <cusip>J65070112</cusip>
        <identifiers>
          <isin value="JP3973000007"/>
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        <balance>245600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1739295.81000000</valUSD>
        <pctVal>0.628899239275</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>LIFE CORP /JPY/</name>
        <lei>N/A</lei>
        <title>LIFE CORP /JPY/</title>
        <cusip>J38828109</cusip>
        <identifiers>
          <isin value="JP3966600003"/>
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        <balance>80100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1805625.56000000</valUSD>
        <pctVal>0.652882928005</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>KOMATSU WALL INDUSTRY CO /JPY/</name>
        <lei>N/A</lei>
        <title>KOMATSU WALL INDUSTRY CO LTD /JPY/</title>
        <cusip>J35867100</cusip>
        <identifiers>
          <isin value="JP3303200004"/>
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        <balance>204200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2036772.28000000</valUSD>
        <pctVal>0.736461578361</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>NIPPON SEIKI CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NIPPON SEIKI CO LTD /JPY/</title>
        <cusip>J55483101</cusip>
        <identifiers>
          <isin value="JP3720600000"/>
        </identifiers>
        <balance>409600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2824451.91000000</valUSD>
        <pctVal>1.021272889497</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>EXEO GROUP INC /JPY/</name>
        <lei>N/A</lei>
        <title>EXEO GROUP INC /JPY/</title>
        <cusip>J38232104</cusip>
        <identifiers>
          <isin value="JP3254200003"/>
        </identifiers>
        <balance>398100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>4639227.65000000</valUSD>
        <pctVal>1.677464364104</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>MARUZEN CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>MARUZEN CO LTD /JPY/</title>
        <cusip>J40734105</cusip>
        <identifiers>
          <isin value="JP3875610002"/>
        </identifiers>
        <balance>104200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2189526.88000000</valUSD>
        <pctVal>0.791694995922</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>NISHIO RENT ALL CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NISHIO RENT ALL CO LTD /JPY/</title>
        <cusip>J56902109</cusip>
        <identifiers>
          <isin value="JP3657500009"/>
        </identifiers>
        <balance>217500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>5315107.89000000</valUSD>
        <pctVal>1.921850952247</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>NICHIRIN CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NICHIRIN CO LTD /JPY/</title>
        <cusip>J4983T109</cusip>
        <identifiers>
          <isin value="JP3665000000"/>
        </identifiers>
        <balance>76900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1787182.90000000</valUSD>
        <pctVal>0.646214381587</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>KOMEHYO HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>KOMEHYO HOLDINGS CO LTD /JPY/</title>
        <cusip>J3589F109</cusip>
        <identifiers>
          <isin value="JP3305590006"/>
        </identifiers>
        <balance>58900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1458938.72000000</valUSD>
        <pctVal>0.527526971480</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>YONDENKO CORP /JPY/</name>
        <lei>N/A</lei>
        <title>YONDENKO CORP /JPY/</title>
        <cusip>J72036106</cusip>
        <identifiers>
          <isin value="JP3962600007"/>
        </identifiers>
        <balance>810000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>7955381.19000000</valUSD>
        <pctVal>2.876528046450</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>RAKUTEN BANK LTD /JPY/</name>
        <lei>3538007HFAF2NOCBUE44</lei>
        <title>RAKUTEN BANK LTD /JPY/</title>
        <cusip>J6S87A100</cusip>
        <identifiers>
          <isin value="JP3967220009"/>
        </identifiers>
        <balance>25800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>734446.92000000</valUSD>
        <pctVal>0.265563285221</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>KOSAIDO CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>KOSAIDO CO LTD /JPY/</title>
        <cusip>J3S44L105</cusip>
        <identifiers>
          <isin value="JP3287700003"/>
        </identifiers>
        <balance>390600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1433728.10000000</valUSD>
        <pctVal>0.518411247951</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>NIPPON AVIONICS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NIPPON AVIONICS CO LTD /JPY/</title>
        <cusip>J52000106</cusip>
        <identifiers>
          <isin value="JP3686200001"/>
        </identifiers>
        <balance>104000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1615480.27000000</valUSD>
        <pctVal>0.584129684569</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>JM HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JM HOLDINGS CO LTD /JPY/</title>
        <cusip>J2789W102</cusip>
        <identifiers>
          <isin value="JP3389690003"/>
        </identifiers>
        <balance>246900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>4460732.79000000</valUSD>
        <pctVal>1.612923714364</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>MUSASHINO BANK LTD/THE /JPY/</name>
        <lei>353800L8RJMVN2OOS612</lei>
        <title>MUSASHINO BANK LTD/THE /JPY/</title>
        <cusip>J46883104</cusip>
        <identifiers>
          <isin value="JP3912800004"/>
        </identifiers>
        <balance>204000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3927120.39000000</valUSD>
        <pctVal>1.419978713002</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>NICHIA STEEL WORKS LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NICHIA STEEL WORKS LTD /JPY/</title>
        <cusip>J49248107</cusip>
        <identifiers>
          <isin value="JP3660000005"/>
        </identifiers>
        <balance>1213000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2435921.14000000</valUSD>
        <pctVal>0.880786892645</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>TRYT INC /JPY/</name>
        <lei>254900QWMRIE75VYID77</lei>
        <title>TRYT INC /JPY/</title>
        <cusip>J9299G105</cusip>
        <identifiers>
          <isin value="JP3635510005"/>
        </identifiers>
