<SEC-DOCUMENT>0001104659-18-001217.txt : 20180108
<SEC-HEADER>0001104659-18-001217.hdr.sgml : 20180108
<ACCEPTANCE-DATETIME>20180108144909
ACCESSION NUMBER:		0001104659-18-001217
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20171031
FILED AS OF DATE:		20180108
DATE AS OF CHANGE:		20180108
EFFECTIVENESS DATE:		20180108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN JAPAN EQUITY FUND, INC.
		CENTRAL INDEX KEY:			0000866095
		IRS NUMBER:				223060893
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		18516093

	BUSINESS ADDRESS:	
		STREET 1:		C/O ABERDEEN ASSET MANAGEMENT INC.
		STREET 2:		1735 MARKET STREET, 32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2154055700

	MAIL ADDRESS:	
		STREET 1:		C/O ABERDEEN ASSET MANAGEMENT INC.
		STREET 2:		1735 MARKET STREET, 32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EMERGING EQUITY FUND INC
		DATE OF NAME CHANGE:	19920407
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a17-27088_1ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM&nbsp;N-CSR</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-06142</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exact name of registrant as specified in charter:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address of principal executive offices:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1735 Market Street, 32</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">nd</font>&nbsp;Floor</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philadelphia, PA 19103</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name and address of agent for service:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrea Melia</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Asset Management Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1735 Market Street 32</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">nd</font>&nbsp;Floor</p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philadelphia, PA 19103</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code:</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-800-522-5465</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October&nbsp;31</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October&nbsp;31, 2017</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Reports to Stockholders.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="719" height="952" src="g270881bi01i001.jpg"></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Stockholder Letter </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited)</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
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<div style="font-family:Times New Roman;"><div style="float:left;margin:right=3%;position:relative;width:47%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Dear Stockholder,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">We present this Annual Report, which covers the activities of Aberdeen Japan Equity Fund,&nbsp;Inc. (the &#147;Fund&#148;), for the fiscal year ended October&nbsp;31, 2017. The Fund&#146;s investment objective is to outperform over the long term, on a total return basis (including appreciation and dividends), the Tokyo Stock Price Index (&#147;TOPIX&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Total Investment Return</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">For the 1-year, 3-year, and 5-year periods as of October&nbsp;31, 2017, the total return to stockholders of the Fund based on the net asset value (&#147;NAV&#148;) and market price of the Fund compared to the Fund&#146;s benchmark in US dollar terms is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">1&nbsp;Year</font></b></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">3&nbsp;Year</font></b></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">5&nbsp;Year</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">NAV*</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">12.8</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.0</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:13.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">15.5</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Market Price*</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">16.7</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.0</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:13.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">15.8</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Tokyo Stock Price Index</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">19.7</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.6</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">13.1</font><font size="2" style="font-size:9.5pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">*assuming the reinvestment of dividends and distributions</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">For more detailed information about Fund performance please see page&nbsp;3 Report of the Investment Manager.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund&#146;s total return is based on the reported NAV on each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">NAV and Share Price</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:.7pt 0in .7pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">NAV</font></b></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Market Price</font></b></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Discount</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">10/31/2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$10.30</font></p>    </td>
<td width="14%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$9.17</font></p>    </td>
<td width="13%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:.7pt 0in .7pt 0in;width:13.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.0%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">10/31/2016</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$9.51</font></p>    </td>
<td width="14%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:14.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$8.18</font></p>    </td>
<td width="13%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:13.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">14.0%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Discount Management Program</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Under the Fund&#146;s Discount Management Program, the Fund&#146;s Board of Directors has authorized management to make open market purchases, from time to time, in a maximum aggregate amount during each twelve month period ended October&nbsp;31 of up to 10% of the Fund&#146;s shares of stock outstanding as of October&nbsp;31 of the prior year. Such purchases may be made opportunistically at certain discounts to net asset value per share when, in the reasonable judgment of management based on historical discount levels and current market conditions, such repurchases may enhance stockholder value. During the fiscal year ended October&nbsp;31, 2017, the Fund repurchased 126,925 shares, which represented 0.9% of the outstanding shares at the start of the period.</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Merger of Aberdeen Asset Management PLC with Standard Life plc</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund&#146;s investment manager and administrator are each a subsidiary of Aberdeen Asset Management PLC (&#147;Aberdeen PLC&#148;). The merger of Standard Life plc and Aberdeen PLC, announced on March&nbsp;6, 2017 (&#147;Merger&#148;), closed on August&nbsp;14, 2017. Aberdeen PLC became a direct subsidiary of Standard Life plc as a result of the Merger and the combined company changed its name to Standard Life Aberdeen plc. Stockholders of the Fund were not required to take any action as a result of the Merger. Following the Merger, the Fund&#146;s investment manager and administrator each became an indirect subsidiary of Standard Life Aberdeen plc, but otherwise did not change. The investment manager and administration agreements for the Fund, the services provided under the agreements, and the fees charged for services did not change as a result of the Merger. The portfolio management team for the Fund also did not change as a result of the Merger.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Unclaimed Share Accounts</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered &#147;unclaimed property&#148; due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund&#146;s transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund&#146;s transfer agent will follow the applicable state&#146;s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Fund&#146;s transfer agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Portfolio Holdings Disclosure</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund&#146;s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the Fund&#146;s semi-annual and annual reports to stockholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the &#147;SEC&#148;) for the first and third quarters of each fiscal year on Form&nbsp;N-Q. The Fund&#146;s Forms N-Q are available on the SEC&#146;s website at http://www.sec.gov and may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C. Information about the operation of the Public Reference Room may be obtained</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">The Tokyo Stock Price Index (&#147;TOPIX&#148;) is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the Tokyo Stock Exchange First Section. The TOPIX Index shows the measure of current market capitalization assuming that market capitalization as of the base date (January&nbsp;4, 1968) is 100 points. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:7.0pt;font-weight:bold;">1</font></b><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-weight:bold;"><a name="PB_1_132129_5790"></a><a name="PB_1_132059_8146"></a></font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Stockholder Letter </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited) (concluded)</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">by calling 1-800-SEC-0330. The Fund&#146;s most recent Form&nbsp;N-Q is also available to stockholders on the Fund&#146;s website or upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Proxy Voting</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve months ended June&nbsp;30 is available by August&nbsp;31 of the relevant year: (i)&nbsp;upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465; and (ii)&nbsp;on the SEC&#146;s website at http://www.sec.gov.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Investor Relations Information</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">As part of Aberdeen&#146;s commitment to stockholders, we invite you to visit the Fund on the web at www.aberdeenjeq.com. Here, you can view monthly fact sheets, quarterly commentary, distribution, and performance information, updated daily data courtesy of Morningstar&#174;, portfolio charting and other Fund literature.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Alan Goodson</font></b><font size="2" face="Arial" style="font-size:9.5pt;"><br> President</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:7.0pt;font-weight:bold;">2</font></b><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-weight:bold;"><a name="PB_2_132245_7906"></a><a name="PB_2_132059_7091"></a></font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund, Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Report of the Investment Manager </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Fund performance review</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund gained 12.8% on a net asset value basis over the 12-month period ended October&nbsp;31, 2017 but underperformed the 19.7% return of its benchmark, the Tokyo Stock Price Index (TOPIX). The TOPIX hit a 21-year high in October&nbsp;2017 with strong liquidity flows into large capitalization export led stocks as investors focused on companies benefitting from yen weakness and welcomed Prime Minister Abe&#146;s snap-election win in October&nbsp;2017. The Fund&#146;s high quality portfolio remained more defensively positioned and lagged in the most recent rally. We are comfortable with the outlook for the Fund&#146;s portfolio of well-run companies which tend to perform more strongly amid tougher market conditions and whose businesses remain relatively unaffected by currency changes.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In the most recent corporate earnings news, company results in the Japanese equity market generally continued to exceed investors&#146; expectations, extending the trend from the second half of the reporting period. This was attributable largely to a healthier global economy and a weaker yen which depreciated 9% vs. the US dollar during the period.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund benefitted from its position in Keyence Corp., as the sensor manufacturing company posted strong results driven by rising demand for automation. Similarly, Shin-Etsu Chemical Co. posted healthy earnings over the period that were buoyed by rising global demand for silicon wafers, as well as firm prices for polyvinyl chloride (PVC) amid stricter environmental regulations. Furthermore, the Fund&#146;s holding in Chugai Pharmaceutical also contributed positively as investors took a largely favorable view on the company&#146;s product pipeline.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">On a stock basis, one of the primary detractors from the Fund&#146;s relative performance during the reporting period was Japan Tobacco. The company&#146;s shares declined as competing novel nicotine products continued to take market share from its domestic cigarette sales. The company launched a competing product in the key Tokyo market in June&nbsp;2017, and management expects to expand sales nationwide by the end of 2017. The Fund&#146;s position in telecommunications company KDDI Corp. also weighed on relative performance as defensive stocks lagged the overall Japanese stock market during the reporting period. We see no fundamental change for KDDI&#146;s business, including its competitiveness among domestic mobile telecommunications operators. Finally, although Seven&nbsp;&amp; i reported results over the period generally in line with the market expectations, its shares fell due to weaker-than-anticipated food sales at its subsidiary,&nbsp;Ito-Yokado, an area that was expected to drive the supermarket unit&#146;s growth.</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Market/economic review</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Japanese equities rose sharply in the year under review. Investor sentiment was underpinned by an improved outlook for corporate earnings, which in turn was supported by weakness in the Japanese yen. As generally expected, the Bank of Japan held its monetary-policy course steady amid still subdued inflation. A slew of external events also had an impact on the Japanese stock market. These included the UK&#146;s surprising decision to leave the European Union, UK Prime Minister Theresa May&#146;s subsequent snap-election gamble that left her weakened ahead of Brexit negotiations, and Donald Trump&#146;s unexpected election as U.S. president in November&nbsp;2016.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Portfolio review</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Regarding portfolio activity during the reporting period, we exited the Fund&#146;s positions in both office devices manufacturer Canon and personal products maker Unicharm Corp. due to our concerns over their deteriorating business prospects. We also sold the Fund&#146;s shares in auto-components supplier Aisin Seiki Co. after a period of strong stock price performance. We exited the positions in pharmaceutical firm Astellas Pharma and real estate developer Mitsubishi Estate Co. in favor of better opportunities elsewhere. We initiated a holding in Shionogi&nbsp;&amp; Co., a drug-maker specializing in treatments for infectious diseases such as HIV. We believe that its management team is well-focused, and the company is positioned with diversified pipelines for both existing and new drugs, with no expiring patents in the near term. Additionally, we established new positions in cosmetics company Shiseido Co., which we believe has made good progress on restructuring the business under its new president, Masahiko Uotani, who has addressed underperforming brands, executed on cost structure reforms, and aligned executives behind an incentive-based pay structure. We also initiated a holding in Stanley Electric Co., one of the world&#146;s largest automotive-lighting manufacturers that we feel is well positioned to benefit from an industry-wide structural shift from halogen to LED headlamps as demand for energy efficiency increases. Furthermore, we think that the company&#146;s distinctive in-house LED manufacturing capabilities may improve cost efficiencies that will lead to improved profitability. Another new addition to the Fund was leading local furniture and home-furnishings retailer Nitori Holdings, which has recorded 30 consecutive years of sales and profit growth and is looking to accelerate earnings momentum by expanding into urban city centers with its interior decorating stores. The company&#146;s vertically integrated</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">1</font><font size="2" face="Arial" style="font-size:9.5pt;">&#160;operation allows it to achieve healthy margins, and management of this largely domestic business is now seeking to replicate its success in key overseas markets such as China.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund, Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:7.0pt;font-weight:bold;">3</font></b><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-weight:bold;"><a name="PB_3_132359_3736"></a><a name="PB_3_132059_455"></a></font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Report of the Investment Manager</font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;"> (unaudited) (concluded)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">We also initiated a position in leading automotive chip-maker Renesas Electronics Corp., which we believe is well positioned to benefit from a growing focus on vehicle electrification, autonomous driving and the increasing connectivity between industrial applications. This is underpinned by its cutting-edge technology in miniaturized microcontrollers, which improve energy consumption and enhance memory size, while its analog semiconductor technology is used in a broad range of applications. We also established a new position in pharmacy and drugstore operator Ain Holdings. The company plans to open a chain of in-hospital pharmacies, which became possible only after a recent change in regulations. Finally, we established a new position in Komatsu, the world&#146;s second-largest construction and mining equipment maker next to Caterpillar. We think that Komatsu&#146;s operations are impressive: the company&#146;s global reach allows it to build close client relationships with a loyal client base; an after-sales service uses remote monitoring systems to prevent any erosion of its market share; and its products are able to meet stricter emissions standards. We believe that Komatsu has a progressive management team, setting clear targets for financial and shareholder returns. In our view, the company made an effective acquisition to expand its mining equipment business at a time when the industry was still undergoing consolidation, although activity has since started to accelerate. We believe that the heavy-equipment replacement cycle is still in its early stages following a protracted four-year decline.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Outlook</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Over the long-term, we believe that Japanese equities are well placed to maintain their upward trajectory, bolstered by the benign global macro-economic backdrop. Sustained demand for Japanese exports from abroad and the nascent improvement in domestic consumption should remain supportive of share prices. On the political front, Prime Minister Shinzo Abe is now armed with a stronger mandate following his snap-election win in October&nbsp;2017, and this should enable him to push through his expansionary policies and economic reforms. Following the stock market&#146;s strong rally, we are comfortable that the Fund&#146;s portfolio has been constructed with a degree of defensiveness, which should help it weather any short-term challenges that may lie ahead. In addition, Japan remains under-owned by international investors and relative valuations look attractive in a global context.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;">Aberdeen Asset Management Asia Limited</font></i></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">1</font><font size="4" face="Arial" style="font-size:13.5pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:9.5pt;">Vertical integration comprises a merger of companies in the same industry at different stages of production and/or distribution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:7.0pt;font-weight:bold;">4</font></b><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-weight:bold;"><a name="PB_4_132439_9621"></a><a name="PB_4_132059_4141"></a></font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund, Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Total Investment Return </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The following table summarizes the average annual Fund total investment return compared to the TOPIX, the Fund&#146;s benchmark, for the 1-year, 3-year, 5-year and 10-year periods as of October&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">1&nbsp;Year</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">3&nbsp;Years</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">5&nbsp;Years</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">10&nbsp;Years</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:6.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   Asset Value (NAV)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">12.8%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.0%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">15.5%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.5%</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Market   Price</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">16.7%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.0%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">15.8%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.1%</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">TOPIX   Index</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">19.7%</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.6%</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">13.1%</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.1%</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund&#146;s transfer agent. All return data includes fees charged to the Fund, which are listed in the Fund&#146;s Statement of Operations under &#147;Expenses&#148;. The Fund&#146;s total investment return is based on the reported NAV on each financial reporting period end. Total investment return at market value is based on changes in the market price at which the Fund&#146;s shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the Fund&#146;s dividend reinvestment program. Because the Fund&#146;s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. <b>Past performance is no guarantee of future results.</b> The performance information provided does not reflect the deduction of taxes that a stockholder would pay on distributions received from the Fund. The current performance of the Fund may be lower or higher than the figures shown. The Fund&#146;s yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.aberdeenjeq.com or by calling 800-522-5465.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">The net operating expense ratio based on the fiscal year ended October&nbsp;31, 2017 was 0.86%.</font></i></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund, Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:7.0pt;font-weight:bold;">5</font></b><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-weight:bold;"><a name="PB_5_131529_2897"></a></font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Top Ten Equity Holdings </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited)</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The following were the Fund&#146;s top ten holdings as of October&nbsp;31, 2017:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Name   of Security</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">As a Percentage of Net Assets</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:6.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Shin-Etsu Chemical   Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">6.0%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Keyence Corp.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">4.8%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Japan   Tobacco,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">4.3%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">FANUC Corp.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">4.2%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Amada Holdings Co.   Ltd.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.9%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Nabtesco Corp.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.8%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Seven&nbsp;&amp; i   Holdings Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.6%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">KDDI Corp.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.5%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Yahoo Japan Corp.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.3%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Sysmex Corp.</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2.8%   </font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Portfolio Composition </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited)</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The following table summarizes the sector composition of the Fund&#146;s portfolio, in Standard&nbsp;&amp; Poor&#146;s Global Industry Classification Standard (&#147;GICS&#148;), expressed as a percentage of net assets. The GICS structure consists of 11 sectors, 24 industry groups, 68 industries and 157 sub-industries. As of October&nbsp;31, 2017, the Fund did not have more than 25% of its assets invested in any industry. The sectors, as classified by GICS Sectors, are comprised of several industries. As of October&nbsp;31, 2017, the Fund held 99.0% of its net assets in equities, 0.2% in a short-term investment and 0.8% in other assets in excess of liabilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Sectors</font></b></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">As a Percentage of Net Assets</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">As a Percentage of TOPIX Index</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt 5.75pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Industrials</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">20.7%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">24.2%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Consumer   Staples</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">17.8%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">23.2%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Consumer   Discretionary</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">14.0%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.1%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Information   Technology</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">11.5%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5.6%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Health   Care</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">10.1%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">6.1%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Materials</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">9.5%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">7.1%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Financials</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">8.0%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">12.3%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Real   Estate</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.9%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2.6%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Telecommunication   Services</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3.5%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5.2%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Energy</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">0.0%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">0.9%</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Utilities</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">0.0%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1.7%</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Short-Term   Investment</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">0.2%</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">0.0%</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Other   Assets in Excess of Liabilities</font></p>    </td>
