<SEC-DOCUMENT>0001752724-25-171808.txt : 20250718
<SEC-HEADER>0001752724-25-171808.hdr.sgml : 20250718
<ACCEPTANCE-DATETIME>20250718115059
ACCESSION NUMBER:		0001752724-25-171808
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250531
FILED AS OF DATE:		20250718
DATE AS OF CHANGE:		20250718
PERIOD START:           	20260228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		ORGANIZATION NAME:           	
		EIN:				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:		251133260

	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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      <regFileNumber>811-05992</regFileNumber>
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      <regLei>5493000KJSHWEB3YKZ37</regLei>
      <regStreet1>309 West 49th St.</regStreet1>
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      <repPdEnd>2026-02-28</repPdEnd>
      <repPdDate>2025-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>1327576.09</totLiabs>
      <netAssets>301600949.98</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
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        <name>PLUS ALPHA CONSULTING CO /JPY/</name>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHIKOKU ELECTRIC POWER C /JPY/</name>
        <lei>353800KWK6U7ZCIWXS64</lei>
        <title>SHIKOKU ELECTRIC POWER CO /JPY/</title>
        <cusip>J72079106</cusip>
        <identifiers>
          <isin value="JP3350800003"/>
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        <balance>1380000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
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        <pctVal>3.718553443131</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>ADEKA CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>ADEKA CORPORATION /JPY/</title>
        <cusip>J0011Q109</cusip>
        <identifiers>
          <isin value="JP3114800000"/>
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        <balance>295100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>5464928.55000000</valUSD>
        <pctVal>1.811973254846</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>DAIHEN CORP /JPY/</name>
        <lei>353800VGTLA3QRNG5478</lei>
        <title>DAIHEN CORP /JPY/</title>
        <cusip>J09114109</cusip>
        <identifiers>
          <isin value="JP3497800007"/>
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        <balance>67100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2844127.64000000</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>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>122900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2698428.72000000</valUSD>
        <pctVal>0.894701664626</pctVal>
        <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>
        </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>200400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2705365.24000000</valUSD>
        <pctVal>0.897001564543</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>243800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>4339859.87000000</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>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>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>5464935.83000000</valUSD>
        <pctVal>1.811975668631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO OSAKA CEMENT CO /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>89200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2381141.87000000</valUSD>
        <pctVal>0.789500785776</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>122800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2178283.73000000</valUSD>
        <pctVal>0.722240341134</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>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="144.15000000"/>
        <valUSD>3081789.80000000</valUSD>
        <pctVal>1.021810375665</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>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>479600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>3140772.81000000</valUSD>
        <pctVal>1.041367014993</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>CHARM CARE CORP /JPY/</name>
        <lei>N/A</lei>
        <title>CHARM CARE CORP /JPY/</title>
        <cusip>J0625A102</cusip>
        <identifiers>
          <isin value="JP3512740006"/>
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        <balance>84300.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>765513.01000000</valUSD>
        <pctVal>0.253816511536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>184400.00000000</balance>
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        <valUSD>1826730.49000000</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>
        <name>MIZUHO LEASING CO LTD /JPY/</name>
        <lei>353800O6EEA5GK30Z659</lei>
        <title>MIZUHO LEASING CO LTD /JPY/</title>
        <cusip>J2308V106</cusip>
        <identifiers>
          <isin value="JP3286500008"/>
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        <balance>690500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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>145500.00000000</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>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>161400.00000000</balance>
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        <valUSD>3821423.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <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>385000.00000000</balance>
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        <valUSD>8880506.42000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>378500.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NIPPN CORP /JPY/</name>
        <lei>353800V7HRZ1HQGJCW63</lei>
        <title>NIPPN CORP /JPY/</title>
        <cusip>J5179A101</cusip>
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          <isin value="JP3723000000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KASUMIGASEKI CAPITAL CO  /JPY/</name>
        <lei>353800K2AQIR06QHCT28</lei>
        <title>KASUMIGASEKI CAPITAL CO LTD /JPY/</title>
        <cusip>J3087N109</cusip>
        <identifiers>
          <isin value="JP3211050004"/>
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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>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>187700.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>YOSHIMURA FOOD HOLDINGS  /JPY/</name>
        <lei>N/A</lei>
        <title>YOSHIMURA FOOD HOLDINGS KK /JPY/</title>
        <cusip>J97977102</cusip>
        <identifiers>
          <isin value="JP3958400008"/>
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        <balance>285600.00000000</balance>
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        <valUSD>2010988.55000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>66400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1099757.20000000</valUSD>
        <pctVal>0.364639832889</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>RIKEN TECHNOS CORP /JPY/</name>
        <lei>353800S7OXXKLNDX3U70</lei>
        <title>RIKEN TECHNOS CORP /JPY/</title>
        <cusip>J65070112</cusip>
        <identifiers>
          <isin value="JP3973000007"/>
        </identifiers>
        <balance>251400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1890514.05000000</valUSD>
        <pctVal>0.626826291537</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"/>
        </identifiers>
        <balance>209000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2940353.80000000</valUSD>
        <pctVal>0.974915297911</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>TAIKISHA LTD /JPY/</name>
        <lei>3538005OOQOUE7DBWV52</lei>
        <title>TAIKISHA LTD /JPY/</title>
        <cusip>J79389102</cusip>
        <identifiers>
          <isin value="JP3441200007"/>
        </identifiers>
        <balance>166300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2816082.55000000</valUSD>
        <pctVal>0.933711432336</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>NICHIREI CORP /JPY/</name>
        <lei>529900MX3GPXXKO0MT06</lei>
        <title>NICHIREI CORP /JPY/</title>
        <cusip>J49764145</cusip>
        <identifiers>
          <isin value="JP3665200006"/>
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        <balance>117000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1510083.25000000</valUSD>
        <pctVal>0.500689155687</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>HAMAKYOREX CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>HAMAKYOREX CO LTD /JPY/</title>
        <cusip>J1825T107</cusip>
        <identifiers>
          <isin value="JP3771150004"/>
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        <balance>119800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1068767.26000000</valUSD>
        <pctVal>0.354364686209</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"/>
        </identifiers>
        <balance>248700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>3807706.56000000</valUSD>
        <pctVal>1.262498198448</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"/>
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        <balance>535600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>5231528.27000000</valUSD>
        <pctVal>1.734586137857</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>WORLD CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>WORLD CO LTD /JPY/</title>
        <cusip>J95171120</cusip>
        <identifiers>
          <isin value="JP3990210001"/>