        <balance>1263500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3453126.97000000</valUSD>
        <pctVal>1.248590902174</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>SOKEN CHEMICAL &amp; ENGINEE /JPY/</name>
        <lei>N/A</lei>
        <title>SOKEN CHEMICAL &amp; ENGINEERING /JPY/</title>
        <cusip>J76085109</cusip>
        <identifiers>
          <isin value="JP3431550007"/>
        </identifiers>
        <balance>58800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1190584.17000000</valUSD>
        <pctVal>0.430494614258</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>TSUZUKI DENKI CO LTD /JPY/</name>
        <lei>3538008A8ICJLVI54474</lei>
        <title>TSUZUKI DENKI CO LTD /JPY/</title>
        <cusip>J9358G103</cusip>
        <identifiers>
          <isin value="JP3533800003"/>
        </identifiers>
        <balance>35500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>581417.69000000</valUSD>
        <pctVal>0.210230566209</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>DAIKO DENSHI TSUSHIN LTD /JPY/</name>
        <lei>N/A</lei>
        <title>DAIKO DENSHI TSUSHIN LTD /JPY/</title>
        <cusip>J10122109</cusip>
        <identifiers>
          <isin value="JP3483000000"/>
        </identifiers>
        <balance>63700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>363854.77000000</valUSD>
        <pctVal>0.131563582654</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>FUTURE ARCHITECT INC /JPY/</name>
        <lei>N/A</lei>
        <title>FUTURE ARCHITECT INC /JPY/</title>
        <cusip>J16832107</cusip>
        <identifiers>
          <isin value="JP3826200002"/>
        </identifiers>
        <balance>442500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>5546513.95000000</valUSD>
        <pctVal>2.005523375455</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>RICOH LEASING CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>RICOH LEASING CO LTD /JPY/</title>
        <cusip>J64694102</cusip>
        <identifiers>
          <isin value="JP3974100004"/>
        </identifiers>
        <balance>89500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3059015.19000000</valUSD>
        <pctVal>1.106086908772</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>JINUSHI CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JINUSHI CO LTD /JPY/</title>
        <cusip>J52776101</cusip>
        <identifiers>
          <isin value="JP3714200007"/>
        </identifiers>
        <balance>48800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>693781.96000000</valUSD>
        <pctVal>0.250859540026</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>NORITAKE CO LTD /JPY/</name>
        <lei>529900EN4XJGJXV4A581</lei>
        <title>NORITAKE CO LTD /JPY/</title>
        <cusip>J59052118</cusip>
        <identifiers>
          <isin value="JP3763000001"/>
        </identifiers>
        <balance>30400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>764118.76000000</valUSD>
        <pctVal>0.276292108632</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>NORTH PACIFIC BANK LTD /JPY/</name>
        <lei>549300A1ZLTL4KX3DZ92</lei>
        <title>NORTH PACIFIC BANK LTD /JPY/</title>
        <cusip>J22260111</cusip>
        <identifiers>
          <isin value="JP3843400007"/>
        </identifiers>
        <balance>1218200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3531836.29000000</valUSD>
        <pctVal>1.277050828994</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>MACNICA HOLDINGS INC /JPY/</name>
        <lei>N/A</lei>
        <title>MACNICA HOLDINGS INC /JPY/</title>
        <cusip>J3923S106</cusip>
        <identifiers>
          <isin value="JP3862960006"/>
        </identifiers>
        <balance>442500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>5159582.07000000</valUSD>
        <pctVal>1.865615509533</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>SAKATA INX CORP /JPY/</name>
        <lei>N/A</lei>
        <title>SAKATA INX CORP /JPY/</title>
        <cusip>J66661125</cusip>
        <identifiers>
          <isin value="JP3314800008"/>
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        <balance>1322500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>13402201.02000000</valUSD>
        <pctVal>4.846003754874</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>YONEX CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>YONEX CO LTD /JPY/</title>
        <cusip>J9776D104</cusip>
        <identifiers>
          <isin value="JP3960000002"/>
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        <balance>25900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>344104.80000000</valUSD>
        <pctVal>0.124422335583</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>RESTAR CORP /JPY/</name>
        <lei>353800609PNM9E4ZNY15</lei>
        <title>RESTAR CORP /JPY/</title>
        <cusip>J6450H104</cusip>
        <identifiers>
          <isin value="JP3944360001"/>
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        <balance>213300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3367185.56000000</valUSD>
        <pctVal>1.217515976873</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>RYODEN CORP /JPY/</name>
        <lei>N/A</lei>
        <title>RYODEN CORP /JPY/</title>
        <cusip>J65715120</cusip>
        <identifiers>
          <isin value="JP3976200000"/>
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        <balance>372900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>5651089.54000000</valUSD>
        <pctVal>2.043336097489</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>PACK CORP/THE /JPY/</name>
        <lei>N/A</lei>
        <title>PACK CORP/THE /JPY/</title>
        <cusip>J63492102</cusip>
        <identifiers>
          <isin value="JP3345900009"/>
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        <balance>168700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3999172.12000000</valUSD>
        <pctVal>1.446031370592</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>SHINDENGEN ELECTRIC MFG /JPY/</name>
        <lei>N/A</lei>
        <title>SHINDENGEN ELECTRIC MFG /JPY/</title>
        <cusip>J72724107</cusip>
        <identifiers>
          <isin value="JP3377800002"/>
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        <balance>46800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>745949.40000000</valUSD>
        <pctVal>0.269722382760</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>GOLDWIN INC /JPY/</name>
        <lei>N/A</lei>
        <title>GOLDWIN INC /JPY/</title>
        <cusip>J17472101</cusip>
        <identifiers>
          <isin value="JP3306600002"/>