<td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">0.8%</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">0.0%</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">100.0%</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">100.0%</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:7.0pt;font-weight:bold;">6</font></b><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-weight:bold;"><a name="PB_6_131550_7608"></a><a name="PB_6_131529_3020"></a></font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund, Inc.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Portfolio of Investments</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">As of October&nbsp;31, 2017</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Description</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Shares</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value<br>   (US$)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">LONG-TERM INVESTMENTS&#151;99.0%</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(a)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">COMMON STOCKS&#151;99.0%</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">JAPAN&#151;99.0%</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Consumer Discretionary (14.0%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Asics   Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">104,200</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:9.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,592,943</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Denso   Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">50,900</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,803,265</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Honda   Motor Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">86,200</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,701,254</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Nitori   Holdings Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">13,700</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,991,039</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Resorttrust,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">110,700</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,179,635</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Shimano,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">10,100</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,382,097</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Stanley   Electric Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">74,600</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,753,816</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Toyota   Motor Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">26,600</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,649,893</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">USS   Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">111,500</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,253,951</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:1.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">19,307,893</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Consumer Staples (17.8%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Ain   Holdings,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">28,300</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,936,128</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Calbee,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">67,800</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,288,165</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Japan   Tobacco,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">179,200</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,931,551</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Mandom   Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">57,300</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,707,339</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Pigeon   Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">104,300</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,701,386</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">San-A   Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">43,500</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,001,793</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Seven&nbsp;&amp;   i Holdings Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">124,300</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,009,843</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Shiseido   Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">45,500</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,876,763</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:1.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">24,452,968</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Financials (8.0%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">AEON   Financial Service Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">108,400</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,328,049</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Concordia   Financial Group Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">342,200</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,812,322</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Japan   Exchange Group,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">182,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,281,178</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Suruga   Bank Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">154,200</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,510,918</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:1.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">10,932,467</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Health Care (10.1%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Asahi   Intecc Co. Ltd.</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(b)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">51,500</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,971,197</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Chugai   Pharmaceutical Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">78,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,718,784</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Mani,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">47,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,345,865</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Shionogi&nbsp;&amp;   Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">35,600</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,916,600</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Sysmex   Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">57,300</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,921,596</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:1.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">13,874,042</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Industrials (20.7%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Amada   Holdings Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">428,100</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,319,577</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Daikin   Industries Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">33,400</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,691,061</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">East   Japan Railway Co.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">33,800</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,277,911</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">FANUC   Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">24,600</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,752,068</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Komatsu   Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">43,200</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,411,592</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Makita   Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">89,800</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,763,394</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Nabtesco   Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">133,300</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,295,569</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:1.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">28,511,172</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="467" style="border:none;"></td>
<td width="18" style="border:none;"></td>
<td width="99" style="border:none;"></td>
<td width="18" style="border:none;"></td>
<td width="29" style="border:none;"></td>
<td width="70" style="border:none;"></td>
<td width="7" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund, Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">7</font></b><a name="PB_7_121557_3168"></a></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Portfolio of Investments </font><font color="#9e5497" face="Arial" style="color:#9E5497;">(concluded)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">As of October&nbsp;31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Description</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Shares</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value<br>   (US$)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">LONG-TERM   INVESTMENTS (continued)</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(a)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">COMMON   STOCKS (continued)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">JAPAN   (continued)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Information   Technology (11.5%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Keyence Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">12,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:9.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">6,662,698</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Renesas Electronics   Corp.</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(c)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">181,300</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,344,043</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">SCSK Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">53,300</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,298,497</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Yahoo Japan Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,010,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">4,515,565</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p align="right" style="margin:0in 0in .0001pt .05in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">15,820,803</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Materials   (9.5%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Kansai Paint Co.   Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">98,500</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,531,739</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Nippon Paint   Holdings Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">68,100</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,402,478</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Shin-Etsu Chemical   Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">78,500</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">8,278,703</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p align="right" style="margin:0in 0in .0001pt .05in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">13,212,920</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Real   Estate (3.9%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Daibiru Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">184,100</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,170,524</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">Daito Trust   Construction Co. Ltd.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">18,500</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,234,434</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">5,404,958</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:2.0pt 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Telecommunication   Services (3.5%)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">KDDI Corp.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">181,200</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">4,827,646</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total   Common Stocks</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">136,344,869</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total   Long-Term Investments&#151;99.0% (cost $105,243,518)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">136,344,869</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="467" style="border:none;"></td>
<td width="18" style="border:none;"></td>
<td width="99" style="border:none;"></td>
<td width="18" style="border:none;"></td>
<td width="29" style="border:none;"></td>
<td width="70" style="border:none;"></td>
<td width="7" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="12%" valign="bottom" bgcolor="#DCDDDD" style="background:#DCDDDD;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Shares</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#DCDDDD" style="background:#DCDDDD;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="71%" valign="bottom" bgcolor="#DCDDDD" style="background:#DCDDDD;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:71.16%;">
<p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Description</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#DCDDDD" style="background:#DCDDDD;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#DCDDDD" style="background:#DCDDDD;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Value<br>   (US$)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#DCDDDD" style="background:#DCDDDD;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="85%" colspan="3" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:85.66%;">
<p style="line-height:13.0pt;margin:2.0pt 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">SHORT-TERM   INVESTMENT&#151;0.2%</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.34%;">
<p style="line-height:13.0pt;margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="line-height:13.0pt;margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="85%" colspan="3" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:85.66%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">UNITED STATES&#151;0.2%</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.34%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">235,972</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="71%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:71.16%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">State   Street Institutional U.S. Government Money Market Fund,&nbsp;Institutional   Class, 0.96%</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">(d)</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial" style="font-size:9.5pt;">235,972</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="71%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:71.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total Short-Term Investment&#151;0.2% (cost $235,972)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">235,972</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="71%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:71.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total Investments&#151;99.2% (cost $105,479,490)</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(e)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">136,580,841</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="71%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:71.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Other   Assets in Excess of Liabilities&#151;0.8%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,159,028</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="71%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:71.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net Assets&#151;100.0%</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="line-height:13.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$</font></b><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">137,739,869</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="line-height:13.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">(a)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">All securities are   fair valued. Fair Values are determined pursuant to procedures approved by   the Fund&#146;s Board of Directors. Unless otherwise noted, securities are valued   by applying valuation factors to the exchange traded price. See Note   2(a)&nbsp;of the accompanying Notes to Financial Statements.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">(b)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Security is not   valued by applying a valuation factor. See Note 2(a)&nbsp;of the accompanying   Notes to Financial Statements.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">(c)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Non-income producing   security.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(d)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Registered   investment company advised by State Street Global Advisors. The rate shown is   the current yield as of October&nbsp;31, 2017.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(e)&nbsp;</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">See Note 9 of the   accompanying Notes to Financial Statements for tax unrealized   appreciation/(depreciation) of securities.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">See Notes to Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">8</font></b><a name="PB_8_123205_4141"></a></p>    </td>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan   Equity Fund, Inc.</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Statement of Assets and Liabilities</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">As of October&nbsp;31, 2017</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Investments,   at value (cost $105,243,518)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;136,344,869</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Short-term   investments, at value (cost $235,972)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">235,972</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Foreign   currency, at value (cost $648,285)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">649,685</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Interest   and dividends receivable</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">664,242</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Tax   reclaim receivable</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,546</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Prepaid   expenses and other assets</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">46,624</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total assets</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">137,944,938</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Audit   and tax services</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">60,428</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Legal   fees and expenses payable</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">53,753</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Investment   management fees payable (Note 3)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">34,511</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Administration   fees payable (Note 3)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">9,048</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Investor   relations fees payable (Note 3)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,036</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Other   accrued expenses</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">42,293</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total liabilities</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">205,069</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net Assets</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$&nbsp;137,739,869</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Composition of Net Assets:</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Common   stock (par value $0.01 per share) (Note 5)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font><font size="2" face="Arial" style="font-size:9.5pt;">133,777</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Paid-in   capital in excess of par</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">100,086,634</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Accumulated   net investment income</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">782,616</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Accumulated   net realized gain from investments and foreign currency transactions</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,642,320</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net unrealized appreciation on   investments and translation of assets and liabilities denominated in foreign   currencies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">31,094,522</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net Assets</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$&nbsp;137,739,869</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.76%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   asset value per share based on 13,377,692 shares issued and outstanding</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.30</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">See Notes to Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><a name="PB_9_124828_9621"></a><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">9</font></b><a name="PB_9_125708_8639"></a></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Statement of Operations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">For the Year Ended October&nbsp;31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net investment income:</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Income</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Dividends   and other income (net of foreign withholding taxes of $225,643)</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;&nbsp;2,030,583</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">2,030,583</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Expenses:</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Investment   management fee (Note 3)</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">388,825</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Directors&#146;   fees and expenses</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">221,883</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Administration   fee (Note 3)</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">99,530</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Insurance   expense</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">74,463</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Legal   fees and expenses</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">58,439</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Independent   auditors&#146; fees and expenses</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">51,587</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Reports   to stockholders and proxy solicitation</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">49,412</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Investor   relations fees and expenses (Note 3)</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">48,284</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">NYSE   listing fee</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">23,739</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Transfer   agent&#146;s fees and expenses</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">21,314</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Custodian&#146;s   fees and expenses</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">18,606</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Miscellaneous</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">9,736</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   expenses</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">1,065,818</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   Investment Income</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">964,765</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net Realized   and Unrealized Gains/(Losses) on Investments and Foreign Currency Related   Transactions</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net realized gain/(loss) from:</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Investment   