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        <balance>76700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1338724.94000000</valUSD>
        <pctVal>0.443872918864</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"/>
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        <balance>86000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2067221.64000000</valUSD>
        <pctVal>0.685416156725</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>ULVAC INC /JPY/</name>
        <lei>N/A</lei>
        <title>ULVAC INC /JPY/</title>
        <cusip>J94048105</cusip>
        <identifiers>
          <isin value="JP3126190002"/>
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        <balance>43100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1505435.31000000</valUSD>
        <pctVal>0.499148066377</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 HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NISHIO HOLDINGS CO LTD /JPY/</title>
        <cusip>J56902109</cusip>
        <identifiers>
          <isin value="JP3657500009"/>
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        <balance>55200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1518335.07000000</valUSD>
        <pctVal>0.503425161658</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"/>
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        <balance>76900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1891158.52000000</valUSD>
        <pctVal>0.627039974550</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"/>
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        <balance>65800.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1308240.03000000</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>YONDENKO CORP /JPY/</name>
        <lei>N/A</lei>
        <title>YONDENKO CORP /JPY/</title>
        <cusip>J72036106</cusip>
        <identifiers>
          <isin value="JP3962600007"/>
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        <balance>869400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>7840582.73000000</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>KOSAIDO CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>KOSAIDO CO LTD /JPY/</title>
        <cusip>J3S44L105</cusip>
        <identifiers>
          <isin value="JP3287700003"/>
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        <balance>390600.00000000</balance>
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        <valUSD>1241032.26000000</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>NIPPON AVIONICS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NIPPON AVIONICS CO LTD /JPY/</title>
        <cusip>J52000106</cusip>
        <identifiers>
          <isin value="JP3686200001"/>
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        <balance>111500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2718851.89000000</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>JM HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JM HOLDINGS CO LTD /JPY/</title>
        <cusip>J2789W102</cusip>
        <identifiers>
          <isin value="JP3389690003"/>
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        <balance>253700.00000000</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>MUSASHINO BANK LTD/THE /JPY/</name>
        <lei>353800L8RJMVN2OOS612</lei>
        <title>MUSASHINO BANK LTD/THE /JPY/</title>
        <cusip>J46883104</cusip>
        <identifiers>
          <isin value="JP3912800004"/>
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        <balance>252900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>5728189.39000000</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>NICHIA STEEL WORKS LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NICHIA STEEL WORKS LTD /JPY/</title>
        <cusip>J49248107</cusip>
        <identifiers>
          <isin value="JP3660000005"/>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2352953.17000000</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>TRYT INC /JPY/</name>
        <lei>254900QWMRIE75VYID77</lei>
        <title>TRYT INC /JPY/</title>
        <cusip>J9299G105</cusip>
        <identifiers>
          <isin value="JP3635510005"/>
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        <balance>1263500.00000000</balance>
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        <valUSD>4890967.74000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOKEN CHEMICAL &amp; ENGINEE /JPY/</name>
        <lei>N/A</lei>
        <title>SOKEN CHEMICAL &amp; ENGINEERING /JPY/</title>
        <cusip>J76085109</cusip>
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          <isin value="JP3431550007"/>
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        <valUSD>1134164.41000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>94500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1820509.89000000</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>DAIKO XTECH LTD /JPY/</name>
        <lei>N/A</lei>
        <title>DAIKO XTECH LTD /JPY/</title>
        <cusip>J10122109</cusip>
        <identifiers>
          <isin value="JP3483000000"/>
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        <balance>252500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1847988.21000000</valUSD>
        <pctVal>0.612726256373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <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"/>
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        <balance>516900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>7720330.91000000</valUSD>
        <pctVal>2.559783352974</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>SYSTENA CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>SYSTENA CORPORATION /JPY/</title>
        <cusip>J7864T106</cusip>
        <identifiers>
          <isin value="JP3351050004"/>
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        <balance>741000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2045910.51000000</valUSD>
        <pctVal>0.678350154446</pctVal>
        <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>JINUSHI CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JINUSHI CO LTD /JPY/</title>
        <cusip>J52776101</cusip>
        <identifiers>
          <isin value="JP3714200007"/>
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        <balance>117300.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1735698.23000000</valUSD>
        <pctVal>0.575494947915</pctVal>
        <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>NORITAKE CO LTD /JPY/</name>
        <lei>529900EN4XJGJXV4A581</lei>
        <title>NORITAKE CO LTD /JPY/</title>
        <cusip>J59052118</cusip>
        <identifiers>
          <isin value="JP3763000001"/>
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        <balance>30400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>786625.04000000</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>NORTH PACIFIC BANK LTD /JPY/</name>
        <lei>549300A1ZLTL4KX3DZ92</lei>
        <title>NORTH PACIFIC BANK LTD /JPY/</title>
        <cusip>J22260111</cusip>
        <identifiers>
          <isin value="JP3843400007"/>
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        <balance>354900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1405812.70000000</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>MACNICA FUJI ELECTRONICS /JPY/</name>
        <lei>N/A</lei>
        <title>MACNICA FUJI ELECTRONICS HOL /JPY/</title>
        <cusip>J3923S106</cusip>
        <identifiers>
          <isin value="JP3862960006"/>
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        <balance>442500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
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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>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>1398000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
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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>RESTAR CORP /JPY/</name>
        <lei>353800609PNM9E4ZNY15</lei>
        <title>RESTAR CORP /JPY/</title>
        <cusip>J6450H104</cusip>
        <identifiers>
          <isin value="JP3944360001"/>
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        <balance>228200.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>3929187.65000000</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>MARUZEN SHOWA UNYU CO LT /JPY/</name>
        <lei>N/A</lei>
        <title>MARUZEN SHOWA UNYU CO LTD /JPY/</title>
        <cusip>J40777104</cusip>
        <identifiers>
          <isin value="JP3876000005"/>
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        <balance>25900.00000000</balance>
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        <valUSD>1140929.59000000</valUSD>
        <pctVal>0.378291112834</pctVal>
        <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>
        </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>394200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>7503883.45000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </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>176100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>3842070.76000000</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>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>42500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2441501.91000000</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>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>458100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