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        <balance>14300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>845343.62000000</valUSD>
        <pctVal>0.305661611146</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>KANADEN CORP /JPY/</name>
        <lei>N/A</lei>
        <title>KANADEN CORP /JPY/</title>
        <cusip>J29524105</cusip>
        <identifiers>
          <isin value="JP3215000005"/>
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        <balance>470000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>4425441.37000000</valUSD>
        <pctVal>1.600162948160</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>GEO HOLDINGS CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>GEO HOLDINGS CORPORATION /JPY/</title>
        <cusip>J17768102</cusip>
        <identifiers>
          <isin value="JP3282400005"/>
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        <balance>367200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3857937.96000000</valUSD>
        <pctVal>1.394963544594</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>STEP CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>STEP CO LTD /JPY/</title>
        <cusip>J7674N109</cusip>
        <identifiers>
          <isin value="JP3399700008"/>
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        <balance>200600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2703834.82000000</valUSD>
        <pctVal>0.977659838912</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>NAKANISHI INC /JPY/</name>
        <lei>353800EXA7IQ42YKF224</lei>
        <title>NAKANISHI INC /JPY/</title>
        <cusip>J4800J102</cusip>
        <identifiers>
          <isin value="JP3642500007"/>
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        <balance>66800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>1027863.15000000</valUSD>
        <pctVal>0.371657511849</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>NIPPON SODA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NIPPON SODA CO LTD /JPY/</title>
        <cusip>J55870109</cusip>
        <identifiers>
          <isin value="JP3726200003"/>
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        <balance>220400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>3964371.45000000</valUSD>
        <pctVal>1.433448051088</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>MIURA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>MIURA CO LTD /JPY/</title>
        <cusip>J45593100</cusip>
        <identifiers>
          <isin value="JP3880800002"/>
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        <balance>168300.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>4182179.74000000</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>TAKASHIMAYA CO LTD /JPY/</name>
        <lei>353800IFO566STDN4V78</lei>
        <title>TAKASHIMAYA CO LTD /JPY/</title>
        <cusip>J81195125</cusip>
        <identifiers>
          <isin value="JP3456000003"/>
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        <balance>759500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>6035193.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TPR CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TPR CO LTD /JPY/</title>
        <cusip>J82528100</cusip>
        <identifiers>
          <isin value="JP3542400001"/>
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        <balance>202400.00000000</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>IDEC CORP /JPY/</name>
        <lei>N/A</lei>
        <title>IDEC CORP /JPY/</title>
        <cusip>J23274111</cusip>
        <identifiers>
          <isin value="JP3138800002"/>
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        <balance>131700.00000000</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>DAI-DAN CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>DAI-DAN CO LTD /JPY/</title>
        <cusip>J62234109</cusip>
        <identifiers>
          <isin value="JP3486000007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SANYO SHOKAI LTD /JPY/</name>
        <lei>N/A</lei>
        <title>SANYO SHOKAI LTD /JPY/</title>
        <cusip>J69198109</cusip>
        <identifiers>
          <isin value="JP3339400008"/>
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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>HI-LEX CORP /JPY/</name>
        <lei>N/A</lei>
        <title>HI-LEX CORP /JPY/</title>
        <cusip>J20749107</cusip>
        <identifiers>
          <isin value="JP3699600007"/>
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        <balance>250900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FUJIKURA KASEI CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>FUJIKURA KASEI CO LTD /JPY/</title>
        <cusip>J14742100</cusip>
        <identifiers>
          <isin value="JP3811200009"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASKUL CORP /JPY/</name>
        <lei>N/A</lei>
        <title>ASKUL CORP /JPY/</title>
        <cusip>J03325107</cusip>
        <identifiers>
          <isin value="JP3119920001"/>
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        <valUSD>2936675.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MIRAIT ONE CORP /JPY/</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT ONE CORP /JPY/</title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
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        <balance>362900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>5213588.12000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MITSUI MINING &amp; SMELTING /JPY/</name>
        <lei>35380021EYAHSQM25559</lei>
        <title>MITSUI MINING &amp; SMELTING CO /JPY/</title>
        <cusip>J44948131</cusip>
        <identifiers>
          <isin value="JP3888400003"/>
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        <balance>66400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.38500000"/>
        <valUSD>2064168.63000000</valUSD>
        <pctVal>0.746367624000</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>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Japan Smaller Capitalization Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Thomas Perugini</ncom:signature>
      <ncom:signerName>Thomas Perugini</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
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<DOCUMENT>
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<DESCRIPTION>SOI
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<div class="BRDSX_h1" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 8pt; text-align: center;">JAPAN
SMALLER CAPITALIZATION FUND, INC.</div>