transactions</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,643,184</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Foreign   currency transactions</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(181,075</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p align="right" style="margin:2.0pt 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">5,462,109</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net change in unrealized   appreciation/(depreciation) on:</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Investments</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">8,226,114</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Foreign   currency translation</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">23,047</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p align="right" style="margin:2.0pt 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">8,249,161</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   realized and unrealized gain from investments and foreign currency related   transactions</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">13,711,270</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.7%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net Increase in Net Assets Resulting from   Operations</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.8%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$14,676,035</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">See Notes to Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">10</font></b><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-weight:bold;"><a name="PB_10_130722_7056"></a></font></b></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Statements of Changes in Net Assets</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:65.2%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">For the<br>   Year Ended<br>   October&nbsp;31, 2017</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">For the<br>   Year Ended<br>   October&nbsp;31, 2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Increase/(decrease) in net assets from operations:</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Operations:</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   investment income</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964,765</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,023,718</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   realized gain from investment transactions</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,643,184</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,043,827</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   realized gain/(loss) from foreign currency transactions</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(181,075</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">205,936</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   change in unrealized appreciation/(depreciation) on investments</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">8,226,114</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">10,728,444</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   change in unrealized appreciation/(depreciation) on foreign currency   translation</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">23,047</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(20,452</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   increase in net assets resulting from operations</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">14,676,035</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">14,981,473</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Distributions to stockholders from:</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   investment income</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(1,193,149</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(1,032,886</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   realized gains</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(3,044,539</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(3,146,708</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   decrease in net assets from distributions</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(4,237,688</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(4,179,594</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Capital Share Transactions:</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Reinvestment   of dividends resulting in the issuance of 55,595 and 9,741 shares of common   stock, respectively</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">425,851</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">68,674</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Repurchase   of common stock under the discount management policy (126,925 and 221,753),   respectively</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(988,771</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(1,696,454</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Change   in net assets from capital stock transactions</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(562,920</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">(1,627,780</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   increase/(decrease) in net assets</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">9,875,427</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">9,174,099</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net assets:</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Beginning   of year</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">127,864,442</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">118,690,343</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:65.2%;">
<p style="margin:2.0pt 0in .0001pt 20.0pt;text-indent:-10.0pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">End of year (including accumulated net investment income of $782,616   and $1,192,075, respectively)</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$&nbsp;137,739,869</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$127,864,442</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">See Notes to Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">11</font></b><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-weight:bold;"><a name="PB_11_131335_5335"></a></font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Financial Highlights</font></p>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">For the Fiscal Years Ended October 31,</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">2017</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">2016</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">2014</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">2013</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
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<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#DCDDDE" style="background:#DCDDDE;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">PER SHARE OPERATING PERFORMANCE(a):</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   asset value, beginning of year</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$9.51</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$8.69</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$8.26</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$7.55</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$5.67</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   investment income</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.07</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.08</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.05</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.04</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.07</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net realized and unrealized   gains/(losses) on investments and foreign currencies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.03</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.03</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.44</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.79</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.87</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Total   from investment operations</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.10</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.11</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.49</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.83</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.94</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Distributions   from:</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   investment income</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.09</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.08</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.03</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.15</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.06</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   realized gains</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.23</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.23</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.04</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Total   distributions</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.32</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.31</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.07</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.15</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(0.06</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Capital   Share Transactions:</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Impact   due to discount management policy</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.01</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.02</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.01</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.03</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&#150;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   asset value, end of year</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$10.30</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$9.51</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$8.69</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$8.26</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$7.55</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Market   value, end of year</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$9.17</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$8.18</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$7.48</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$7.36</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$6.83</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Investment Return Based on(b):</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Market   value</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">16.73%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">14.10%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2.67%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">10.11%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">38.11%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   asset value</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">12.78%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">14.19%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6.28%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11.79%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">34.63%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Ratio to Average Net Assets/Supplementary Data:</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   assets, end of year (in millions)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$137.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$127.9</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$118.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$113.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$107.0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Average   net assets (in millions)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$124.4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$118.4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$117.9</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$107.3</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">$97.9</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   operating expenses, net of fee waivers</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.86%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.92%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.96%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.04%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.08%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   operating expenses, excluding fee waivers</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.86%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.92%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.96%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.04%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1.08%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Net   investment income</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.78%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.86%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.58%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.47%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">0.97%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:2.0pt 0in .0001pt 15.85pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Portfolio   turnover</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">22%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">10%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">98%</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">100%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">(a)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.08%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Based on average shares outstanding.</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.08%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">(b)</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.08%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Total   investment return based on market value is calculated assuming that shares of   the Fund&#146;s common stock were purchased at the closing market price as of the   beginning of the period, dividends, capital gains, and other distributions   were reinvested as provided for in the Fund&#146;s dividend reinvestment plan and   then sold at the closing market price per share on the last day of the   period. The computation does not reflect any sales commission investors may   incur in purchasing or selling shares of the Fund. The total investment   return based on the net asset value is similarly computed except that the   Fund&#146;s net asset value is substituted for the closing market value.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Amounts listed as &#147;&#150;&#148; are $0 or round to $0.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">See Notes to Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">12</font></b><a name="PB_12_120541_7056"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Notes to Financial Statements</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">October 31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">1. Organization</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Aberdeen Japan Equity Fund,&nbsp;Inc. (the &#147;Fund&#148;) was incorporated in Maryland on July&nbsp;12, 1990 under its original name &#147;The Japan Emerging Equity Fund,&nbsp;Inc.&#148; and commenced operations on July&nbsp;24, 1992. It is registered with the Securities and Exchange Commission as a closed-end, diversified management investment company. The Fund&#146;s investment objective is to outperform over the long term, on a total return basis (including appreciation and dividends), the Tokyo Stock Price Index (&#147;TOPIX&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">2. Summary of Significant Accounting Policies</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standard Codification Topic 946 Financial Services &#150; Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America (&#147;GAAP&#148;). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The books and accounting records of the Fund are maintained in U.S. Dollars.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">a. Security Valuation:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund values its securities at current market value or fair value, consistent with regulatory requirements. &#147;Fair value&#148; is defined in the Fund&#146;s Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the &#147;Valuation Time&#148; subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m.&nbsp;Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds (&#147;ETFs&#148;) are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Foreign equity securities that are traded on foreign exchanges that close prior to Valuation Time are valued by applying valuation factors</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund&#146;s portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a &#147;government money market fund&#148; pursuant to Rule&nbsp;2a-7 under the Investment Company Act of 1940, and has an objective to maintain a $1.00 per share net asset value (&#147;NAV&#148;). Generally, these investment types are categorized as Level 1 investments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In the event that a security&#146;s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund&#146;s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Fund&#146;s Board of Directors. A security that has been fair valued by the Fund&#146;s Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level measurements to valuations based upon unobservable inputs that are significant to the valuation. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">13</font></b><a name="PB_13_130115_5335"></a></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Notes to Financial Statements </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(continued)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">October 31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">reporting entity&#146;s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument&#146;s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The three-level hierarchy of inputs is summarized below:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Level 1 &#150; quoted prices in active markets for identical investments;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Level 2 &#150; other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Level 3 &#150; significant unobservable inputs (including the Fund&#146;s own assumptions in determining the fair value of investments).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The following is a summary of the inputs used as of October&nbsp;31, 2017 in valuing the Fund&#146;s investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Investments, at Value</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Level 1 &#150; Quoted <br>   Prices ($)</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Level 2 &#150; Other Significant<br>   Observable Inputs ($)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Level 3 &#150; Significant <br>   Unobservable Inputs ($)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total ($)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:20.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Investments in   Securities</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:22.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:20.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Common Stocks</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,971,197</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:22.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">133,373,672</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:20.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&#150;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">136,344,869</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Short-Term Investment</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">235,972</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:22.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&#150;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:20.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&#150;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">235,972</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:2.0pt 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">3,207,169</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:22.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">133,373,672</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:20.5%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">&#150;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">136,580,841</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:20.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Amounts listed as &#147;-&#148; are $0 or round to $0.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing transfers at the end of each period. The utilization of valuation factors may result in transfers between Level 1 and Level 2. For the fiscal year ended October&nbsp;31, 2017, the security issued by Asahi Intecc Co. Ltd. transferred from Level 2 to Level 1 at the value of $2,971,197 because the security was valued without the application of a valuation factor at October&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">For the fiscal year ended October&nbsp;31, 2017, there were no significant changes to the fair valuation methodologies.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">b. Foreign Currency Translation:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Foreign currency amounts are translated into U.S. Dollars on the following basis:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;"><font size="2" face="Arial" style="font-size:9.5pt;">(i)&nbsp;&nbsp;</font><font size="2" face="Arial" style="font-size:9.5pt;">market value of investment securities, other assets and liabilities &#150; at the current daily rates of exchange; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;"><font size="2" face="Arial" style="font-size:9.5pt;">(ii)&nbsp;&nbsp;</font><font size="2" face="Arial" style="font-size:9.5pt;">purchases and sales of investment securities, income and expenses &#150; at the rate of exchange prevailing on the respective dates of such transactions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund does not isolate that portion of gains and losses on investments in equity securities which is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign currency</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund reports certain foreign currency related transactions and foreign taxes withheld on security transactions as components of realized gains for financial reporting purposes, whereas such foreign currency related transactions are treated as ordinary income for U.S. federal income tax purposes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation on value of investments, and translation of other assets and liabilities denominated in foreign currencies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions,</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">14</font></b><a name="PB_14_130115_5796"></a></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Notes to Financial Statements </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(continued)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">October&nbsp;31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">and the difference between the amounts of interest and dividends recorded on the Fund&#146;s books and the U.S. Dollar equivalent of the amounts actually received.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund&#146;s investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">c. Security Transactions,&nbsp;Investment Income and Expenses:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and foreign currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as the Fund acquires information regarding such dividends or corporate actions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Interest income and expenses are recorded on an accrual basis.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.5pt;">d. Distributions:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund records dividends and distributions payable to its stockholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These book basis/tax basis differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">e. Federal Income Taxes:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund intends to continue to qualify as a &#147;regulated investment company&#148; by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund recognizes the tax benefits of uncertain tax positions only where the position is &#147;more likely than not&#148; to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund&#146;s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October&nbsp;31 are subject to such review.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund is not subject to any Japanese income, capital gains or other taxes except for withholding taxes on certain income, generally imposed at a rate of 10.0% on interest and dividends paid to the Fund by Japanese corporations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">f. Rights Issues and Warrants:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company&#146;s discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">g. Foreign Withholding Tax:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Fund accrues such taxes when the related income is earned.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">h. Repurchase Agreements:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund may enter into a repurchase agreement under the terms of a Master Repurchase Agreement. It is the Fund&#146;s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. If the counterparty to a repurchase agreement defaults and the value of the collateral</font><font size="2" style="font-size:9.5pt;">  </font><font size="2" face="Arial" style="font-size:9.5pt;">declines, or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by the Fund</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">15</font></b><a name="PB_15_130115_2897"></a></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Notes to Financial Statements </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(continued)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">October&nbsp;31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">may be delayed or limited. Repurchase agreements are subject to contractual netting arrangements with the counterparty, Fixed Income Clearing Corp. To the extent the Fund enters into repurchase agreements, additional information on individual repurchase agreements is included in the Portfolio of Investments. As of and during the fiscal year ended October&nbsp;31, 2017, the Fund did not hold any repurchase agreements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">3. Agreements and Transactions with Affiliates</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Merger of Aberdeen Asset Management PLC with Standard Life plc</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund&#146;s investment manager and administrator are each a subsidiary of Aberdeen Asset Management PLC (&#147;Aberdeen PLC&#148;). The merger of Standard Life plc and Aberdeen PLC, announced on March&nbsp;6, 2017 (&#147;Merger&#148;), closed on August&nbsp;14, 2017. Aberdeen PLC became a direct subsidiary of Standard Life plc as a result of the Merger and the combined company changed its name to Standard Life Aberdeen plc. Stockholders of the Fund were not required to take any action as a result of the Merger. Following the Merger, the Fund&#146;s investment adviser and administrator each became an indirect subsidiary of Standard Life Aberdeen plc, but otherwise did not change. The investment advisory and administration agreements for the Fund, the services provided under the agreements, and the fees charged for services did not change as a result of the Merger. The portfolio management team for the Fund also did not change as a result of the Merger.