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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>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>287700.00000000</balance>
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        <valUSD>3271177.94000000</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>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>
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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>NAKANISHI INC /JPY/</name>
        <lei>353800EXA7IQ42YKF224</lei>
        <title>NAKANISHI INC /JPY/</title>
        <cusip>J4800J102</cusip>
        <identifiers>
          <isin value="JP3642500007"/>
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        <balance>24100.00000000</balance>
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        <valUSD>324008.32000000</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>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>42900.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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>188300.00000000</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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      </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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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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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>112200.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
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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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      </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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        <balance>107600.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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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        <balance>212700.00000000</balance>
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        <valUSD>4262853.28000000</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>AOI ELECTRONICS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>AOI ELECTRONICS CO LTD /JPY/</title>
        <cusip>J01586106</cusip>
        <identifiers>
          <isin value="JP3105280006"/>
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        <balance>24900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>310926.12000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>277000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>3141831.43000000</valUSD>
        <pctVal>1.041718015214</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>ASKUL CORP /JPY/</name>
        <lei>N/A</lei>
        <title>ASKUL CORP /JPY/</title>
        <cusip>J03325107</cusip>
        <identifiers>
          <isin value="JP3119920001"/>
        </identifiers>
        <balance>261800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2818686.09000000</valUSD>
        <pctVal>0.934574672323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRAIT ONE CORP /JPY/</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT ONE CORP /JPY/</title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
        </identifiers>
        <balance>91600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>1622301.77000000</valUSD>
        <pctVal>0.537896770586</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>MITSUI MINING &amp; SMELTING /JPY/</name>
        <lei>35380021EYAHSQM25559</lei>
        <title>MITSUI MINING &amp; SMELTING CO /JPY/</title>
        <cusip>J44948131</cusip>
        <identifiers>
          <isin value="JP3888400003"/>
        </identifiers>
        <balance>70000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.15000000"/>
        <valUSD>2403746.10000000</valUSD>
        <pctVal>0.796995533389</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>2025-06-30</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>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>jf10003efp16679.htm
<DESCRIPTION>SOI
<TEXT>
<html><head><title></title></head><body style="color: #000000;" bgcolor="#ffffff">
<!--Begin Page 1-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 325pt;"><a name="JF10003_EFP-16679_Japan_SOI_pg1"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 325pt; margin-left: 0pt;"><div class="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.<font style="color: #000000;"> </font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; text-align: center;">SCHEDULE OF INVESTMENTS <br></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">MAY 31, 2025<br></div><div class="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="fintab" style="width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="header"><td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="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="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="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: 1.01pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">JAPANESE EQUITY SECURITIES<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="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="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="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;">Banks &#8212; 6.6%<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: 1.33pt; padding-bottom: 1.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="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="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="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><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="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;">385,000</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="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;">8,880,507 </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="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="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;">354,900</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="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;">1,405,813 </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="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; 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="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;">598,400</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="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;">4,001,787 </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="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; 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="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;">252,900</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="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;">5,728,189 </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="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="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="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;">20,016,296</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="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; 12.5%<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="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="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="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; 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="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;">295,100</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="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;">5,464,929 </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="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;"><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="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;"><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="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;">3,081,790 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nihon Tokushu Toryo Co., Ltd.<font style="padding-left: 4.41pt;"></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="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;">120,700</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="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;">1,522,252 </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="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;"><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="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;">42,900</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="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;">880,916 </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="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; 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="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;">145,500</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="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;">1,631,134 </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="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;"><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="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;">251,400</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="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;">1,890,514 </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="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; 