<div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;">SCHEDULE
OF INVESTMENTS<br></div>

<div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">NOVEMBER
30, 2024<br></div>

<div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">(Unaudited)
</div>

<div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">
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        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
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        <div style="font-size: 1pt;">&#8194;</div></td>
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        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares</div></td>
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        EQUITY SECURITIES<br></div></td>
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        <div style="font-size: 1pt;">&#8194;</div></td>
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        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
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        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
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        &#8212; 6.3%<br></div></td>
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        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
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        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daishi
        Hokuetsu Financial Group, Inc.<font style="padding-left: 1.04pt;"></font></div></td>
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        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
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        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">301,500</font></div></td>
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    <td style="width: 6pt; background-color: #D2F7FA;">
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        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;">$&#8195;5,641,660
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    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">North
        Pacific Bank, Ltd.<font style="padding-left: 1.13pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;">1,227,700</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,559,379
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Rakuten
        Bank, Ltd.<sup>(a)</sup><font style="padding-left: 0.68pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">25,800</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">734,447
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  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The
        Keiyo Bank, Ltd.<font style="padding-left: 0.02pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">683,700</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,614,333
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The
        Musashino Bank, Ltd.<font style="padding-left: 4.46pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">205,800</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,961,771
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8.44pt;">17,511,590</font><font style="font-weight: normal;">
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  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Chemicals
        &#8212; 12.1%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">ADEKA
        Corporation<font style="padding-left: 1.8pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">317,500</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">5,809,098
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  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daicel
        Corporation<font style="padding-left: 3.47pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">360,000</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,170,662
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fujikura
        Kasei Co., Ltd.<font style="padding-left: 2.24pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">152,200</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">530,324
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nippon
        Soda Co., Ltd.<font style="padding-left: 2.56pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">220,400</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,964,371
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Osaka
        Soda Co., Ltd.<font style="padding-left: 1.57pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6.59pt;">111,900</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12.3pt;">1,087,116
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Riken
        Technos Corporation<font style="padding-left: 1.83pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">245,600</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,739,296
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sakai
        Chemical Industry Co., Ltd.<font style="padding-left: 0.46pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">161,600</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,741,242
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sakata
        INX Corporation<font style="padding-left: 1.81pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;">1,343,000</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">13,609,948
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Soken
        Chemical &amp; Engineering Co., Ltd.<font style="padding-left: 2.57pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">58,800</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,190,584
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">33,842,641</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Construction
        &#8212; 7.5%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dai-Dan
        Co., Ltd.<font style="padding-left: 2.02pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">102,500</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,474,150
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">EXEO
        Group, Inc.<font style="padding-left: 0.03pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">356,800</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,157,941
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">MIRAIT
        ONE Corporation<font style="padding-left: 2.62pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">362,900</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">5,213,588
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The
        Nippon Road Co., Ltd.<font style="padding-left: 2.23pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">77,000</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">866,337
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Yondenko
        Corporation<font style="padding-left: 1.82pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">810,000</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">7,955,381
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">20,667,397</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Electric
        Appliances &#8212; 7.6%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daihen
        Corporation<font style="padding-left: 1.24pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">43,700</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,042,830
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Horiba,
        Ltd.<font style="padding-left: 0.68pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">52,100</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,961,404
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Idec
        Corporation<font style="padding-left: 0.58pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">131,700</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,086,042
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">I-PEX,
        Inc.<font style="padding-left: 3.36pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">57,100</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12.3pt;">1,117,814
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Koa
        Corporation<font style="padding-left: 1.02pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">178,700</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,152,635
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Meiko
        Electronics Co., Ltd.<font style="padding-left: 0.68pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">150,200</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12.3pt;">9,118,769
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nippon
        Avionics Co., Ltd.<font style="padding-left: 0.7pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">108,300</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,682,274
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shindengen
        Electric Manufacturing Co., Ltd.<font style="padding-left: 0.37pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">46,800</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">745,949
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">20,907,717</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 3.25pt; width: 197pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 48pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 56pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;"><font style="position: relative; top: -8pt;">See
notes to financial statements</font><br></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<table cellspacing="0" cellpadding="0" class="BRDSX_gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr>
    <td style="width: 325pt; text-align: left; vertical-align: top;">
        <div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">1<br></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 2.75pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>
<!--End Page 1-->