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">a. Investment Manager:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Aberdeen Asset Management Asia Limited (&#147;AAMAL&#148;) serves as the Fund&#146;s investment manager with respect to all investments. Pursuant to the Management Agreement, the Manager makes investment management decisions relating to the Fund&#146;s assets. For such investment services, the Fund pays the Manager at an annual rate of 0.60% of the first $20 million, 0.40% of the next $30 million, and 0.20% of the excess over $50 million of the Fund&#146;s average weekly Managed Assets. For purposes of this calculation, &#147;Managed Assets&#148; of the Fund means total assets of the Fund, including assets attributable to investment leverage, minus all liabilities, but not excluding any liabilities or obligations attributable to leverage obtained by the Fund for investment purposes through (i)&nbsp;the issuance or incurrence of indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii)&nbsp;the issuance of preferred stock or other similar preference securities, and/or (iii)&nbsp;any other means, but not including any collateral received for securities loaned by the Fund. During the fiscal year ended October&nbsp;31, 2017, the Fund paid AAMAL $388,825. In addition, the Fund has agreed to reimburse the Manager for all out-of-pocket expenses related to the</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Fund. For the fiscal year ended October&nbsp;31, 2017, no such expenses were paid to the Manager.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">b. Fund Administration:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Aberdeen Asset Management Inc. (&#147;AAMI&#148;), an affiliate of AAMAL, serves as the Fund&#146;s administrator, pursuant to an amended fee schedule under which AAMI receives a fee, payable quarterly by the Fund, at an annual rate of 0.08% of the value of the Fund&#146;s average weekly net assets. During the fiscal year ended October&nbsp;31, 2017, AAMI earned $99,530 from the Fund for administration fees.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">c. Investor Relations:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Under the terms of the Investor Relations Services Agreement, AAMI provides and pays third parties to provide investor relations services to the Fund and certain other funds advised by AAMAL or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the &#147;Fund&#146;s Portion&#148;). However, investor relations services fees are limited by AAMI so that the Fund will only pay up to an annual rate of 0.05% of the Fund&#146;s average weekly net assets. Any difference between the capped rate of 0.05% of the Fund&#146;s average weekly net assets and the Fund&#146;s Portion is paid for by AAMI.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Pursuant to the terms of the Investor Relations Services Agreement, AAMI (or third parties engaged by AAMI), among other things, provides objective and timely information to stockholders based on publicly-available information; provides information efficiently through the use of technology while offering stockholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, published white papers, magazine articles and other relevant materials discussing the Fund&#146;s investment results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general shareholder sentiment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">During the fiscal year ended October&nbsp;31, 2017, the Fund incurred investor relations fees of approximately $48,284. For the fiscal year ended October&nbsp;31, 2017, AAMI did not waive any investor relations fees because the Fund did not reach the capped amount.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">4. Investment Transactions</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Purchases and sales of investment securities (excluding short-term securities) for the fiscal year ended October&nbsp;31, 2017, were $26,978,019 and $31,174,117, respectively.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Notes to Financial Statements </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(continued)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">October&nbsp;31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">5. Capital</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The authorized capital of the Fund is 30 million shares of $0.01 par value per share of common stock. During the fiscal year ended October&nbsp;31, 2017, the Fund repurchased 126,925 shares pursuant to its Discount Management Program and reinvested 55,595 shares pursuant to its Dividend Reinvestment and Cash Purchase Plan. As of October&nbsp;31, 2017, there were 13,377,692 shares of common stock issued and outstanding.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">6. Discount Management Program</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund&#146;s Discount Management Program authorizes management to make open market purchases, from time to time, in a maximum aggregate amount during each twelve month period ended October&nbsp;31 of up to 10% of the Fund&#146;s shares of stock outstanding as of October&nbsp;31 of the prior year. Such purchases may be made opportunistically at certain discounts to net asset value per share when, in the reasonable judgment of management based on historical discount levels and current market conditions, such repurchases may enhance stockholder value. During the fiscal year ended October&nbsp;31, 2017, the Fund repurchased 126,925 shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board of Directors authorized the Discount Management Program in order to potentially enhance share liquidity and increase Stockholder value through the potential accretive impact of the purchases to the Fund&#146;s NAV. There is no assurance that the Fund will purchase shares in any specific amounts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#8e3293" face="Arial" style="color:#8E3293;font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">7. Portfolio Investment Risks</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">a. Risks Associated with Foreign Securities and Currencies</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, and political or social instability or diplomatic developments, which could adversely affect investments in those countries.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries. Foreign securities may also be harder to price than U.S. securities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">U.S. Dollar reduces the value in the U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">b. Focus Risk</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Fund may have elements of risk not typically associated with investments in the United States due to focused investments in a limited number of countries or regions subject to foreign securities or currencies risks. Such focused investments may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">c. Sector Risk</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Consumer Staples Sector Risk</font></i><font size="2" face="Arial" style="font-size:9.5pt;">. To the extent the consumer staples sector represents a significant portion of the Fund&#146;s investments, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. The consumer staples sector may be affected by the regulation of various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Industrial Sector Risk</font></i><font size="2" face="Arial" style="font-size:9.5pt;">. To the extent that the industrials sector represents a significant portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector.</font><font size="2" style="font-size:9.5pt;">  </font><font size="2" face="Arial" style="font-size:9.5pt;">Industrial companies are affected by supply and demand both for their specific products or services and for industrial sector products or services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">17</font></b><a name="PB_17_130115_7748"></a></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Notes to Financial Statements </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(continued)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">October&nbsp;31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">d. Valuation Risk</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund&#146;s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>

</div><div style="float:right;margin:left=3%;position:relative;width:47%;"><p style="margin:0in 0in .0001pt;text-align:justify;"></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">ascribed by the Fund, and the Fund could realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Fund&#146;s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">8. Contingencies</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund&#146;s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">9. Tax Information</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The U.S. federal income tax basis of the Fund&#146;s investments and the net unrealized appreciation as of October&nbsp;31, 2017 were as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Tax Basis of Investments</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Appreciation</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Depreciation</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net Unrealized<br>   Appreciation/<br>   (Depreciation)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:24.96%;">
<p style="margin:0in 0in .0001pt 15.15pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">$105,479,490</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:22.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font><font size="2" face="Arial" style="font-size:9.5pt;">32,786,911</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:21.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font><font size="2" face="Arial" style="font-size:9.5pt;">(1,685,560</font><font size="2" face="Arial" style="font-size:9.5pt;">)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font><font size="2" face="Arial" style="font-size:9.5pt;">31,101,351</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Income and capital gains distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The tax character of distributions paid during the fiscal years ended October&nbsp;31, 2017 and October&nbsp;31, 2016 was as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="58%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:58.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">October&nbsp;31, 2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">October&nbsp;31, 2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:58.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Distributions   paid from:</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:58.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Ordinary   Income</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font><font size="2" face="Arial" style="font-size:9.5pt;">1,193,149</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font><font size="2" face="Arial" style="font-size:9.5pt;">1,032,886</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:58.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Net   long-term capital gains</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,044,539</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">3,146,708</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:58.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total tax character of distributions</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$</font></b><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">4,237,688</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.66%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$</font></b><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">4,179,594</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">As of October&nbsp;31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#F1F1F2" style="background:#F1F1F2;border-collapse:collapse;">
<tr>
<td width="78%" valign="top" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:78.32%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Undistributed   ordinary income &#150; net</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font><font size="2" face="Arial" style="font-size:9.5pt;">782,613</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:78.32%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Undistributed   long-term capital gains &#150; net</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">5,642,320</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:78.32%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Total   undistributed earnings</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$</font><font size="2" face="Arial" style="font-size:9.5pt;">6,424,933</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:78.32%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Capital   loss carryforward</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&#150;*</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:78.32%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Other   currency gains</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&#150;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:78.32%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Other   temporary differences</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">&#150;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 1.45pt 1.45pt 1.45pt;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="78%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:78.32%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Unrealized   appreciation/(depreciation)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:2.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">31,094,525</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="78%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:78.32%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total accumulated earnings/(losses) &#150; net</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:1.45pt 1.45pt 1.45pt 1.45pt;width:17.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">$</font></b><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">37,519,458</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">* As of October&nbsp;31, 2017, the Fund did not utilize a capital loss carryforward.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">18</font></b><a name="PB_18_130115_141"></a></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Notes to Financial Statements </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(concluded)</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:11.0pt;">October&nbsp;31, 2017</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent differences primarily attributable to foreign currency gains and losses. These reclassifications have no effect on net assets or NAVs per share.</font></p>
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<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Accumulated<br>   Net<br>   Investment<br>   Income</font></b></p>    </td>
<td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:43.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Accumulated Net <br>   Realized Gain from <br>   Investments and <br>   Foreign Currency <br>   Transactions</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:18.92%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.5%;">
<p align="right" style="margin:0in 0in .0001pt 54.25pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Arial" style="font-size:9.5pt;">(181,075)</font></p>    </td>
<td width="43%" valign="bottom" bgcolor="#F1F1F2" style="background:#F1F1F2;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">181,075</font></p>    </td>
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<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">10. Subsequent Events</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures or adjustments were required to the financial statements as of October&nbsp;31, 2017, other than as noted below.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">On December&nbsp;12, 2017, the Board of Directors announced that Mr.&nbsp;Martin Gruber had retired as the Chair and as a Director of the Fund. Mr.&nbsp;Gruber served on the Fund as both a Director and member of the Audit Committee since 1992 and was appointed as Chair in 2013. The Board of Directors also announced that the Board had appointed Radhika Ajmera to serve as Chair of the Board. Ms.&nbsp;Ajmera has been an independent director of the Fund since 2014.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">On December&nbsp;19, 2017, the Fund announced that it will pay on January&nbsp;8, 2018 a distribution of $0.48029 per share to all stockholders of record as of December&nbsp;29, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:7.0pt;font-weight:bold;">19</font></b><b><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-weight:bold;"><a name="PB_19_130115_7608"></a></font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#9e5497" face="Arial" style="color:#9E5497;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#8f3192" face="Arial" style="color:#8F3192;font-size:18.0pt;">Report of Independent Registered Public Accounting Firm</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board of Directors and Shareholders of<br> Aberdeen Japan Equity Fund,&nbsp;Inc.:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Aberdeen Japan Equity Fund,&nbsp;Inc. (the &#147;Fund&#148;), as of October&nbsp;31, 2017, and the related statement of operations, changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended October&nbsp;31, 2016 and the financial highlights for each of the years in the four-year period ended October&nbsp;31, 2016 were audited by other independent registered public accountants, whose report thereon dated December&nbsp;27, 2016, expressed an unqualified opinion on those financial statements and financial highlights.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October&nbsp;31, 2017, by correspondence with the custodian or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of October&nbsp;31, 2017, the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="144" height="34" src="g270881bi15i001.jpg"></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Philadelphia, Pennsylvania<br> December&nbsp;28, 2017</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;font-size:7.0pt;">20</font><a name="PB_20_120727_3206"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund, Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#8f3192" face="Arial" style="color:#8F3192;font-size:18.0pt;">Federal Tax Information: Dividends and Distributions </font><font size="2" color="#8f3192" face="Arial" style="color:#8F3192;font-size:11.0pt;">(unaudited)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The following information is provided with respect to the distributions paid by Aberdeen Japan Equity Fund,&nbsp;Inc. during the fiscal year ended October&nbsp;31, 2017:</font></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Payable<br>   Date</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Total&nbsp;Cash<br>   Distribution</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Long-Term<br>   Capital<br>   Gain</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Tax<br>   Return&nbsp;of<br>   Capital</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Net<br>   Ordinary<br>   Dividend</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Foreign<br>   Taxes<br>   Paid</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(1)</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Gross<br>   Ordinary<br>   Dividend</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Qualified<br>   Dividends</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-5.0pt;">(2)</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Foreign<br>   Source<br>   Income</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:9.5pt;">1/11/17</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$0.316100</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$0.227100</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$&#150;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$0.089000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$0.017445</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$0.106445</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$0.089000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">$0.089000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:9.5pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:9.5pt;">The foreign taxes paid represent taxes incurred by the Fund on interest received from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:9.5pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:9.5pt;">The Fund hereby designates the amount indicated above or the maximum amount allowable by law.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#8f3192" face="Arial" style="color:#8F3192;font-size:18.0pt;">Supplemental Information</font><font size="5" face="Arial" style="font-size:18.0pt;">  </font><font size="2" color="#8f3192" face="Arial" style="color:#8F3192;font-size:11.0pt;">(unaudited)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Results of Annual Meeting of Shareholders</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Annual Meeting of Stockholders was held on Thursday, June&nbsp;21, 2017 at 1735 Market Street, 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">th</font><font size="2" face="Arial" style="font-size:9.5pt;">&#160;Floor, Philadelphia, Pa. The description of the proposals and number of shares voted at the meeting are as follows:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">1. To re-elect two Class&nbsp;III Directors to the Board of Directors:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Votes&nbsp;For</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Votes&nbsp;Against</font></b></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="60%" valign="top" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:60.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Richard   Herring</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">9,828,149</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,527,686</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;padding:0in 0in 0in 0in;width:1.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:9.5pt;">Anthony   Clark</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">10,207,049</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:9.5pt;">2,152,610</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#EFF0F0" style="background:#EFF0F0;border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">Directors whose term of office continued beyond the Meeting are as follows: Radhika Ajmera, Martin Gruber, David Harmer and Rahn Porter.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Change in Independent Registered Public Accounting Firm</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">On September&nbsp;12, 2017, PricewaterhouseCoopers LLP (&#147;PwC&#148;) resigned as the independent registered public accounting firm for Fund. The reports of PwC on the Fund&#146;s financial statements as of and for the fiscal years ended October&nbsp;31, 2016 and October&nbsp;31, 2015 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During the Fund&#146;s fiscal years ended October&nbsp;31, 2016 and October&nbsp;31, 2015 and the subsequent interim period through September&nbsp;12, 2017, there were no disagreements between the Fund and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused it to make reference to the subject matter of the disagreements in its reports on the financial statements of the Fund for such years. During the Fund&#146;s fiscal years ended October&nbsp;31, 2016 and October&nbsp;31, 2015 and the subsequent interim period through September&nbsp;12, 2017, there were no &#147;reportable events&#148; (as defined in Item 304(a)(1)(v)&nbsp;of Regulation S-K under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;)).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">On September&nbsp;12, 2017, upon the recommendation of its Audit Committee, the Board of Directors of the Fund approved the engagement of KPMG LLP (&#147;KPMG&#148;) as the independent registered public accounting firm for the Fund for the fiscal year ending October&nbsp;31, 2017, contingent on KPMG&#146;s delivery of an independence letter that is satisfactory to the Fund&#146;s Audit Committee. After completing its standard client evaluation procedures and delivering its independence letter to the Audit Committee, KPMG accepted the engagement effective on November&nbsp;9, 2017. The Board and its Audit Committee considered the engagement of KPMG in connection with the resignation of the Fund&#146;s former independent registered accounting firm on September&nbsp;12, 2017. During the Fund&#146;s fiscal years ended October&nbsp;31, 2016 and October&nbsp;31, 2015 and the subsequent interim period through November&nbsp;9, 2017, neither the Fund, nor anyone on its behalf, consulted with KPMG, on behalf of the Fund, regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund&#146;s financial statements, or any matter that was either the subject of a &#147;disagreement,&#148; as defined in Item &#160;304(a)(1)(iv) of Regulation S-K under the Exchange Act and the instructions thereto, or a &#147;reportable event,&#148; as defined in Item 304(a)(1)(v) of Regulation S-K under the Exchange Act.