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="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;">187,700</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="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;">3,419,356 </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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;">1,398,000</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="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;">18,698,189 </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="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; 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="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;">102,300</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="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;">1,113,484 </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="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="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="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;">37,702,564</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="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; 5.2%<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="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="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="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;"><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="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;">107,600</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="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;">3,131,335 </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="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="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;">91,600</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="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;">1,622,302 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Taikisha, Ltd.<font style="padding-left: 0.9pt;"></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="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;">166,300</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="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;">2,816,082 </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="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; 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="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;">17,300</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="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;">301,715 </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="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; 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="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;">869,400</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="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;">7,840,583 </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="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="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="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;">15,712,017</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="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; 4.9%<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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">AOI Electronics Co., Ltd.<font style="padding-left: 2.36pt;"></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="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;">24,900</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="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;">310,926 </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="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="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;">67,100</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="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;">2,844,128 </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="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="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;">19,400</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="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;">1,391,578 </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="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="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: 6.3pt;">112,200</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="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;">1,798,781 </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="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="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;">105,600</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="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;">4,248,907 </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="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="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;">111,500</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="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;">2,718,852 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ulvac, Inc.<font style="padding-left: 4.69pt;"></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="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;">43,100</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="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;">1,505,435 </font></div></td></tr><tr><td style="width: 197pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom;"><div class="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="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="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;">14,818,607</font><font style="font-weight: normal;"> </font></div></td></tr><tr class="boxspacer"><td style="height: 6pt; width: 197pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 48pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 56pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="block-frill" style="width: 325pt; margin-left: 0pt;"><div class="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="block-frill" style="width: 325pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="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="boxspacer"><td style="height: 6pt; width: 325pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div>
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<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>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 325pt;"><a name="JF10003_EFP-16679_Japan_SOI_pg2"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 325pt; margin-left: 0pt;"><div class="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.<font style="color: #000000;"> </font><br></div><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 12.75pt; text-align: center;"><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="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="color: #000000; font-size: 10pt;">MAY 31, 2025</font><br></div><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="color: #000000; font-size: 10pt;">(Unaudited) </font><br></div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 15.25pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="header"><td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="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="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="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="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;">Financing Business &#8212; 1.7%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">690,500</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="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;">5,139,830 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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;">5,139,830</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="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; 2.5%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 9.7pt;">66,400</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="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;">1,099,757 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nichirei Corporation<font style="padding-left: 3.13pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 6pt;">117,000</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="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;">1,510,083 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 9.7pt;">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="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;">1,168,042 </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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 9.7pt;">92,800</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="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;">1,682,825 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Yoshimura Food Holdings KK<sup>(a)</sup><font style="padding-left: 0.27pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">285,600</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="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;">2,010,988 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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;">7,471,695</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="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; 2.6%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">479,600</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="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;">3,140,773 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 9.7pt;">67,100</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="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;">1,426,718 </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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 9.7pt;">30,400</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="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;">786,625 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 9.7pt;">89,200</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="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;">2,381,142 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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;">7,735,258</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="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; 8.9%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">DAIKO XTECH, Ltd.