<div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">

<div class="BRPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>

<!--Begin Page 2-->

<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; position: relative; width: 325pt;"><a name="JF10001_13788_Japan_Soi_pg2"><!--Anchor--></a>

<div class="BRDSX_page-content">

<div class="BRDSX_block-main" style="width: 325pt; margin-left: 0pt;">

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 8pt; text-align: center;">JAPAN
SMALLER CAPITALIZATION FUND, INC.<br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 12.75pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">SCHEDULE
OF INVESTMENTS</font><font style="color: #000000; font-size: 10pt; padding-left: 4pt;">(Continued)</font><br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">NOVEMBER
30, 2024</font><br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">(Unaudited)
</font><br></div>

<table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: 15.25pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 197pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 48pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 56pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr class="BRDSX_header">
    <td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair
        Value </div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Financing
        Business &#8212; 2.5%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Mizuho
        Leasing Co., Ltd.<font style="padding-left: 2.34pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">580,000</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;">$&#8195;3,876,052
        </div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ricoh
        Leasing Co., Ltd.<font style="padding-left: 3.12pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">89,500</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,059,015
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">6,935,067</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Food
        &#8212; 2.3%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Morinaga
        &amp; Co., Ltd.<font style="padding-left: 0.23pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">64,000</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,164,372
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nippn
        Corporation<font style="padding-left: 4.34pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">77,200</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,090,353
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">S
        Foods, Inc.<font style="padding-left: 2.78pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">228,100</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,986,081
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">6,240,806</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Glass
        and Ceramics Products &#8212; 2.2%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Asia
        Pile Holdings Corporation<font style="padding-left: 3.9pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">459,700</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,488,252
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nichiha
        Corporation<font style="padding-left: 4.02pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">57,700</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,088,889
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Noritake
        Co., Ltd.<font style="padding-left: 1.57pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">30,400</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18.3pt;">764,119
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sumitomo
        Osaka Cement Co., Ltd.<font style="padding-left: 2.34pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">81,600</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,807,968
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">6,149,228</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Information
        and Communication &#8212; 6.2%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daiko
        Denshi Tsushin, Ltd.<font style="padding-left: 2.05pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">68,700</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">392,415
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Future
        Corporation<font style="padding-left: 3.46pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">442,500</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">5,546,514
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">GMO
        internet group, Inc.<font style="padding-left: 3.03pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">224,500</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,891,075
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Plus
        Alpha Consulting Co., Ltd.<font style="padding-left: 2.54pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">219,800</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,401,379
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Tsuzuki
        Denki Co., Ltd.<font style="padding-left: 2.79pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">37,100</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">607,622
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vision,
        Inc.<font style="padding-left: 2.93pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">445,200</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,260,018
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">17,099,023</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Iron
        and Steel &#8212; 2.0%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Kyoei
        Steel, Ltd.<font style="padding-left: 0.34pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">260,500</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,000,206
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nichia
        Steel Works, Ltd.<font style="padding-left: 1.03pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;">1,213,000</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,435,921
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">5,436,127</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Machinery
        &#8212; 3.4%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Miura
        Co., Ltd.<font style="padding-left: 0.01pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">168,300</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,182,180
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">THK
        Co., Ltd.<font style="padding-left: 3.12pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">87,000</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,087,861
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">TPR
        Co., Ltd.<font style="padding-left: 4.89pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">202,400</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,154,740
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">9,424,781</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 3.25pt; width: 197pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 48pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 56pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;"><font style="position: relative; top: -8pt;">See
notes to financial statements</font><br></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<table cellspacing="0" cellpadding="0" class="BRDSX_gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr>
    <td style="width: 325pt; text-align: left; vertical-align: top;">
        <div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">2<br></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 2.75pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>
<!--End Page 2-->