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund, Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;font-size:7.0pt;">21</font><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;"><a name="PB_21_122852_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Board Consideration and Approval of Investment Management Agreement</font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">  </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited)</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Nature, Extent and Quality of Services</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">At a meeting (the &#147;Meeting&#148;) of the Board of Directors of The Aberdeen Japan Equity Fund,&nbsp;Inc. (the &#147;Fund&#148;) held on June&nbsp;13, 2017, the Board reviewed and considered the nature, quality and extent of services provided by Aberdeen Asset Management Asia Limited (the &#147;Investment Manager&#148;), under the Investment Management Agreement with the Investment Manager (the &#147;Investment Management Agreement&#148;). The Board reviewed and considered the qualifications of the portfolio management team and other key personnel of the Investment Manager who provide investment advisory services to the Fund and determined that they are qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board also reviewed and considered the services provided to the Fund by the Investment Manager and its personnel. The Board concluded that the nature, quality and extent of advisory services provided to the Fund by the Investment Manager were necessary and appropriate for the conduct of the business and investment activities of the Fund. The Board also concluded that the overall quality of advisory services was satisfactory.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Performance Relative to the Fund&#146;s Benchmark</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board noted that the Investment Manager had been managing the Fund for less than five years. The Board reviewed and considered the Fund&#146;s performance for the last three full year periods as provided to the Board prior to the Meetings. For the last three full years, the Fund had generally outperformed the Fund&#146;s benchmark, the TOPIX. The Board also noted that the Fund had at times outperformed and at other times underperformed the only comparable closed-end fund.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Fees Relative to Other Funds Advised by the Investment Manager</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board reviewed and considered the advisory fees paid by the Fund under the Investment Management Agreement (the &#147;Investment Manager Fee&#148;) and information showing the advisory fees paid by other U.S. registered closed-end funds managed by the Investment Manager or its affiliates (&#147;Other Aberdeen Funds&#148;) and fees charged by the Investment Manager to other clients with assets invested in Japan. The Board noted that the Investment Manager Fee was lower than the fees charged to most of the Other Aberdeen Funds and largely in the same range of fees charged to other clients with comparable investment strategies and determined that the Investment Management Fee was appropriate.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Fees and Expenses Relative to Comparable Funds Managed by Other Investment Managers</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board reviewed and considered the advisory fees paid by other closed-end funds investing in a single country. While the fees vary widely, the majority of these fees paid in connection with these country funds were in the 1.00% and higher range. The Board concluded that the Fund&#146;s advisory fees under the Investment Management Agreement were significantly lower than these other country funds. The Board also noted that the total expense ratio of the Fund was at the low end of the range of total expense ratios of other closed-end funds investing in a single country. The Board concluded that the Fund&#146;s total expense ratio was satisfactory.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Breakpoints and Economies of Scale</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board reviewed and considered the structure of the Fund&#146;s advisory fees under the Investment Management Agreement and noted that it does include a breakpoint. The Board considered that the Fund is closed-end. The Board concluded that economies of scale for the Fund were not a factor that needed to be considered at current asset levels.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Profitability of the Investment Manager</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board reviewed and considered a profitability report for the Investment Manager for the last year included in the materials provided to the Board. Based on its review of the information it received, the Board concluded that the profits earned by the Investment Manager were not excessive in light of the advisory services provided to the Fund.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Other Benefits to the Investment Manager or its Affiliates</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">In considering whether the Investment Manager benefits in other ways from its relationship with the Fund, the Board noted that the Fund&#146;s brokerage transactions are not effected through the Investment Manager or any of its affiliates. The Board also noted that an affiliate of the Investment Manager serves as Administrator to the Fund. The Board noted that, based on its review of the arrangements for administrative services, any benefit the Investment Manager&#146;s affiliate receives from providing those services appears to be appropriate. The Board concluded</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund, Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Board Consideration and Approval of Investment Management Agreement </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited) (concluded)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">that, to the extent that the Investment Manager or its affiliates derive other benefits from their relationships with the Fund, those benefits are not such as to render the Investment Manager&#146;s fees excessive.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Investment Manager Financially Sound and Financially Capable of Meeting the Fund&#146;s Needs</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board considered whether the Investment Manager was financially sound and had the resources necessary to perform its obligations under the Investment Management Agreement. The Board noted that the Investment Manager&#146;s operations remain profitable. The Board concluded that the Investment Manager has the financial resources necessary to fulfill its obligations under the Investment Management Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">Other Factors and Current Trends</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The Board considered the controls and procedures adopted and implemented by the Investment Manager and monitored by the Fund&#146;s Chief Compliance Officer and concluded that the conduct of business by the Investment Manager indicates a good faith effort on its part to adhere to high ethical standards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:9.5pt;">General Conclusion</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">After considering and weighing all of the above factors, the Board concluded it would be in the best interests of the Fund and its stockholders to approve renewal of the Investment Management Agreement for another year.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund, Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;font-size:7.0pt;">23</font><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;"><a name="PB_23_123640_5796"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#9e5497" face="Arial" style="color:#9E5497;font-size:18.0pt;">Dividend Reinvestment and Cash Purchase Plan </font><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">(unaudited)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">A Dividend Reinvestment and Cash Purchase Plan (the &#147;Plan&#148;) is available to provide Stockholders with automatic reinvestment of dividends and capital gain distributions in additional Fund shares. The Plan also allows you to make optional semi-annual cash investments in Fund shares through the Plan Agent. A brochure fully describing the Plan&#146;s terms and conditions is available by calling the Plan Agent at (866) 669-9903 or by writing Aberdeen Japan Equity Fund,&nbsp;Inc., c/o the American Stock Transfer&nbsp;&amp; Trust Company, Operations Center, 6201 15</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">th</font><font size="2" face="Arial" style="font-size:9.5pt;">&#160;Avenue, Brooklyn, NY 11219.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">A brief summary of the material aspects of the Plan follows:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Who can participate in the Plan?</font></b><font size="2" face="Arial" style="font-size:9.5pt;"> If you wish to participate and your shares are held in your name, you may elect to become a direct participant in the Plan by completing and mailing the Enrollment Authorization form on the back cover of the Dividend Reinvestment and Cash Purchase Plan Brochure to the Plan Agent. However, if your shares are held in the name of a financial institution, you should instruct your financial institution to participate in the Plan on your behalf. If your financial institution is unable to participate in the Plan for you, you should request that your shares be registered in your name, so that you may elect to participate directly in the Plan.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">May&nbsp;I withdraw from the Plan?</font></b><font size="2" face="Arial" style="font-size:9.5pt;"> If your shares are held in your name and you wish to receive all dividends and capital gain distributions in cash rather than in shares, you may withdraw from the Plan without penalty at any time by contacting the Plan Agent. If your shares are held in the name of a financial institution, you should be able to withdraw from the Plan without a penalty at any time by sending written notice to your financial institution. If you withdraw, you or your financial institution will receive a share certificate for all full shares or, if you wish, the Plan Agent will sell your shares and send you the proceeds, after the deduction of brokerage commissions. The Plan Agent will convert any fractional shares to cash at the then-current market price and send you a check for the proceeds.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">How are the dividends and distributions reinvested?</font></b><font size="2" face="Arial" style="font-size:9.5pt;"> If the market price of the Fund&#146;s shares on the payment date should equal or exceed their net asset value per share, the Fund will issue new shares to you at the higher of net asset value or 95% of the then-current market price. If the market price is lower than the net asset value per share, the Fund will issue new shares to you at the market price. If the dividends or distributions are declared and payable as cash only, you will receive shares purchased for you by the Plan Agent on the NYSE or otherwise on the open market to the extent available.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">What is the Cash Purchase feature?</font></b><font size="2" face="Arial" style="font-size:9.5pt;"> The Plan participants have the option of making semi-annual investments in Fund shares through the Plan Agent. You may invest any amount from $100 to $5,000</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">semiannually. The Plan Agent will purchase shares for you on the NYSE or otherwise on the open market on or about February&nbsp;15th and August&nbsp;15th of each year. Plan participants should send voluntary cash payments to be received by the Plan Agent approximately ten days before the applicable purchase date. The Plan Agent will return any cash payments received more than thirty days prior to the purchase date. You may withdraw a voluntary cash payment by written notice, if the notice is received by the Plan Agent not less than two business days before the investment date.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Is there a cost to participate?</font></b><font size="2" face="Arial" style="font-size:9.5pt;"> There are no Plan charges or brokerage charges for shares issued directly by the Fund. However, each participant will pay a service fee of $2.50 for each investment and a pro rata portion of brokerage commissions for shares purchased on the NYSE or on the open market by the Plan Agent.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">What are the tax implications?</font></b><font size="2" face="Arial" style="font-size:9.5pt;"> The automatic reinvestment of dividends and distributions does not relieve you of any income tax which may be payable (or required to be withheld) on such dividends and distributions. In addition, the Plan Agent will reinvest dividends for foreign participants and for any participant subject to federal backup withholding after the deduction of the amounts required to be withheld.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:9.5pt;font-style:italic;">Please note that, if you participate in the Plan through a brokerage account, you may not be able to continue as a participant if you transfer those shares to another broker. Contact your broker or financial institution or the Plan Agent to ascertain what is the best arrangement for you to participate in the Plan.</font></i></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;font-size:7.0pt;">24</font><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;"><a name="PB_24_123900_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund, Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="6" color="#8f3192" face="Arial" style="color:#8F3192;font-size:22.0pt;">Management of the Fund </font><font size="2" color="#8f3192" face="Arial" style="color:#8F3192;font-size:11.0pt;">(unaudited)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:9.5pt;">The names of the Directors and Officers of the Fund, their addresses, years of birth, and principal occupations during the past five years are provided in the tables below. Directors that are deemed &#147;interested persons&#148; (as that term is defined in Section&nbsp;2(a)(19) of the Investment Company Act of 1940, as amended) of the Fund or the Fund&#146;s investment adviser are included in the table below under the heading &#147;Interested Directors.&#148; Directors who are not interested persons, as described above, are referred to in the table below under the heading &#147;Independent Directors.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Board of Directors Information</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name,&nbsp;Address&nbsp;and<br>   Year&nbsp;of&nbsp;Birth</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position(s)&nbsp;Held<br>   With&nbsp;the&nbsp;Fund</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Term&nbsp;of&nbsp;Office<br>   and&nbsp;Length&nbsp;of<br>   Time&nbsp;Served</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Principal&nbsp;Occupation(s)<br>   During&nbsp;Past&nbsp;Five&nbsp;Years</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of<br>   Funds&nbsp;in<br>   Fund&nbsp;Complex*<br>   Overseen&nbsp;by<br>   Director</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   Directorships<br>   Held&nbsp;by<br>   Director</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Independent Directors</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Radhika Ajmera<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;"><br>   Year of Birth: 1964</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chair of Board of Directors, Audit Committee Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since 2014; chair since 2017. current term ends at the   2018 annual Meeting</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Radhika Ajmera has been an independent non-executive director   of Aberdeen Asia-Pacific Income Investment Company since 2015 and of Aberdeen   Japan Equity Fund since 2014 where she was recently appointed chair,   effective December&nbsp;2017. She has over twenty years&#146; experience in fund   management, predominantly in emerging markets. She has also held a number of   UK closed end fund non-executive directorships. Ms Ajmera is a graduate of   the London School of Economics.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Director of Aberdeen Asia-Pacific Income Investment   Company Limited</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Anthony S. Clark<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">3307 N. Colombus St<br>   Arlington, VA 22207</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;"><br>   Year of Birth: 1953</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Director, Audit Committee Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since 2015; current term ends at the 2020 annual Meeting</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Clark has been a Managing Member of Innovation   Capital Management, LLC, an investment adviser since January&nbsp;2016. From   2011 to 2013, Mr.&nbsp;Clark served as Chief Investment Officer of the   Pennsylvania State Employees&#146; Retirement System.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">The Taiwan Fund,&nbsp;Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">David G. Harmer<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">10911 Ashurst Way<br>   Highlands Ranch, CO<br>   80130-6961</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;"><br>   Year of Birth: 1943</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Director, Audit Committee Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since 1997; current term ends at the 2019 annual Meeting</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Prior to retiring, Mr.&nbsp;Harmer was the Director of   Community and Economic Development, City of Ogden, Utah, from 2005 to 2008.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Director of The Thai Capital Fund from 2000 to 2013</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Richard J. Herring<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;"><br>   Year of Birth: 1946</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Director, Audit Committee Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since 2007; current term ends at the 2020 annual Meeting</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Herring is Jacob Safra Professor of International   Banking and Professor of Finance Department, The Wharton School, University   of Pennsylvania, since 1972, where he is also founding director of The   Wharton Financial Institutions Center. In addition, he is a member of the   Systemic Risk Council and the FDIC&#146;s Systemic Resolution Advisory Council.   Co-chair of the Shadow Financial Regulatory Committee, from 2000 to 2016; and   Executive Director of the Financial Economists Roundtable, from 2008 to 2016.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trustee, Deutsche Asset Management Funds (and certain   predecessor funds), since 1990; Director of The Thai Capital Fund from 2000   to 2013; Independent Director of Barclays Bank Delaware, since 2010</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund, Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;font-size:7.0pt;">25</font><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;"><a name="PB_25_131034_5276"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="6" color="#8f3192" face="Arial" style="color:#8F3192;font-size:22.0pt;">Management of the Fund</font><font size="2" color="#8f3192" face="Arial" style="color:#8F3192;font-size:11.0pt;"> (unaudited) (continued)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name,&nbsp;Address&nbsp;and<br>   Year&nbsp;of&nbsp;Birth</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position(s)&nbsp;Held<br>   With&nbsp;the&nbsp;Fund</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Term&nbsp;of&nbsp;Office<br>   and&nbsp;Length&nbsp;of<br>   Time&nbsp;Served</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Principal&nbsp;Occupation(s)<br>   During&nbsp;Past&nbsp;Five&nbsp;Years</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of<br>   Funds&nbsp;in<br>   Fund&nbsp;Complex*<br>   Overseen&nbsp;by<br>   Director</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   Directorships<br>   Held&nbsp;by<br>   Director</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Rahn K. Porter<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">944 East Rim Road<br>   Franktown, CO 80116</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;"><br>   Year of Birth: 1954</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Director, Audit Committee Chairman</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since 2007; current term ends at the 2019 annual Meeting</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mr.&nbsp;Porter has been the Chief Financial and   Administrative Officer of The Colorado Health Foundation since 2013, and was   the Interim Chief Executive Officer of The Colorado Health Foundation from   2014 to 2015.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">20</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Director, CenturyLink Asset Management Company, since   2006; Director, BlackRidge Financial Inc., since 2005; Director of The Thai   Capital Fund from 2007 to 2013</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-indent:-.15in;"><font size="2" face="Arial" style="font-size:9.5pt;">*</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:9.5pt;">As of the date of this report, each of Aberdeen Asia-Pacific Income Fund,&nbsp;Inc., Aberdeen Global Income Fund,&nbsp;Inc., Aberdeen Australia Equity Fund,&nbsp;Inc., Aberdeen Chile Fund,&nbsp;Inc., Aberdeen Israel Fund,&nbsp;Inc., Aberdeen Indonesia Fund,&nbsp;Inc., Aberdeen Latin America Equity Fund,&nbsp;Inc., Aberdeen Emerging Markets Smaller Company Opportunities Fund,&nbsp;Inc., Aberdeen Singapore Fund,&nbsp;Inc., Aberdeen Japan Equity Fund,&nbsp;Inc., The Asia-Tigers Fund,&nbsp;Inc., The India Fund,&nbsp;Inc., Aberdeen Greater China Fund,&nbsp;Inc., Aberdeen Income Credit Strategies Fund, the Aberdeen Funds (which consists of 18 portfolios) and the Aberdeen Investment Funds (which consists of 4 portfolios), have a common investment manager and/or investment adviser, or an investment adviser that is affiliated with the Investment Manager, and may thus be deemed to be part of the same &#147;Fund Complex&#148; as the Fund. Messrs.&nbsp;Harmer and Herring also serve on the Aberdeen Singapore Fund,&nbsp;Inc. Mr.&nbsp;Porter also serves on Aberdeen Singapore Fund,&nbsp;Inc. and the Aberdeen Funds.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#9e5497" face="Arial" style="color:#9E5497;font-size:11.0pt;">Information Regarding Officers* who are not Directors</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name,&nbsp;Address&nbsp;and<br>   Year&nbsp;of&nbsp;Birth</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position(s)&nbsp;Held<br>   With&nbsp;the&nbsp;Fund</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Term&nbsp;of&nbsp;Office<br>   and&nbsp;Length&nbsp;of<br>   Time&nbsp;Served</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Principal&nbsp;Occupation(s)&nbsp;During&nbsp;Past&nbsp;Five&nbsp;Years</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Officers</font></u></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Alan Goodson**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1974</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since September&nbsp;2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Head of Product-Americas, overseeing both   Product Management and Product Development for Aberdeen&#146;s registered and   unregistered investment companies in the US and Canada. Mr.&nbsp;Goodson   joined Aberdeen in 2000.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Jeffrey Cotton**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1977</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Chief Compliance Officer, Vice President &#150; Compliance</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since September&nbsp;2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Head of International Compliance for Standard   Life Aberdeen plc (since 2017) and Director, Vice President and Head of   Compliance &#150; Americas for Aberdeen Asset Management Inc. He joined Aberdeen   in 2010 as Head of Compliance &#150; Americas.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Andrea Melia**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1969</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Treasurer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since September&nbsp;2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Head of Fund Operations, Traditional Assets &#150;   Americas and Vice President of Aberdeen Asset Management Inc. Ms.&nbsp;Melia   joined Aberdeen Asset Management Inc. in September&nbsp;2009.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;font-size:7.0pt;">26</font><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;"><a name="PB_26_134506_3020"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund, Inc.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name,&nbsp;Address&nbsp;and<br>   Year&nbsp;of&nbsp;Birth</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position(s)&nbsp;Held<br>   With&nbsp;the&nbsp;Fund</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Term&nbsp;of&nbsp;Office<br>   and&nbsp;Length&nbsp;of<br>   Time&nbsp;Served</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Principal&nbsp;Occupation(s)&nbsp;During&nbsp;Past&nbsp;Five&nbsp;Years</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Megan Kennedy**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1974</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Secretary and Vice President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since September&nbsp;2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Head of Product Management for Aberdeen Asset Management   Inc. (since 2009). Ms.&nbsp;Kennedy joined Aberdeen Asset Management Inc. in   2005.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Bev Hendry**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103<br><br></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1953</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vice President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since December&nbsp;2014</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently Chief Executive of Americas. He is a member of   the Aberdeen Standard Management Executive Committee and President and Chief   Executive Officer of the Aberdeen Funds. Mr.&nbsp;Hendry first Aberdeen in   1987 and helped establish Aberdeen&#146;s business in the Americas in Fort   Lauderdale. Mr Hendry left Aberdeen in 2008 when the company moved to its   headquarters in Philadelphia. Mr Hendry re-joined Aberdeen from Hansberger   Global Investors in Fort Lauderdale where he worked as Chief Operating Officer   for 6 years.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Jennifer Nichols**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1978</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vice President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since September&nbsp;2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Global Head of Legal for Aberdeen Standard   Investments and Director and Vice President for Aberdeen Asset Management   Inc. Ms.&nbsp;Nichols joined Aberdeen in 2006 as US Counsel.