<font style="padding-left: 3.48pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">252,500</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="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;">1,847,988 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">516,900</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="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;">7,720,331 </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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">224,500</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="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;">5,464,936 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">281,900</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="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;">4,050,051 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Systena Corporation<font style="padding-left: 4.46pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">741,000</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="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;">2,045,911 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 9.7pt;">94,500</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="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;">1,820,510 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">473,300</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="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;">3,920,362 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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;">26,870,089</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="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; 1.7%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 5.7pt;">200,400</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="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;">2,705,365 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;">1,117,600</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="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;">2,349,170 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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;">5,054,535</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="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;">Land Transportation &#8212; 0.7%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Hamakyorex 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 6pt;">119,800</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="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;">1,068,767 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Maruzen Showa Unyu Co., Ltd.<font style="padding-left: 2.59pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; text-align: left;"><font style="padding-left: 9.7pt;">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="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;">1,140,930 </font></div></td></tr><tr><td style="width: 197pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"><div class="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8.15pt; 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="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;">2,209,697</font><font style="font-weight: normal;"> </font></div></td></tr><tr class="boxspacer"><td style="height: 6pt; width: 197pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 48pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 56pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="block-frill" style="width: 325pt; margin-left: 0pt;"><div class="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="block-frill" style="width: 325pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="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="boxspacer"><td style="height: 6pt; width: 325pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div>
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<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>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 325pt;"><a name="JF10003_EFP-16679_Japan_SOI_pg3"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 325pt; margin-left: 0pt;"><div class="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.<font style="color: #000000;"> </font><br></div><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 12.75pt; text-align: center;"><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="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="color: #000000; font-size: 10pt;">MAY 31, 2025</font><br></div><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="color: #000000; font-size: 10pt;">(Unaudited) </font><br></div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 15.25pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="header"><td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="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="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="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="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;">Machinery &#8212; 4.6%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">188,300</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="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;">3,973,698 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Organo Corporation<font style="padding-left: 0.5pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;"><font style="padding-left: 4pt;">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="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;">1,638,626 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sansei Technologies, Inc.<font style="padding-left: 3.51pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">260,000</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="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;">2,779,466 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">103,000</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="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;">2,827,409 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">202,400</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="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;">2,771,680 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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;">13,990,879</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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;"><font style="padding-left: 4pt;">86,000</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="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;">2,067,222 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;"><font style="padding-left: 4pt;">70,000</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="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;">2,403,746 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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;">4,470,968</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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">252,700</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="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;">3,868,949 </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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">390,600</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="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;">1,241,032 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">515,200</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="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;">8,749,286 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">176,100</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="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;">3,842,071 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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;">17,701,338</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="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; 1.3%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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="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: 0.57pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">161,400</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="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;">3,821,424 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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;">3,821,424</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="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; 0.1%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;"><font style="padding-left: 4pt;">24,100</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="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;">324,008 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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;">324,008</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="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; 0.9%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;"><font style="padding-left: 0.3pt;">117,300</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="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;">1,735,698 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Kasumigaseki Capital Co., Ltd.