<div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">

<div class="BRPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>

<!--Begin Page 3-->

<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; position: relative; width: 325pt;"><a name="JF10001_13788_Japan_Soi_pg3"><!--Anchor--></a>

<div class="BRDSX_page-content">

<div class="BRDSX_block-main" style="width: 325pt; margin-left: 0pt;">

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 8pt; text-align: center;">JAPAN
SMALLER CAPITALIZATION FUND, INC.<br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 12.75pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">SCHEDULE
OF INVESTMENTS</font><font style="color: #000000; font-size: 10pt; padding-left: 4pt;">(Continued)</font><br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">NOVEMBER
30, 2024</font><br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">(Unaudited)
</font><br></div>

<table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: 15.25pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 197pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 48pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 56pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr class="BRDSX_header">
    <td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair
        Value </div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Metal
        Products &#8212; 1.5%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Maruzen
        Co., Ltd.<font style="padding-left: 1.13pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">104,200</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;">$&#8195;2,189,527
        </div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Mitsui
        Mining &amp; Smelting Co., Ltd.<font style="padding-left: 3.98pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">66,400</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,064,168
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,253,695</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Other
        Products &#8212; 3.8%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Komatsu
        Wall Industry Co., Ltd.<font style="padding-left: 0.24pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">204,200</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,036,772
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Kosaido
        Holdings Co., Ltd.<font style="padding-left: 1.56pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">390,600</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,433,728
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nishikawa
        Rubber Co., Ltd.<font style="padding-left: 4.8pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">181,600</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,557,628
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">The
        Pack Corporation<font style="padding-left: 4.36pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">168,700</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,999,172
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Yonex
        Co., Ltd.<font style="padding-left: 4.03pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">25,900</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">344,105
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">10,371,405</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Pharmaceutical
        &#8212; 1.8%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Tsumura
        &amp; Co<font style="padding-left: 2.57pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">151,300</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,850,333
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,850,333</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Precision
        Instruments &#8212; 0.4%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nakanishi,
        Inc.<font style="padding-left: 1.35pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">66,800</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,027,863
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,027,863</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Real
        Estate &#8212; 0.3%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">JINUSHI
        Co., Ltd.<font style="padding-left: 4.36pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">54,500</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">774,818
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">774,818</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Retail
        Trade &#8212; 9.7%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">ASKUL
        Corporation<font style="padding-left: 2.99pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">236,800</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,936,676
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Create
        SD Holdings Co., Ltd.<font style="padding-left: 0.13pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">327,600</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">6,262,925
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Geo
        Holdings Corporation<font style="padding-left: 4.68pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">367,200</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,857,938
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">JM
        Holdings Co., Ltd.<font style="padding-left: 3pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">246,900</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,460,733
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Komehyo
        Holdings Co., Ltd.<font style="padding-left: 1.67pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">58,900</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,458,939
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Life
        Corporation<font style="padding-left: 1.02pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">82,400</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,857,472
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Takashimaya
        Co., Ltd.<font style="padding-left: 2.46pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">759,500</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">6,035,193
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">26,869,876</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 3.25pt; width: 197pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 48pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 56pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;"><font style="position: relative; top: -8pt;">See
notes to financial statements</font><br></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<table cellspacing="0" cellpadding="0" class="BRDSX_gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr>
    <td style="width: 325pt; text-align: left; vertical-align: top;">
        <div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">3<br></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 2.75pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>
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<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; position: relative; width: 325pt;"><a name="JF10001_13788_Japan_Soi_pg4"><!--Anchor--></a>

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<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 8pt; text-align: center;">JAPAN
SMALLER CAPITALIZATION FUND, INC.<br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 12.75pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">SCHEDULE
OF INVESTMENTS</font><font style="color: #000000; font-size: 10pt; padding-left: 4pt;">(Continued)</font><br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">NOVEMBER
30, 2024</font><br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">(Unaudited)
</font><br></div>