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Christian Pittard**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1973</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vice President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since September&nbsp;2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Group Head of Product Opportunities. From 2005   to 2007 he was Head of North American funds based in the US. Prior to that he   was a Managing Director of Aberdeen&#146;s business in Jersey, Channel Islands   having joined Aberdeen in 1998. Christian is qualified as a Chartered   Accountant and a fellow of The Securities Institute by Diploma. He has   experience in launching and servicing both closed and open ended funds in   Europe and the US.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Lucia Sitar**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1971</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vice President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since September&nbsp;2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Vice President and Managing U.S. Counsel for   Aberdeen Asset Management Inc. since 2013. Ms.&nbsp;Sitar joined Aberdeen   Asset Management Inc. in 2007 as U.S. Counsel.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Joseph Andolina**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1978</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vice President &#150; Compliance</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since 2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Head of Conduct&nbsp;&amp; Compliance &#150;   Americas/Deputy Chief Risk Officer since 2017. Prior to that,   Mr.&nbsp;Andolina was Deputy Head of Compliance &#150; Americas. In this capacity,   Joe will take a lead role in the management and implementation of the US   Compliance Program and support the group globally on SEC related matters.   Prior to joining the Compliance Department, he was a member of Aberdeen&#146;s   Legal Department, where he served as US Counsel and worked primarily on   matters relating to Aberdeen&#146;s registered funds. Before joining Aberdeen in   2012, Joe was an associate at Drinker Biddle&nbsp;&amp; Reath LLP in   Philadelphia where he worked in the firm&#146;s Investment Management Group</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Sharon Ferrari**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1977</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Assistant Treasurer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since March&nbsp;2014</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Senior Fund Administration Manager for Aberdeen   Asset Management Inc. since 2013. She joined Aberdeen Asset Management Inc. as   a Senior Fund Administrator in 2008.</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen   Japan Equity Fund, Inc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;font-size:7.0pt;">27</font><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;"><a name="PB_27_134959_7748"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="6" color="#8f3192" face="Arial" style="color:#8F3192;font-size:22.0pt;">Management of the Fund </font><font size="2" color="#8f3192" face="Arial" style="color:#8F3192;font-size:11.0pt;">(unaudited) (concluded)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Name,&nbsp;Address&nbsp;and<br>   Year&nbsp;of&nbsp;Birth</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Position(s)&nbsp;Held<br>   With&nbsp;the&nbsp;Fund</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Term&nbsp;of&nbsp;Office<br>   and&nbsp;Length&nbsp;of<br>   Time&nbsp;Served</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Principal&nbsp;Occupation(s)&nbsp;During&nbsp;Past&nbsp;Five&nbsp;Years</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Heather Hasson**<br>    </font></b><font size="1" face="Arial" style="font-size:8.0pt;">c/o Aberdeen Asset<br>   Management Inc.<br>   Attn: US Legal<br>   1735 Market St. 32</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">nd</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Floor<br>   Philadelphia, PA 19103</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Year of Birth: 1982</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Assistant Secretary</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Since September&nbsp;2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Currently, Senior Product Manager for Aberdeen Asset   Management Inc. since 2009. She joined Aberdeen Asset Management Inc. as a   Fund Administrator in 2006.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-indent:-.15in;"><font size="2" face="Arial" style="font-size:9.5pt;">*</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:9.5pt;">Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are generally elected annually at the meeting of the Board of Directors next following the annual meeting of shareholders. The officers were last elected on March&nbsp;14, 2017.</font></p>
<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-indent:-.15in;"><font size="2" face="Arial" style="font-size:9.5pt;">**</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:9.5pt;">Messrs.&nbsp;Pittard, Cotton, Hendry, Goodson and Andolina and Mses. Nichols, Melia, Kennedy, Sitar, Hasson and Ferrari hold officer position(s)&nbsp;in one or more of the following funds: Aberdeen Asia-Pacific Income Fund,&nbsp;Inc., Aberdeen Global Income Fund,&nbsp;Inc., Aberdeen Australia Equity Fund,&nbsp;Inc., Aberdeen Chile Fund,&nbsp;Inc., Aberdeen Emerging Markets Smaller Company Opportunities Fund,&nbsp;Inc., Aberdeen Israel Fund,&nbsp;Inc., Aberdeen Indonesia Fund,&nbsp;Inc., Aberdeen Latin America Equity Fund,&nbsp;Inc., Aberdeen Singapore Fund,&nbsp;Inc., Aberdeen Japan Equity Fund,&nbsp;Inc., The India Fund Inc., The Asia-Tigers Fund Inc., Aberdeen Greater China Fund,&nbsp;Inc., Aberdeen Income Credit Strategies Fund, Aberdeen Funds and Aberdeen Investment Funds, each of which may also be deemed to be a part of the same &#147;Fund Complex&#148; as the Fund.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;font-size:7.0pt;">28</font><font size="1" color="#8f3192" face="Arial" style="color:#8F3192;"><a name="PB_28_135255_6254"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Aberdeen Japan Equity Fund, Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="5" color="#8e3293" face="Arial" style="color:#8E3293;font-size:18.0pt;">Corporate Information</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Directors</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Radhika Ajmera, <i>Chair</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Anthony Clark</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">David G. Harmer</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Richard J. Herring</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Rahn K. Porter</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Officers</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Alan Goodson, <i>President</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Jeffrey Cotton, <i>Vice   President &#150; Compliance and Chief Compliance Officer</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Andrea Melia, <i>Treasurer</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Megan Kennedy, <i>Vice President   and Secretary</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Joseph Andolina,<i> Vice President &#150; Compliance</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bev Hendry, <i>Vice President</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Jennifer Nichols, <i>Vice   President</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Christian Pittard, <i>Vice   President</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Lucia Sitar, <i>Vice President</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Sharon Ferrari, <i>Assistant   Treasurer</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Heather Hasson, <i>Assistant   Secretary</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Investment Manager</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Aberdeen Asset Management Asia Limited<br>   21 Church Street<br>   #01-01 Capital Square Two<br>   Singapore 049480</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Administrator</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Aberdeen Asset Management Inc.<br>   1735 Market Street, 32nd Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Transfer Agent and   Registrar</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">American Stock Transfer&nbsp;&amp; Trust Company<br>   6201 15th Avenue<br>   Brooklyn, NY 11219</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Legal Counsel</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Clifford Chance US LLP<br>   31 West 52nd Street<br>   New York, NY 10019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Independent Registered   Public Accounting Firm</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">KPMG LLP<br>   1601 Market Street<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Investor Relations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Aberdeen Asset Management Inc.<br>   1735 Market Street, 32nd Floor<br>   Philadelphia, PA 19103</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#8e3293" face="Arial" style="color:#8E3293;font-size:9.0pt;">Custodian</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">State Street Bank and Trust Company<br>   1 Heritage Drive, 3rd Floor<br>   North Quincy, MA 02171</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="215" height="43" src="g270881bi19i001.gif"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">Aberdeen Asset Management Asia Limited</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Notice is hereby given in accordance with Section&nbsp;23(c)&nbsp;of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Shares of Aberdeen Japan Equity Fund,&nbsp;Inc. are traded on the NYSE under the symbol &#147;JEQ&#148;. Information about the Fund&#146;s net asset value and market price is available at www.aberdeenjeq.com.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">This report, including the financial information herein, is transmitted to the stockholders of Aberdeen Japan Equity Fund,&nbsp;Inc. for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future returns.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">JEQ-ANNUAL</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img width="211" height="42" src="g270881bi21i002.gif"></font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2. Code of Ethics.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.5pt;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As of October&nbsp;31, 2017, the Registrant had adopted a Code of Ethics that applies to the Registrant&#146;s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the &#147;Code of Ethics&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.5pt;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.5pt;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the period covered by this report, there were no waivers to the provisions of the Code of Ethics.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.5pt;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A copy of the Code of Ethics has been filed as an exhibit to this Form&nbsp;N-CSR.</p>
<p style="margin:0in 0in .0001pt 42.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3. Audit Committee Financial Expert.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant&#146;s Board of Directors has determined that Rahn K. Porter, a member of the Registrant&#146;s Audit Committee, possesses the attributes, and has acquired such attributes through means, identified in instruction 2 of Item 3 to Form&nbsp;N-CSR to qualify as an &#147;audit committee financial expert,&#148; and has designated Mr.&nbsp;Porter as the Audit Committee&#146;s financial expert. Mr.&nbsp;Porter is considered to be an &#147;independent&#148; Director, as such term is defined in paragraph (a)(2)&nbsp;of Item 3 to Form&nbsp;N-CSR.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4. Principal Accountant Fees and Services.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.55pt;text-indent:-6.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&#151; (d)&nbsp;Below is a table reflecting the fee information requested in Items 4(a)&nbsp;through (d):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fiscal<br>   Year&nbsp;Ended</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(a)<br>   Audit&nbsp;Fees</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(b)<br>   Audit-Related&nbsp;Fees</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(c)(1)<br>   Tax&nbsp;Fees</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(d)<br>   All&nbsp;Other&nbsp;Fees</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.38%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October&nbsp;31,   2017</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47,500</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.38%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October&nbsp;31,   2016(2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45,000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,460</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Services include tax services in connection with the Registrant&#146;s excise tax calculations and review of the registrant&#146;s applicable tax returns.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fees for the fiscal year ended October&nbsp;31, 2016 were paid to the Registrant&#146;s prior independent public accounting firm.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-29.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The&#160; Registrant&#146;s Audit Committee (the &#147;Committee&#148;) has adopted a Charter that provides that the Committee shall annually select, retain or terminate, and recommend to the Independent Directors for their ratification, the selection, retention or termination,&#160; the Fund&#146;s independent auditor and, in connection therewith, to evaluate the terms of the engagement (including compensation of the independent auditor) and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the Registrant&#146;s investment adviser or any sub-adviser, and to receive the independent auditor&#146;s specific representations as to their independence, delineating all relationships between the independent auditor and the Registrant, consistent with the PCAOB Rule&nbsp;3526 or any other applicable auditing standard.&#160; PCAOB Rule&nbsp;3526 requires that, at least annually, the auditor: (1)&nbsp;disclose to the Committee in writing all relationships between the auditor and its related entities and the Fund and its related entities that in the auditor&#146;s professional judgment may reasonably be thought to bear on independence; (2)&nbsp;confirm in the letter that, in its professional judgment, it is independent of the Fund within the meaning of the Securities Acts administered by the SEC; and (3)&nbsp;discuss the auditor&#146;s independence with the audit committee. The Committee is responsible for actively engaging in a dialogue with the independent </p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-29.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-29.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the</font>  </font>independent auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the independent auditor.&#160; The Committee Charter also provides that the Committee shall review in advance, and consider approval of, any and all proposals by Management or the Registrant&#146;s investment adviser that the Registrant, the investment adviser or their affiliated persons, employ the independent auditor to render &#147;permissible non-audit services&#148; to the Registrant and to consider whether such services are consistent with the independent auditor&#146;s independence.&#160; The Committee may delegate to one or more of its members (&#147;Delegates&#148;) authority to pre-approve permissible non-audit services to be provided to the Fund. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. The Committee shall communicate any pre-approval made by it or a Delegate to the Adviser, who will ensure that the appropriate disclosure is made in the Fund&#146;s periodic reports required by Section&nbsp;30 of the Investment Company Act of 1940, as amended, and other documents as required under the federal securities laws.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-29.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>None of the services described in each of paragraphs (b)&nbsp;through (d)&nbsp;of this Item involved a waiver of the pre-approval requirement by the Audit Committee pursuant to Rule&nbsp;2-01 (c)(7)(i)(C)&nbsp;of Regulation S-X.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 34.9pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 34.9pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Non-Audit Fees</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 34.9pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For the fiscal year ended October&nbsp;31, 2017, KPMG, billed $655,601 for aggregate non-audit fees for services to the Registrant and to the Registrant&#146;s Investment Manager and Administrator.&#160; For the fiscal year ended October&nbsp;31, 2016, the Registrant&#146;s former independent public accounting firm billed $9,857 for aggregate non-audit fees for services to the Registrant and to the Registrant&#146;s Investment Manager and Administrator.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 34.9pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant&#146;s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the Registrant&#146;s investment manager (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii)&nbsp;of Rule&nbsp;2-01 of Regulation S-X is compatible with maintaining the principal accountant&#146;s independence and has concluded that it is.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5. Audit Committee of Listed Registrants.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant has a separately-designated standing Audit Committee established in accordance with Section&nbsp;3(a)(58)(A)&nbsp;of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2017, the Audit Committee members were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 29.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Radhika Ajmera</font></p>
<p style="margin:0in 0in .0001pt 29.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anthony Clark</font></p>
<p style="margin:0in 0in .0001pt 29.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Martin J. Gruber</font></p>
<p style="margin:0in 0in .0001pt 29.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David G. Harmer</font></p>
<p style="margin:0in 0in .0001pt 29.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard J. Herring</font></p>
<p style="margin:0in 0in .0001pt 29.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rahn K. Porter</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6. Schedule of Investments.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this Form&nbsp;N-CSR.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Registrant&#146;s Proxy Voting Policy and Procedures, the Registrant has delegated responsibility for its proxy voting to its Investment Adviser, provided that the Registrant&#146;s Board of Directors has the opportunity to periodically review the Investment Adviser&#146;s proxy voting policies and material amendments thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proxy voting policies of the Registrant are included herewith as Exhibit&nbsp;(c)&nbsp;and policies of the Investment Manager are included as Exhibit&nbsp;(d).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8. Portfolio Managers of Closed-End Management Investment Companies.</font></b></p>
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<p style="margin:0in 0in .0001pt 42.0pt;text-indent:45.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)&nbsp;The information in the table below is as of January&nbsp;8, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Individual&nbsp;&amp;&nbsp;Position</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Services&nbsp;Rendered</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Past&nbsp;Business&nbsp;Experience</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hugh Young<br>   Managing Director</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsible for equities globally from the Singapore   office.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hugh Young is Head of Asia Pacific for Aberdeen   Standard Investments. He was formerly a main board director and Head of   Investments for Aberdeen Asset Management (before its merger with Standard   Life plc). Hugh joined Aberdeen Standard Investments as a result of the   merger between Aberdeen Asset Management and Standard Life in   August&nbsp;2017. Hugh joined Aberdeen in 1985 to manage Asian equities from   London, having started his investment career in 1980. He founded   Singapore-based Aberdeen Asia in 1992 and since then he has built the company   into one of the largest and most well-respected managers of such assets globally.   Hugh is a director of a number of group subsidiary companies and   group-managed investment trusts and funds. Hugh graduated with a BA (Hons) in   Politics from Exeter University.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adrian Lim<br>   Senior Investment Manager</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsible for company research and oversight of   portfolio construction</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adrian Lim is a Senior Investment Manager on the   Asian Equities Team. Adrian originally joined Aberdeen in 2001 as a Manager   on the Private Equity Team, on the acquisition of Murray Johnstone, but   transferred to his current post soon afterwards. Previously, Adrian worked   for Arthur Andersen as an Associate Director advising clients on   mergers&nbsp;&amp; acquisitions in the region.<br>   Adrian graduated with a BAcc from Nanyang Technological University, Singapore   and is a CFA&#174; charterholder.<br>   CFA&#174; and Chartered Financial Analyst&#174; are registered trademarks owned by CFA   Institute.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Flavia Cheong<br>   Head of Equities &#151; Asia Pacific ex Japan</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsible for company research and oversight of   portfolio construction</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Flavia Cheong is the Head of Asia Pacific ex Japan   Equity on the Asian Equities team, where, as well as sharing responsibility   for company research, she oversees regional portfolio construction. Flavia   joined Aberdeen Standard Investments as a result of the merger between   Aberdeen Asset Management and Standard Life in August&nbsp;2017. Before   joining Aberdeen in 1996, she was an economist with the Investment Company of   the People&#146;s Republic of China, and earlier with the Development Bank of   Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in   Economics from the University of Auckland. She is a CFA charterholder.<br>   CFA&#174; and Chartered Financial Analyst&#174; are registered trademarks owned by CFA   Institute.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ai-Mee Gan<br>   Investment Manager</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsible for company research and oversight of   portfolio construction</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gan Ai Mee is an Investment Manager on the Asian   Equities Team. Ai Mee joined Aberdeen Standard Investments as a result of the   merger between Aberdeen Asset Management and Standard Life in August&nbsp;2017.   Ai Mee joined Aberdeen in April&nbsp;2009. Previously, Ai Mee worked as a   Senior Associate with Transaction Advisory Services at Ernst&nbsp;&amp;   Young.<br>   Ai Mee holds a BCom in Accounting&nbsp;&amp; Finance and BSc in Information   Systems, University of Melbourne. She is also a member of the Institute of   Chartered Accountants in Australia.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christina Woon<br>   Assistant Investment Manager</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsible for company research and oversight of   portfolio construction</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christina Woon is an Assistant Investment Manager on   the Asian Equities Team. Christina joined Aberdeen in January&nbsp;2013 as a   graduate. Christina holds a Bachelor of Accountancy from Singapore Management   University. She is a CFA charterholder. CFA&#174; and Chartered Financial Analyst&#174;   are registered trademarks owned by CFA Institute.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 45.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)&nbsp;The information in the table below is as of October&nbsp;31, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;of&nbsp;Portfolio<br>   Manager</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Types&nbsp;of&nbsp;Accounts</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total<br>   Number<br>   of<br>   Accounts<br>   Managed</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total<br>   Assets&nbsp;($M)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of<br>   Accounts<br>   Managed&nbsp;for<br>   Which<br>   Advisory<br>   Fee&nbsp;is&nbsp;Based<br>   on<br>   Performance</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Assets&nbsp;for<br>   Which<br>   Advisory&nbsp;Fee&nbsp;is<br>   Based&nbsp;on<br>   Performance&nbsp;($M)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hugh Young</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered Investment Companies</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,253.41</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">510.05</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pooled Investment Vehicles</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,301.95</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">370.35</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">115</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,429.62</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,578.95</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adrian Lim</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered Investment Companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,253.41</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">510.05</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pooled Investment Vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,301.95</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">370.35</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">115</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,429.62</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,578.95</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Flavia Cheong</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered Investment Companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,253.41</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">510.05</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pooled Investment Vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,301.95</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">370.35</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">115</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,429.62</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,578.95</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ai-Mee Gan</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered Investment Companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,253.41</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">510.05</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pooled Investment Vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,301.95</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">370.35</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">115</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,429.62</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,578.95</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christina Woon</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered Investment Companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,253.41</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">510.05</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pooled Investment Vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,301.95</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">370.35</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">115</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,429.62</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,03.25</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets are as of October&nbsp;31, 2017 and have been translated to U.S. dollars at a rate of &#163;1.00 = $1.3279.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with legal requirements in the various jurisdictions in which they operate, and their own Conflicts of Interest policies, all subsidiaries of Aberdeen Asset Management PLC, (together &#147;Aberdeen&#148;), have in place arrangements to identify and manage Conflicts of Interest that may arise between them and their clients or between their different clients. Where Aberdeen does not consider that these arrangements are sufficient to manage a particular conflict, it will inform the relevant client(s)&nbsp;of the nature of the conflict so that the client(s)&nbsp;may decide how to proceed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The portfolio managers&#146; management of &#147;other accounts&#148;, including (1)&nbsp;mutual funds; (2)&nbsp;other pooled investment vehicles; and (3)&nbsp;other accounts that may pay advisory fees that are based on account performance (&#147;performance-based fees&#148;), may give rise to potential conflicts of interest in connection with their management of a Fund&#146;s investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as a fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, Aberdeen believes that these risks are mitigated by the fact that: (i)&nbsp;accounts with like investment strategies managed by a particular portfolio manager are generally managed in </font></p>