<font style="padding-left: 4.12pt;"></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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;"><font style="padding-left: 8pt;">9,700</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="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;">913,139 </font></div></td></tr><tr><td style="width: 197pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"><div class="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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;">2,648,837</font><font style="font-weight: normal;"> </font></div></td></tr><tr class="boxspacer"><td style="height: 6pt; width: 197pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 48pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 56pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="block-frill" style="width: 325pt; margin-left: 0pt;"><div class="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="block-frill" style="width: 325pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="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="boxspacer"><td style="height: 6pt; width: 325pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div>
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<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>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 325pt;"><a name="JF10003_EFP-16679_Japan_SOI_pg4"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 325pt; margin-left: 0pt;"><div class="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.<font style="color: #000000;"> </font><br></div><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 12.75pt; text-align: center;"><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="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="color: #000000; font-size: 10pt;">MAY 31, 2025</font><br></div><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="color: #000000; font-size: 10pt;">(Unaudited) </font><br></div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 15.25pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="header"><td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="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="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="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="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;">Retail Trade &#8212; 5.7%<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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; 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="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="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;">261,800</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;">$<font style="padding-left: 7.7pt;">2,818,686 </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="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="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;">122,900</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">2,698,429 </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="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="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;">287,700</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">3,271,178 </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="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="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;">253,700</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">4,303,132 </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="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="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;">65,800</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">1,308,240 </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="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; 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="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;">209,000</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">2,940,354 </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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 7.7pt;">17,340,019</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="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; 5.4%<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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Charm Care Corporation KK<font style="padding-left: 1.92pt;"></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="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;">91,700</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 18pt;">832,711 </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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">1,864,796 </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="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="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;">184,400</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">1,826,730 </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="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="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;">55,200</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">1,518,335 </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="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="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;">186,500</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">2,227,262 </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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">3,121,372 </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="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.<font style="padding-left: 3.93pt;"></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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">4,890,968 </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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 7.7pt;">16,282,174</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="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; 2.7%<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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; 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="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="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;">42,500</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">2,441,502 </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="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;"><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="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;">212,700</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">4,262,853 </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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">World Co., Ltd.<font style="padding-left: 4.76pt;"></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="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;">76,700</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">1,338,725 </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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">8,043,080</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="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; 6.7%<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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; 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="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;"><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="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;">275,800</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">3,128,221 </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="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; 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="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;">248,800</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">4,428,864 </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="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;"><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="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;">378,500</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">5,577,066 </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="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; 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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">1,891,158 </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="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; 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="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;">535,600</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 11.7pt;">5,231,528 </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="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 7.7pt;">20,256,837</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="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; 3.7%<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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; 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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 8pt; text-align: left;">1,380,000</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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 8pt;">11,215,193 </font></div></td></tr><tr><td style="width: 197pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom;"><div class="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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6.15pt; text-align: left;"><font style="padding-left: 8.14pt;">11,215,193</font><font style="font-weight: normal;"> </font></div></td></tr><tr class="boxspacer"><td style="height: 6pt; width: 197pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 48pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 56pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div><div class="block-frill" style="width: 325pt; margin-left: 0pt;"><div class="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="block-frill" style="width: 325pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="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="boxspacer"><td style="height: 6pt; width: 325pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div>
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<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>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 325pt;"><a name="JF10003_EFP-16679_Japan_SOI_pg5"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 325pt; margin-left: 0pt;"><div class="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.<font style="color: #000000;"> </font><br></div><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 12.75pt; text-align: center;"><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="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="color: #000000; font-size: 10pt;">MAY 31, 2025</font><br></div><div class="fpara" style="color: #3D94DB; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="color: #000000; font-size: 10pt;">(Unaudited) </font><br></div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 15.25pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="header"><td style="width: 197pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="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="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="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="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;">Wholesale Trade &#8212; 12.3%<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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">329,900</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="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;">4,059,955 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">171,500</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="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;">2,900,569 </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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">458,100</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="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;">5,793,384 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">442,500</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="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;">5,895,395 </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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">228,200</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="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;">3,929,188 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">399,200</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="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;">7,599,062 </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="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;"><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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">232,600</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="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;">4,627,796 </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="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; 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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; text-align: left;">122,800</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="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;">2,178,284 </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="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="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 11pt; 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="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;">36,983,633</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="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; 98.1% (cost $252,328,063)<font style="font-weight: normal; padding-left: 2.31pt;"></font></div></td><td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$ 295,808,978<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="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; 0.7% (cost $2,283,251)<sup>(b)</sup><font style="font-weight: normal; padding-left: 0.41pt;"></font></div></td><td style="width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$<font style="padding-left: 8pt;">2,284,513</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="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; 98.8% <br></div><div class="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 $254,611,314)<font style="font-weight: normal; padding-left: 0.79pt;"></font></div></td><td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; background-color: #D2F7FA; border-bottom: 1pt solid #000000;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 56pt; padding-top: 1.08pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap; border-bottom: 1pt solid #000000;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$ 298,093,491<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="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; 1.2%<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="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;">$<font style="padding-left: 8pt;">3,507,759</font><font style="font-weight: normal;"> </font></div></td></tr><tr><td colspan="4" style="width: 257pt; padding-top: 1.08pt; text-align: left; vertical-align: bottom; background-color: #D2F7FA;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-align: left;">TOTAL NET ASSETS &#8212; 100.0%<font style="font-weight: normal; padding-left: 0.52pt;"></font></div></td><td style="width: 6pt; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 6pt; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="width: 56pt; padding-top: 1.08pt; text-align: center; vertical-align: bottom; background-color: #D2F7FA; white-space: nowrap;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 6pt; text-align: left;">$ 301,601,250</div></td></tr><tr class="boxspacer"><td style="height: 6pt; width: 257pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;" colspan="4"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; width: 6pt; border-bottom: 1pt solid #000000; background-color: #D2F7FA;"><div style="font-size: 1pt;">&#8194;</div></td><td style="height: 6pt; 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></table></div></div><div class="block-frill" style="width: 325pt; margin-left: 0pt;"><div class="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="block-frill" style="width: 325pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="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="boxspacer"><td style="height: 6pt; width: 325pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 325pt;"><a name="JF10003_EFP-16679_Japan_SOI_pg6"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 325pt; margin-left: 0pt;"><div class="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.<font style="color: #000000;"> </font></div><div class="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="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="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="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="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="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; </div><div>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&#160;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="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 May&#160;31, 2025, all of the Fund&#8217;s investments were determined to be Level&#160;1 securities. </div><div class="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 May&#160;31, 2025, the Fund did not hold any instrument which used significant unobservable inputs (Level&#160;3) in determining fair value. </div></div></div><div class="block-frill" style="width: 325pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="gftxt" style="margin-top: 4pt; width: 325pt; margin-left: auto; margin-right: auto;"><tr class="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="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="boxspacer"><td style="height: 6pt; width: 325pt;"><div style="font-size: 1pt;">&#8194;</div></td></tr></table></div></div>
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