<table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: 15.25pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 197pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 48pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 56pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr class="BRDSX_header">
    <td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Shares</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair
        Value </div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Services
        &#8212; 6.1%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Integrated
        Design &amp; Engineering Holdings Co., Ltd.<font style="padding-left: 1.81pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">32,400</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;">$&#8195;1,396,097
        </div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Kyoritsu
        Maintenance Co., Ltd.<font style="padding-left: 3.24pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">47,800</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">879,493
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">M&amp;A
        Research Institute Holdings, Inc.<sup>(a)</sup><font style="padding-left: 2.59pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">63,300</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">856,571
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nishio
        Holdings Co., Ltd.<font style="padding-left: 1.89pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">217,500</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">5,315,108
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Relo
        Group, Inc.<font style="padding-left: 1.24pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">201,000</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,361,718
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Step
        Co., Ltd.<font style="padding-left: 0.33pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">200,600</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,703,835
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">TRYT,
        Inc.<sup>(a)</sup><font style="padding-left: 2.28pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;">1,263,500</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,453,127
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">16,965,949</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Textiles
        and Apparel &#8212; 1.6%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Goldwin,
        Inc.<font style="padding-left: 0.79pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">14,900</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 18pt;">880,812
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sanyo
        Shokai, Ltd.<font style="padding-left: 3.67pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">196,700</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,462,213
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,343,025</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Transportation
        Equipment &#8212; 5.9%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">HI-LEX
        Corporation<font style="padding-left: 2.7pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">250,900</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,654,400
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Kyokuto
        Kaihatsu Kogyo Co., Ltd.<font style="padding-left: 2.35pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">243,800</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,697,894
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Morita
        Holdings Corporation<font style="padding-left: 1.24pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">371,100</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12.3pt;">5,219,114
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nichirin
        Co., Ltd.<font style="padding-left: 2.89pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 10pt;">76,900</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">1,787,183
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nippon
        Seiki Co., Ltd.<font style="padding-left: 2.11pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">409,600</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,824,452
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">16,183,043</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Utilities
        &#8212; 3.4%<br></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shikoku
        Electric Power Co., Inc.<font style="padding-left: 4.47pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;">1,149,400</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">9,393,308
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">9,393,308</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 10pt; margin-left: 0pt; text-align: left;">Wholesale
        Trade &#8212; 11.4%<br></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Central
        Automotive Products, Ltd.<font style="padding-left: 4.56pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">107,100</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,308,039
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Daiwabo
        Holdings Co., Ltd.<font style="padding-left: 4.35pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">161,500</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,286,165
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Kanaden
        Corporation<font style="padding-left: 0.91pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">470,000</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,425,441
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Macnica
        Holdings, Inc.<font style="padding-left: 4.91pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">442,500</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">5,159,582
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Restar
        Corporation<font style="padding-left: 3.91pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">213,300</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">3,367,186
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">RYODEN
        Corporation<font style="padding-left: 1.47pt;"></font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">372,900</font></div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">5,651,090
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sangetsu
        Corporation<font style="padding-left: 0.46pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">232,600</font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">4,459,127
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Tachibana
        Eletech Co., Ltd.<font style="padding-left: 0.81pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"><font style="padding-left: 6pt;">121,900</font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.33pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 12pt;">2,080,775
        </font></div></td></tr>
  <tr>
    <td style="width: 197pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;"></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;"><font style="padding-left: 8pt;">31,737,405</font></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 3.25pt; width: 197pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 48pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 56pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;"><font style="position: relative; top: -8pt;">See
notes to financial statements</font><br></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<table cellspacing="0" cellpadding="0" class="BRDSX_gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr>
    <td style="width: 325pt; text-align: left; vertical-align: top;">
        <div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">4<br></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 2.75pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>
<!--End Page 4-->

<div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">

<div class="BRPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>

<!--Begin Page 5-->

<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; position: relative; width: 325pt;"><a name="JF10001_13788_Japan_Soi_pg5"><!--Anchor--></a>

<div class="BRDSX_page-content">

<div class="BRDSX_block-main" style="width: 325pt; margin-left: 0pt;">

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 6.5pt; text-align: center;">JAPAN
SMALLER CAPITALIZATION FUND, INC.<br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 12.75pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">SCHEDULE
OF INVESTMENTS</font><font style="color: #000000; font-size: 10pt; padding-left: 4pt;">(Continued)</font><br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">NOVEMBER
30, 2024</font><br></div>

<div class="BRDSX_fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-weight: bold; margin-top: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 10pt;">(Unaudited)
</font><br></div>