<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii)&nbsp;portfolio manager personal trading is monitored to avoid potential conflicts. In addition, Aberdeen has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In some cases, another account managed by the same portfolio manager may compensate Aberdeen based on the performance of the portfolio held by that account. The existence of such performance-based fees may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Another potential conflict could include instances in which securities considered as investments for a Fund also may be appropriate for other investment accounts managed by Aberdeen or its affiliates. Whenever decisions are made to buy or sell securities by the Fund and one or more of the other accounts simultaneously, Aberdeen may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Fund will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to a fund from time to time, it is the opinion of Aberdeen that the benefits from the Aberdeen organization outweigh any disadvantage that may arise from exposure to simultaneous transactions. Aberdeen has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 45.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen&#146;s remuneration policies are designed to support its business strategy as a leading international asset manager.&nbsp; The objective is to attract, retain and reward talented individuals for the delivery of sustained, superior returns for Aberdeen&#146;s clients and shareholders.&nbsp;&nbsp; Aberdeen operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining talent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen&#146;s policy is to recognize corporate and individual achievements each year through an appropriate annual bonus scheme.&nbsp; The aggregate value of awards in any year is dependent on the group&#146;s overall performance and profitability.&nbsp; Consideration is also given to the levels of bonuses paid in the market.&nbsp; Individual awards, which are payable to all members of staff, are determined by a rigorous assessment of achievement against defined objectives.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A long-term incentive plan for key staff and senior employees comprises a mixture of cash and deferred shares in Aberdeen PLC or select Aberdeen funds (where applicable).&nbsp; Overall compensation packages are designed to be competitive relative to the investment management industry.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Base Salary</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen&#146;s policy is to pay a fair salary commensurate with the individual&#146;s role, responsibilities and experience, and considering market rates being offered for similar roles in the asset management sector and other comparable companies. Any increase is generally to reflect inflation and is applied in a manner consistent with other Aberdeen employees; any other increases must be justified by reference to promotion or changes in responsibilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Bonus</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Remuneration Committee of Aberdeen determines the key performance indicators that will be applied in considering the overall size of the bonus pool.&nbsp; In line with practices amongst other asset management companies, individual bonuses are not subject to an absolute cap.&nbsp; However, the aggregate size of the bonus pool is dependent on the group&#146;s overall performance and profitability.&nbsp; Consideration is also given to the levels of bonuses paid in the market.&nbsp; Individual awards are determined by a rigorous assessment of achievement against defined objectives, and are reviewed and approved by the Remuneration Committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen has a deferral policy which is intended to assist in the retention of talent and to create additional alignment of executives&#146; interests with Aberdeen&#146;s sustained performance and, in respect of the deferral into funds, managed by Aberdeen, to align the interest of asset managers with our clients.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Staff performance is reviewed formally at least once a year. The review process evaluates the various aspects that the individual has contributed to Aberdeen, and specifically, in the case of portfolio managers, to the relevant investment team. Discretionary bonuses are based on client service, asset growth and the performance of the respective portfolio manager. Overall participation in team meetings, generation of original research ideas and contribution to presenting the team externally are also evaluated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the calculation of a portfolio management team&#146;s bonus, Aberdeen takes into consideration investment matters (which include the performance of funds, adherence to the company investment process, and quality of company meetings) as well as more subjective issues such as team participation and effectiveness at client presentations.&nbsp; To the extent performance is factored in, such performance is not judged against any specific benchmark and is evaluated over the period of a year - January&nbsp;to December. The pre- or after-tax performance of an individual account is not considered in the determination of a portfolio manager&#146;s discretionary bonus; rather the review process evaluates the overall performance of the team for all of the accounts the team manages.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio manager performance on investment matters is judged over all of the accounts the portfolio manager contributes to and is documented in the appraisal process.&nbsp; A combination of the team&#146;s and individual&#146;s performance is considered and evaluated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although performance is not a substantial portion of a portfolio manager&#146;s compensation, Aberdeen also recognizes that fund performance can often be driven by factors outside one&#146;s control, such as (irrational) markets, and as such pays attention to the effort by portfolio managers to ensure integrity of our core process by sticking to disciplines and processes set, regardless of momentum and &#145;hot&#146; themes.&nbsp; Short-terming is thus discouraged and trading-oriented managers will thus find it difficult to thrive in the Aberdeen environment.&nbsp; Additionally, if any of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via Aberdeen&#146;s dynamic compliance monitoring system.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(4)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="46%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Individual</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="50%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;Securities&nbsp;in&nbsp;the&nbsp;Registrant<br>   Beneficially&nbsp;Owned&nbsp;by&nbsp;the&nbsp;Portfolio&nbsp;Manager&nbsp;as&nbsp;of<br>   October&nbsp;31,&nbsp;2017</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hugh Young</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="48%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adrian Lim</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Flavia Cheong</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="48%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ai-Mee Gan</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christina Woon</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="48%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REGISTRANT PURCHASES OF EQUITY SECURITIES</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(a)&nbsp;Total<br>   Number&nbsp;of<br>   Shares<br>   Purchased</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(b)&nbsp;Average<br>   Price&nbsp;Paid&nbsp;per<br>   Share</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(c)&nbsp;Total&nbsp;Number&nbsp;of&nbsp;Shares<br>   Purchased&nbsp;as&nbsp;Part&nbsp;of<br>   Publicly&nbsp;Announced&nbsp;Plans<br>   or&nbsp;Programs&nbsp;(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(d)&nbsp;Maximum&nbsp;Number<br>   of&nbsp;Shares&nbsp;That&nbsp;May<br>   Yet&nbsp;Be&nbsp;Purchased<br>   Under&nbsp;the&nbsp;Plans&nbsp;or<br>   Programs&nbsp;(1)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;1,   2016 through November&nbsp;30, 2016</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38,634</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.94</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38,634</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">429,385</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;1,   2016 through December&nbsp;31, 2016</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,700</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.04</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,700</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">397,685</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1,   2017 through January&nbsp;31, 2017</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,912</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.41</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,912</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">372,773</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;1,   2017 through February&nbsp;28, 2017</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,770</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.64</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,770</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">353,003</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;1,   2017 through March&nbsp;31, 2017</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,800</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.54</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,800</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330,203</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;1,   2017 through April&nbsp;30, 2017</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330,203</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;1, 2017   through May&nbsp;31, 2017</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330,203</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;1,   2017 through April&nbsp;30, 2017</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330,203</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;1,   2017 through July&nbsp;31, 2017</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330,203</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;1,   2017 through August&nbsp;31, 2017</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330,203</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;1,   2017 through September&nbsp;30, 2017</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330,203</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October&nbsp;1,   2017 through October&nbsp;31, 2017</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330,203</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.0%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">137,816</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.51</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">137,816</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt 45.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;On April&nbsp;11, 2012, the Fund announced that the Board of Directors approved a share repurchase program.&nbsp;&nbsp;The program authorizes management to make open market purchases from time to time in an amount up to 10% of the Fund&#146;s outstanding shares as of April&nbsp;30, 2012. Such purchases may be made when the Fund&#146;s shares are trading at a discount to net asset value of 12% or more. Open market purchases may also be made at the discretion of management if the discount to net asset value is less than 12%. The plan does not have an expiration date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 10. Submission of Matters to a Vote of Security Holders.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the period ended October&nbsp;31, 2017, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant&#146;s Board of Directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11. Controls and Procedures.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant&#146;s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant&#146;s disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940 (the &#147;Act&#148;) (17 CFR 270.30a-3(c))) are </p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule&nbsp;30a-3(b)&nbsp;under the Act (17 CFR 270.30a3(b)) and Rule&nbsp;13a-15(b)&nbsp;or 15d-15(b)&nbsp;under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)&nbsp;or 240.15d15(b)).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There were no changes in the Registrant&#146;s internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 12. Exhibits.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form&nbsp;N-CSR.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The certifications of the registrant as required by Rule&nbsp;30a-2(a)&nbsp;under the Act are exhibits to this Form&nbsp;N-CSR.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>
<p style="margin:0in 0in .0001pt 42.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The certifications of the registrant as required by Rule&nbsp;30a-2(b)&nbsp;under the Act are exhibits to this Form&nbsp;N-CSR.</p>
<p style="margin:0in 0in .0001pt 42.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Proxy Voting Policy of Registrant</p>
<p style="margin:0in 0in .0001pt 42.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Proxy Voting Policies and Procedures of Investment Manager.</p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/   Alan Goodson</font></i></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan Goodson,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Executive Officer of</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: January&nbsp;8, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/   Alan Goodson</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan Goodson,</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Executive Officer of</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: January&nbsp;8, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/   Andrea Melia</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrea Melia,</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Financial Officer of</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: January&nbsp;8, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>a17-27088_1ex99dcodeeth.htm
<DESCRIPTION>EX-99.CODEETH
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.CODEETH</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CODE OF ETHICS (SOX)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Principal Executive Officer/President and Principal Financial Officer/Treasurer)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Purpose of the Code/Covered Officers</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;406 of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission (&#147;SEC&#148;) has adopted rules&nbsp;requiring annual disclosure of an investment company&#146;s code of ethics applicable to its principal executive, principal financial and principal accounting officers.&#160; The Funds have adopted this Code of Ethics (the &#147;Code&#148;) pursuant to these rules.&#160; The Code applies to the series (each a &#147;Fund&#148;).&#160; The Code specifically applies to each Fund&#146;s President/Principal Executive Officer and Treasurer/Principal Financial Officer (&#147;Covered Officers&#148;) for the purpose of promoting:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>full, fair, accurate, timely and understandable disclosure in reports and documents that are filed with, or submits to, the SEC and in other public communications made by the Funds;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>compliance with applicable laws, rules&nbsp;and regulations;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an environment that encourages disclosure of ethical and compliance related concerns;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code without fear of reprisal; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>accountability for adherence to the Code.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Covered Officers are integral to the Funds&#146; goal of creating a culture of high ethical standards and commitment to compliance.&#160; In their roles, the Covered Officers will refrain from engaging in any activity that may compromise their professional ethics or otherwise prejudice their ability to carry out their duties to the Funds.&#146;&#160; They will act in good faith, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Actual and Apparent Conflicts of Interest</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Overview:</font></b>&#160; A &#147;conflict of interest&#148; occurs when a Covered Officer&#146;s private interest interferes with the interests of, or service to, the Funds.&#160; For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper benefits as a result of his or her position with the Funds.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain conflicts of interest arise out of the relationship between Covered Officers and each Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the &#147;1940 Act&#148;) and the Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;).&#160; For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as &#147;affiliated persons&#148; of the Funds.&#160; Each Fund&#146;s Adviser and Sub-adviser (the &#147;adviser(s)&#148;) have adopted and implemented respective compliance programs and procedures that are designed to prevent, or identify and correct, violations of these provisions.&#160; This Code does not, and is not intended to repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.&#160; Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">conflicts of interest and should encourage his or her colleagues who provide service to the Funds, whether directly or indirectly, to do the same.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each Fund and the investment adviser (and distributor to the Aberdeen open-end funds) of which the Covered Officers are also officers or employees.&#160; As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or the investment adviser or for both), be involved in establishing policies and implementing decisions that will have different effects on the investment adviser, distributor and the Funds.&#160; The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of each Fund.&#160; Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.&#160; In addition, it is recognized by the Funds&#146; Board that the Covered Officers may also be officers or employees of the Funds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act.&#160; The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.&#160; A defining question is, &#147;What is the long term interest of current shareholders?&#148;&#160; The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Covered Officer must:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would directly or indirectly benefit personally to the detriment of the Funds;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not use material non-public knowledge of Fund transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>report at least annually affiliations or other relationships related to conflicts of interest covered by the Funds&#146; Directors and Officers Questionnaire.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer&#146;s family engages in such activity or has such a relationship.&#160; There are some conflict of interest situations that should always be discussed with the Compliance Officer prior to their occurrence, or if foreseen, as soon as reasonably possible after discovery.&#160; Examples of these include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>service on the board of any public company;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any outside business activity that detracts from the ability of a Covered Officer to devote appropriate time and attention to his or her responsibilities as a Covered Officer of the Funds;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the receipt of any non-nominal gifts in excess of $100.00;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the receipt of any entertainment from any company with which the Funds has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any ownership interest in, or any consulting or employment relationship with any of the Funds&#146; service providers, other than its investment adviser, investment sub-adviser, principal underwriter, administrator or any affiliated person thereof;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting Fund transactions or for selling or redeeming shares other than an interest arising from the Covered Officer&#146;s employment, such as compensation or equity ownership.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">III.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Definitions</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;<i>Covered Officer</i>&#148; with respect to a Fund means the principal executive officer of the Fund and senior financial officers of the Fund, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions, regardless of whether these persons are employed by the Fund or a third party.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;<i>Executive Officer</i>&#148; of a Fund has the same meaning as set forth in Rule&nbsp;3b-7 under the Securities Exchange Act of 1934, as amended.&#160; Subject to any changes in that rule, the term &#147;executive officer,&#148; when used in the Code, means the president, any vice president, any officer who performs a policy making function, or any other person who performs similar policy making functions for a Fund.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;<i>Waiver</i>&#148; means the approval by a Fund&#146;s CCO of a material departure from a provision of the Code.&#160; &#147;<i>Waiver&#148; </i>includes an &#147;<i>Implicit Waiver,&#148; </i>which is a Fund&#146;s failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an Executive Officer of the Fund.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IV.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Disclosure and Compliance</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Covered Officer:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>should familiarize himself with the disclosure requirements generally applicable to the Funds;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including the Funds&#146; Board and auditors, and to governmental regulators and self-regulatory organizations;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the Advisers with the goal of promoting comprehensive, fair, accurate, timely and understandable disclosure in reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>should cooperate with the each Fund&#146;s independent accountants, regulatory agencies, and internal auditors in their review of the Funds and its operations;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>should ensure the establishment of appropriate policies and procedures for the protection and retention of accounting records and information as required by applicable law, regulation, or regulatory guidelines and establish and administer financial controls that are appropriate to ensure the integrity of the financial reporting process and the availability of timely, relevant information for the Funds&#146; safe and sound operation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws, rules&nbsp;and regulations.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">V.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Reporting and Accountability</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Covered Officer must:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>upon adoption of this Code (or thereafter&#160; as applicable, upon becoming a Covered Officer), affirm in writing that he has received, read, and understands this Code;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>annually thereafter affirm that he has complied with the requirements of this Code;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not retaliate against any other Covered Officer or any employee of the Adviser, or their affiliated persons, or any other employee of a private contractor that provides service to the Funds, for reports of potential violations that are made in good faith; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>notify the Funds&#146; CCO promptly if he or she knows or suspects that a violation of applicable laws, regulations, or of this Code has occurred, is occurring, or is about to occur.&#160; Failure to do so is itself a violation of this Code.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See <b>Exhibit&nbsp;A</b> for the form of PEO/PFO certification.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The</font> Funds&#146; CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.&#160; However, any approvals or Waivers sought by the President will be considered by the Funds&#146; Audit Committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Funds will follow these procedures in investigating and enforcing this Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Funds&#146; Compliance Officer will take all appropriate action to investigate any potential violations reported to him/her.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If, after such investigation, the Compliance Officer believes that no violation has occurred, he or she is not required to take any further action.&#160; The Compliance Officer is authorized to consult, as appropriate, with the chair of the Audit Committee and Counsel to the Independent Board, and is encouraged to do so after consultation with each Fund&#146;s President when, in the Compliance Officer&#146;s opinion such consultation will not increase the risk to shareholders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any matter that the Compliance Officer believes is a violation will be reported to the Audit Committee (the &#147;Committee&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Committee concurs that a violation has occurred, it will inform and make a recommendation to the full Board, which will consider appropriate action, which may include review of and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its Board; or a recommendation to dismiss the Covered Officer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Fund&#146;s Board will be responsible for granting Waivers, as appropriate.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any changes to or Waivers of this Code will, to the extent required, be disclosed as provided by the SEC rules.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VI.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Sanctions</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The matters covered in the Code are of the utmost importance to the Funds and their stockholders and are essential to each Fund&#146;s ability to conduct its business in accordance with its stated values.&#160; Each Covered Officer and each Executive Officer is expected to adhere to these rules</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(to the extent applicable) in carrying out his or her duties for the Funds. The conduct of each Covered Officer and each Executive Officer can reinforce an ethical atmosphere and positively influence the conduct of all officers, employees and agents of the Funds. A Fund will, if appropriate, take action against any Covered Officer whose actions are found to violate the Code. Appropriate sanctions for violations of the Code will depend on the materiality of the violation to the Fund.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sanctions may include, among other things, a requirement that the violator undergo training related to the violation, a letter or sanction or written censure by the Board, the imposition of a monetary penalty, suspension of the violator as an officer of a Fund or termination of the employment of the violator. If a Fund has suffered a loss because of violations of the Code, the Fund may pursue remedies against the individuals or entities responsible.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VII.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Other Policies and Procedures</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Code shall be the sole code of ethics adopted by the Funds for the purposes of Section&nbsp;406 of the Sarbanes-Oxley Act and the rules&nbsp;and forms applicable to registered investment companies thereunder.&#160; Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities if the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.&#160; The Funds&#146; and Adviser&#146;s code of ethics under Rule&nbsp;17j-1 under the Investment Company Act of 1940 are not part of this Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIII.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Amendments</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any amendments to this Code must be approved or ratified by a majority vote of the each Fund&#146;s Board, including a majority of Independent Board members.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IX.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Confidentiality</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.&#160; Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its Counsel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">X.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Internal Use</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.&#160; This Code is a statement of certain fundamental principles, policies, and procedures that govern the Covered Officers in the conduct of each Fund&#146;s business.&#160; It is not intended and does not create any rights in any employee, investor, supplier, creditor, shareholder or any other person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><img width="12" height="12" src="g270881mmi001.gif"><b>Exhibit&nbsp;A</b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CODE OF ETHICS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PURSUANT TO THE SARBANES-OXLEY ACT OF 2002</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Initial and Annual Certification of Compliance</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name (please print)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is to certify that I have received a copy of the Code of Ethics Pursuant to the Sarbanes-Oxley Act of 2002 (&#147;Code&#148;) for the following Funds:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Funds</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I have read and understand the Code.&#160; Moreover,&nbsp;I agree to promptly report to the Chief Compliance Officer any violation or possible violation of this Code of which I become aware.&#160; I understand that violation of the Code will be grounds for disciplinary action or dismissal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Check one:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Initial</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I further certify that I am subject to the Code and will comply with each of the Code&#146;s provisions to which I am subject.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annual</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Received by (name and   title):</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.CERT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION PURSUANT TO RULE 30a-2(a)&nbsp;UNDER THE 1940 ACT AND SECTION&nbsp;302 OF THE SARBANES-OXLEY ACT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Andrea Melia, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of Aberdeen Japan Equity Fund,&nbsp;Inc. (the &#147;Registrant&#148;);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant&#146;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Registrant and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s second fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant&#146;s other certifying officer(s)&nbsp;and I have disclosed to the Registrant&#146;s auditors and the audit committee of the Registrant&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process, summarize, and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: January&nbsp;8, 2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/   Andrea Melia</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrea Melia</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION PURSUANT TO RULE 30a-2(a)&nbsp;UNDER THE 1940 ACT AND SECTION&nbsp;302 OF THE SARBANES-OXLEY ACT</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Alan Goodson, certify that:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of Aberdeen Japan Equity Fund,&nbsp;Inc. (the &#147;Registrant&#148;);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant&#146;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Registrant and have:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s second fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant&#146;s other certifying officer(s)&nbsp;and I have disclosed to the Registrant&#146;s auditors and the audit committee of the Registrant&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process, summarize, and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: January&nbsp;8, 2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/   Alan Goodson</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan Goodson</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Executive Officer</font></p>    </td>
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<DESCRIPTION>EX-99.906CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.906CERT</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION PURSUANT TO RULE 30a-2(b)&nbsp;UNDER THE 1940 ACT AND SECTION&nbsp;906 OF THE SARBANES-OXLEY ACT</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan Goodson, Principal Executive Officer, and Andrea Melia, Principal Financial Officer, of Aberdeen Japan Equity Fund,&nbsp;Inc., a Maryland corporation (the &#147;Registrant&#148;), each certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant&#146;s periodic report on Form&nbsp;N-CSR for the period ended October&nbsp;31, 2017 (the &#147;Form&nbsp;N-CSR&#148;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934, as amended, as applicable; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The information contained in the Form&nbsp;N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRINCIPAL EXECUTIVE OFFICER</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/   Alan Goodson</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan Goodson</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: January&nbsp;8, 2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRINCIPAL FINANCIAL OFFICER</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Japan Equity Fund,&nbsp;Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/   Andrea Melia</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrea Melia</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: January&nbsp;8, 2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This certification is being furnished solely pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form&nbsp;N-CSR or as a separate disclosure document.&#160; A signed original of this written statement required by Section&nbsp;906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.</font></p>
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<TYPE>EX-99.(12)(C)
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<DESCRIPTION>EX-99.(12)(C)
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.(12)(c)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY VOTING POLICY</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Generally</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rules&nbsp;adopted by the Securities and Exchange Commission (&#147;SEC&#148;) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;) require the Funds to disclose publicly its proxy voting policies and procedures, as well as its actual proxy votes.&#160; The SEC rules&nbsp;also permit the Funds to delegate its proxy voting responsibilities to the Funds&#146; Investment Manager,&nbsp;Investment Adviser, and Sub-advisers (collectively &#147;the Advisers&#148;).&#160; In connection with this ability to delegate proxy voting responsibilities, the SEC has adopted rules&nbsp;under the Investment Advisers Act of 1940, as amended, that require the Advisers to adopt and implement written proxy voting policies and procedures that are reasonably designed to ensure that it votes proxies on behalf of its clients, when given such authority, in the best interests of those clients.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consistent with the SEC&#146;s requirements, the Funds have delegated responsibility for voting its proxy to the Funds&#146; Investment Manager,&nbsp;Investment Adviser and Sub-advisers.&#160; The Advisers have adopted proxy voting policies and procedures to ensure the proper, and timely, voting of the proxies on behalf of the Funds.&#160; Moreover, the Advisers will assist the Funds in the preparation of each Fund&#146;s complete proxy voting record on Form&nbsp;N-PX for the twelve-month period ended June&nbsp;30, by no later than August&nbsp;31 of each year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Procedures</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Fund shall ensure that its investment manager, investment adviser and sub-advisers are compliant with applicable rules&nbsp;and regulations. These rules&nbsp;and regulations require, in part, that each Fund disclose how it votes each proxy. The rules&nbsp;and regulations also require that the Advisers disclose that they have (1)&nbsp;adopted and implemented proxy voting policies; and (2)&nbsp;adopted procedures regarding how each portfolio security is voted in relation to each Fund. The Adviser must disclose that the procedures are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>are written;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>are reasonably designed to ensure that the adviser votes proxies in the best interest of the adviser&#146;s clients;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>describe the adviser&#146;s proxy voting procedures to the adviser&#146;s clients and provides copies of the adviser&#146;s proxy voting procedures on request;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>set forth the process by which the adviser evaluates the issues presented by a proxy and records the adviser&#146;s decision about how the proxy will be voted;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>establish procedures for the identification and handling of proxies that involve material conflicts of interest with the adviser&#146;s clients; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclose to the adviser&#146;s clients how the clients may obtain information on how the adviser voted the clients&#146; proxies.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Funds also shall disclose to shareholders the policies and procedures that are used to determine how to vote proxies.&#160; The Funds include in the Funds&#146; statement of additional information appropriate summary disclosure regarding the proxy voting policies and procedures of the Funds&#146; adviser and sub-advisers, and any third party retained by the Funds&#146; investment adviser or sub-adviser to determine how to vote proxies.&#160; In addition, as required by the financial statements&#146; requirements of Form&nbsp;N-1A and N-2, the Funds&#146; financial statements must include a statement that a</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">description of the policies and procedures that the Funds use to vote proxies relating to portfolio securities is available, without charge:&#160; (i)&nbsp;upon request, by calling a specified toll-free (or collect) telephone number; or (ii)&nbsp;on the Funds&#146; website; and (iii)&nbsp;on the SEC website at www.sec.gov.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Funds also shall file with the SEC, on an annual basis, the complete proxy voting record of each Fund on Form&nbsp;N-PX for the twelve-month period ending June&nbsp;30</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>, by no later than August&nbsp;31<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>&#160;of each year, which Report on Form&nbsp;N-PX shall be executed by the principal executive officer of the each Fund.&#160; Each Fund&#146;s proxy voting record on the Form&nbsp;N-PX Report shall be made available by each Fund, without charge, upon request, by calling specified toll-free (or collect) telephone number (but is not available on the Funds&#146; website).&#160; If a Fund receives a telephonic request for a proxy voting record, the Fund shall send the requested information disclosed in the Fund&#146;s most-recently filed Report on Form&nbsp;N-PX within three (3)&nbsp;business days of the receipt of the request for this information, by first-class mail or other means designed to ensure equally prompt delivery.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sub-advisers to the Funds must have procedures and internal controls to ensure compliance with proxy voting regulations.&#160; Specifically, the sub-advisers must have procedures for the reporting of proxy voting, and communicating changes in proxy voting policies to the Funds.&#160; Prior to Board approval of new advisers, the Chief Compliance Officer (&#147;CCO&#148;) reviews the proxy voting policies and procedures of the sub-adviser.&#160; The CCO ensures that any inadequate procedures or controls of a sub-adviser are reported to the Board and must be corrected in a timely manner.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.(12)(D)
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<p align="right" style="margin:0in 0in .0001pt .5in;text-align:right;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.(12)(d)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Aberdeen U.S. Registered Advisers (the &#147;Aberdeen Advisers&#148;)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Voting Guidelines</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective as of June&nbsp;1, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rule&nbsp;206(4)-6 under the Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;) requires the Aberdeen Advisers to vote proxies in a manner consistent with clients&#146; best interest and must not place its interests above those of its clients when doing so. It requires the Aberdeen Advisers to: (i)&nbsp;adopt and implement written policies and procedures that are reasonably designed to ensure that the Aberdeen Advisers vote proxies in the best interest of the clients, and (ii)&nbsp;to disclose to the clients how they may obtain information on how the Aberdeen Advisers voted proxies. In addition, Rule&nbsp;204-2 requires the Aberdeen Advisers to keep records of proxy voting and client requests for information.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As registered investment advisers, the Aberdeen Advisers have an obligation to vote proxies with respect to securities held in its client portfolios in the best economic interests of the clients for which it has proxy voting authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Aberdeen Advisers invest for the clients&#146; portfolios in companies globally and actively target investment in those companies with sound corporate governance practices. The Aberdeen Advisers are committed to exercising responsible ownership with a conviction that companies adopting best practices in corporate governance will be more successful in their core activities and deliver enhanced returns to shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen and its affiliated U.S. registered advisers (the &#147;Aberdeen Advisers&#148;) have adopted a proxy voting policy. The proxy voting policy is designed and implemented in a way that is reasonably expected to ensure that proxies are voted in the best interests of clients.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting decisions are made by the Aberdeen Advisers&#146; investment managers, and are based on their knowledge of the company and discussions with management &#151; Aberdeen Advisers&#146; investment managers consider explanations from companies about their compliance with relevant corporate governance codes and may refer to independent research from voting advisory services in reaching a voting decision. Where contentious issues arise in relation to motions put before a shareholders&#146; meeting, Aberdeen Advisers will usually contact the management of the company to exchange views and give management the opportunity to articulate its position. The long term nature of the relationships that we develop with investee company boards should enable us to deal with any concerns that we may have over strategy, the management of risk or governance practices directly with the chairman or senior independent director. In circumstances where this approach is unsuccessful, Aberdeen Advisers are prepared to escalate their intervention by expressing their concerns through the company&#146;s advisers, through interaction with other shareholders or attending and speaking at General Meetings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As an independent asset manager, Aberdeen is free of many of the conflicts of interest that can compromise the implementation of a rigorous and objective proxy voting policy. However, in managing third party money on behalf of clients, there are a limited number of situations where potential conflicts of interest could arise in the context of proxy voting. One case is where funds are invested in companies that are either clients or related parties of clients. Another case is where one fund managed by Aberdeen invests in other funds managed by Aberdeen.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For cases involving potential conflicts of interest, Aberdeen Advisers have implemented&#160; procedures to ensure the appropriate handling of proxy voting decisions. The guiding principle of Aberdeen</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advisers&#146; conflicts of interest policy is simple &#151; to exercise our right to vote in the best interests of the clients on whose behalf we are managing funds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The first step is to identify any significant potential conflicts of interest in advance by highlighting those stocks where a potential conflict may arise. These stocks are recorded in a conflicts of interest database.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisional voting decision made by a fund manager or other individual will be compared against any third party proxy voting research or recommendations. For those cases where there is a contentious issue, including among others those cases where there is a difference between the provisional voting decision and the third party voting recommendation, the rationale will need to be more detailed than in a standard case. The process for handling these cases will be overseen by the designated corporate governance specialist, but in active portfolios the final decision on contentious proxy voting matters rests with the respective regional head of equities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This policy has been developed by the Aberdeen corporate governance working group. The implementation of this policy, along with the conflicts of interest database, will be reviewed periodically by the group. Aberdeen&#146;s Corporate Governance Policy and Principles are published on our website:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">http://www.aberdeenasset.com/doc.nsf/Lit/CorporateGovernanceGroupPrinciples</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that an Aberdeen Adviser may rely on sub-advisers, whether affiliated or unaffiliated, to manage any client portfolio on a discretionary basis, the Aberdeen Adviser may delegate responsibility for voting proxies to the sub-adviser.&#160; However, such sub-advisers will be required either to follow these Policies and Procedures or to demonstrate that their proxy voting policies and procedures are consistent with these Policies and Procedures or otherwise implemented in the best interests of the Aberdeen Advisers&#146; clients.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon request, the Aberdeen Advisers will provide clients with a copy of these Policies and Procedures, as revised from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As disclosed in Part&nbsp;2A of each Aberdeen Adviser&#146;s Form&nbsp;ADV, a client may obtain information on how its proxies were voted by requesting such information from its Aberdeen Adviser.&#160; Unless specifically requested by a client in writing, and other than as required for the Funds, the Aberdeen Advisers do not generally disclose client-specific proxy votes to third parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our proxy voting records are available per request and on the SEC&#146;s website at SEC.gov.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ERISA</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The U.S. Department of Labor (&#147;DOL&#148;) has indicated that an investment adviser with a duty to vote proxies has an obligation to take reasonable steps under the circumstances to ensure that it receives the proxies.&#160; Failure to take any action to reconcile proxies would cause Aberdeen to fail to satisfy ERISA&#146;s fiduciary responsibility provisions. Appropriate steps include informing the Plan sponsor and its trustees, bank custodian or broker/dealer custodian of the requirement that all proxies be forwarded to the adviser and making periodic reviews during the proxy season, including follow-up letters and phone calls if necessary.&#160; When voting proxies, an investment manager must consider proxies as a Plan asset and vote only in the best economic interests of the Plan participants, vote consistently among clients, and avoid specific client voting instructions about voting proxies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DOL has provided investment managers with the following guidance about their ERISA responsibilities, including proxy voting, compliance with written statements of investment policy, and active monitoring of corporate management by Plan fiduciaries:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Where the authority to manage Plan assets has been delegated to an investment manager, only the investment manager has authority to vote proxies, except when the named fiduciary has reserved to itself or to another named fiduciary (as authorized by the plan document) the right to direct a Plan trustee regarding the voting of proxies.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investment managers, as Plan fiduciaries, have a responsibility to vote proxies on foreign issues that may affect the value of the shares in the Plan&#146;s portfolio and will vote such proxies unless the cost of doing so cannot be justified.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>An investment manager is required to comply with statements of investment policy, unless compliance with the guidelines in a given instance would be imprudent and therefore failure to follow the guidelines would not violate ERISA.&#160; ERISA does not shield the investment manager from liability for imprudent actions taken in compliance with a statement of investment policy.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On occasions when it is deemed to be a fiduciary for an ERISA client&#146;s assets, Aberdeen will vote the Plan assets in accordance with Aberdeen&#146;s Proxy Voting Policy.&#160; Aberdeen will provide each ERISA client (upon request) with proxy voting records to demonstrate how proxies for securities held in the portfolio were voted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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