<table cellspacing="0" cellpadding="0" class="BRDSX_fintab" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 197pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 48pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 6pt; width: 56pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr class="BRDSX_header">
    <td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 48pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td>
    <td style="width: 6pt;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: none;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair
        Value</div></td></tr>
  <tr>
    <td colspan="4" style="width: 257pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">TOTAL
        INVESTMENTS &#8212; 98.0% (cost $254,787,979)<font style="font-weight: normal; padding-left: 2.31pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$270,985,097<font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td colspan="4" style="width: 257pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-align: left;">TOTAL
        FOREIGN CURRENCY &#8212; 1.3% (cost $3,681,753)<sup>(b)</sup><font style="font-weight: normal; padding-left: 0.41pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$<font style="padding-left: 8pt;">3,698,081</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td colspan="4" style="width: 257pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-align: left;">TOTAL
        INVESTMENTS AND FOREIGN CURRENCY &#8212; 99.3%<br></div>
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(cost
        $258,469,732)<font style="font-weight: normal; padding-left: 0.35pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$274,683,178<font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td colspan="4" style="width: 257pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-align: left;">TOTAL
        OTHER ASSETS AND LIABILITTIES &#8212; 0.7%<font style="font-weight: normal; padding-left: 0.38pt;"></font></div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; border-bottom: 1pt solid #000000;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$<font style="padding-left: 8pt;">1,875,520</font><font style="font-weight: normal;">
        </font></div></td></tr>
  <tr>
    <td colspan="4" style="width: 257pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-align: left;">TOTAL
        NET ASSETS &#8212; 100.0%<font style="font-weight: normal; padding-left: 0.52pt;"></font></div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 6pt; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="width: 56pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;">
        <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$276,558,698</div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 3.25pt; width: 257pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;" colspan="4">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td>
    <td style="height: 3.25pt; width: 56pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table>

<table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 0pt;">
  <tr>
    <td style="width: 20pt; text-align: left; vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(a)<br></div></td>
    <td style="vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Non-income producing security.<br></div></td></tr>
  </table>

<table border="0" cellpadding="0" cellspacing="0" style="margin-top: 4pt; margin-left: 0pt;">
  <tr>
    <td style="width: 20pt; text-align: left; vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(b)<br></div></td>
    <td style="vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Japanese Yen - Interest bearing
        account. </div></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
  </table></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;"><font style="position: relative; top: -8pt;">See
notes to financial statements</font><br></div></div>

<div class="BRDSX_block-frill" style="width: 325pt; margin-left: 0pt;">

<table cellspacing="0" cellpadding="0" class="BRDSX_gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;">
  <tr class="BRDSX_boxspacer">
    <td style="height: 6pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr>
    <td style="width: 325pt; text-align: left; vertical-align: top;">
        <div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">5<br></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 2.75pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>
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<!--Begin Page 6-->

<div class="BRDSX_page" style="text-align: left; margin: auto; line-height: initial; width: 325pt;"><a name="JF10001_13788_Japan_Soi_pg6"><!--Anchor--></a>

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<div class="BRDSX_h1" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">JAPAN
SMALLER CAPITALIZATION FUND, INC.</div>

<div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 12.5pt; text-align: center;">Notes
to Schedule of Investments<font style="text-transform: none;"> (Unaudited) </font></div>

<div class="BRDSX_h3" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Valuation
of Securities<font style="color: #000000;"> </font></div>

<div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; 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 class="BRDSX_h3" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Fair
Value Measurements<font style="color: #000000;"> </font></div>

<div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; 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 class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The
three-tier hierarchy of inputs is summarized below. </div>

<table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;">
  <tr>
    <td style="width: 15pt; text-align: left; vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt;">&#8226;</div></td>
    <td style="vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; text-align: left; display: flex;">
        <div style="white-space: nowrap;">Level&#160;1 &#8212;&#8239; </div>
        <div>&#8239;quoted prices in active markets for identical investments </div></div></td></tr>
  </table>

<table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;">
  <tr>
    <td style="width: 15pt; text-align: left; vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt;">&#8226;</div></td>
    <td style="vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; text-align: justify; display: flex;">
        <div style="white-space: nowrap;"></div>
        <div>Level 2 &#8212; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment
        speeds, credit risk, etc.) </div></div></td></tr>
  </table>

<table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;">
  <tr>
    <td style="width: 15pt; text-align: left; vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt;">&#8226;</div></td>
    <td style="vertical-align: top;">
        <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; text-align: justify; display: flex;">
        <div style="white-space: nowrap;"></div>
        <div>Level&#160;3 &#8212; significant unobservable inputs (including the Fund&#8217;s own assumptions in determining the fair value of
        investments) </div></div></td></tr>
  </table>

<div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">At
November&#160;30, 2024, all of the Fund&#8217;s investments were determined to be Level&#160;1 securities. </div>

<div class="BRDSX_para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify;">During
the quarter ended November&#160;30, 2024, the Fund did not hold any instrument which used significant unobservable inputs (Level&#160;3)
in determining fair value. </div></div></div>

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<table cellspacing="0" cellpadding="0" class="BRDSX_gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;">
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    <td style="height: 6pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  <tr>
    <td style="width: 325pt; text-align: left; vertical-align: top;">
        <div class="BRDSX_unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; text-align: center;">6<br></div></td></tr>
  <tr class="BRDSX_boxspacer">
    <td style="height: 2.75pt; width: 325pt;">
        <div style="font-size: 1pt;">&#8194;</div></td></tr>
  </table></div></div>
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