<SEC-DOCUMENT>0001104659-21-090091.txt : 20210708
<SEC-HEADER>0001104659-21-090091.hdr.sgml : 20210708
<ACCEPTANCE-DATETIME>20210708121825
ACCESSION NUMBER:		0001104659-21-090091
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210430
FILED AS OF DATE:		20210708
DATE AS OF CHANGE:		20210708
EFFECTIVENESS DATE:		20210708

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		211079536

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		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-CSRS
<SEQUENCE>1
<FILENAME>tm2115413d3_ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 32pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;N-CSR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in">Investment Company Act file number:</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">811-06142</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in">Exact name of registrant as specified in charter:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Aberdeen Japan Equity Fund,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in">Address of principal executive offices:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">1900 Market Street, Suite&nbsp;200</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 3in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Philadelphia, PA 19103</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Name and address of agent for service:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Andrea Melia</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Aberdeen Standard Investments Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">1900 Market Street, Suite&nbsp;200</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Philadelphia, PA 19103</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in">Registrant&rsquo;s telephone number, including area code:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">1-800-522-5465</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in">Date of fiscal year end:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in">Date of reporting period:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2021</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. Reports to Stockholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;A copy of the report transmitted to shareholders
pursuant to Rule&nbsp;30e-1 under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) is filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 32pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2115413d3_ncsrsimg01.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 32pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 32pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Aberdeen Japan Equity<BR>
 Fund, Inc. (JEQ)</P>

<P STYLE="font: 32pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Semi-annual Report</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="tm2115413d3_ncsrsimg02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Stockholder Letter </B></FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dear Stockholder,</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We present this Semi-Annual Report, which covers the activities of Aberdeen
Japan Equity Fund, Inc. (the &quot;Fund&quot;), for the six-month period ended April 30, 2021. The Fund's investment objective is to outperform
over the long term, on a total return basis (including appreciation and dividends), the Tokyo Stock Price Index (&quot;TOPIX&quot;).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Total Investment Return<FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">For the six-month period ended April 30, 2021, the total return to stockholders
of the Fund based on the net asset value (&quot;NAV&quot;) and market price of the Fund, respectively, compared to the Fund's benchmark
in US dollar terms is as follows:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-top: Black 1pt solid; background-color: rgb(241,241,241); padding-left: 7pt; padding-top: 3pt; vertical-align: bottom; width: 86%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NAV<SUP>2,3</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: rgb(241,241,241); padding-left: 7pt; padding-top: 3pt; vertical-align: bottom; width: 2%; padding-right: 0.7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: rgb(241,241,241); padding-left: 7pt; padding-top: 3pt; vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.1</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: rgb(241,241,241); vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(241,241,241); padding-left: 7pt; padding-top: 3pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Price<SUP>2</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(241,241,241); padding-left: 7pt; padding-top: 3pt; vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,241); padding-left: 7pt; padding-top: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.2</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,241); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 2pt; background-color: rgb(241,241,241); padding-left: 7pt; padding-top: 3pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tokyo
    Stock Price Index (Net Dividends)<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0.7pt 2pt 7pt; background-color: rgb(241,241,241); vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 2pt; background-color: rgb(241,241,241); padding-left: 7pt; padding-top: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 2pt; background-color: rgb(241,241,241); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For more information about Fund performance, please visit the Fund on
the web at www.aberdeenjeq.com. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and
performance information, and other Fund literature.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>NAV, Market Price and Discount</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">The below table represents comparison from current six-month period end
to prior fiscal year end of market price to NAV and associated discount.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt; background-color: rgb(220,221,222); padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(220,221,222); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NAV</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(220,221,222); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Closing<BR>
    Market<BR>
    Price</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(220,221,222); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; background-color: rgb(220,221,222); padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Discount</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-top: 2pt; background-color: rgb(241,241,241); padding-left: 5pt; width: 28%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4/30/2021</FONT></TD><TD STYLE="text-align: justify; padding-top: 2pt; background-color: rgb(241,241,241); width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,241); width: 15%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    10.14</FONT></TD><TD STYLE="text-align: justify; padding-top: 2pt; background-color: rgb(241,241,241); width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,241); width: 25%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    8.91</FONT></TD><TD STYLE="text-align: justify; padding-top: 2pt; background-color: rgb(241,241,241); width: 4%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(241,241,241); padding-right: 8pt; width: 21%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,241); padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/31/2020</FONT></TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,241)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,241); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &nbsp;&nbsp;9.80</FONT></TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,241)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,241); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    8.22</FONT></TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,241)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,241); padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.1%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">During the six-month period ended April 30, 2021, the Fund's NAV was
within a range of $9.90 to $11.37 and the Fund's market price was within a range $8.20 to $9.94. During the six-month period ended April
30, 2021, the Fund's shares traded within a range of a discount of 10.7% to 17.2%.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Loan Facility and Use of Leverage</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">The Fund is permitted to borrow for investment purposes as may be permitted
by the 1940 Act or any rule, order or interpretation</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">thereunder. This allows the Fund to borrow for investment purposes in
the amount up to 33 1/3% of the Fund's total assets. On December 15, 2020, the Fund entered into a lending agreement with BNP Paribas
Prime Brokerage International Ltd. (&quot;BNPP PB&quot;), which allows the Fund to borrow on an committed basis. On February 8, 2021 the
Fund drew down 1,520,000,000 Japanese Yen on the facility. The Fund's outstanding balance as of April 30, 2021 was 1,520,000,000 Japanese
Yen ($13,906,043). See Notes to Financial Statements Note 7 for further information.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Discount Management Program</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">Under the Fund's Discount Management Program, the Fund'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 31 of up to 10% of the Fund's shares of stock outstanding as of October 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 six-month period ended April
30, 2021, the Fund did not repurchase any shares.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Unclaimed Share Accounts</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">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 &quot;unclaimed property&quot;
due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a stockholder
is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed,
your financial advisor or the Fund's transfer agent will follow the applicable state'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's transfer agent.&nbsp;</P>

</DIV>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1</TD><TD STYLE="text-align: justify">Past performance is no guarantee of future results. Investment
returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may
be lower or higher than the performance quoted. Net asset value return data include investment management fees, custodial charges and
administrative fees (such as Director and legal fees) and assumes the reinvestment of all distributions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2</TD><TD STYLE="text-align: justify">Assuming the reinvestment of dividends and distributions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3</TD><TD STYLE="text-align: justify">The Fund's total return is based on the reported net asset value
(&quot;NAV&quot;) for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial
statement rounding or adjustments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4</TD><TD STYLE="text-align: justify">The Tokyo Stock Price Index (&quot;TOPIX&quot;) 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 4, 1968) is 100 points. Indices are unmanaged and have been provided for comparison purposes only. No fees or expenses
are reflected. You cannot invest directly in an index.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Japan Equity
Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.5in"><FONT STYLE="font-size: 7pt"><B>1</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Stockholder Letter </B></FONT><FONT STYLE="font-size: 11pt">(unaudited)
(concluded)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="border-top: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Portfolio Holdings Disclosure</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">The Fund's complete schedule of portfolio holdings for the second and
fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to stockholders. The Fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (the &quot;SEC&quot;) for the first and third quarters of each
fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC's website at http://www.sec.gov. The Fund
makes the information available to stockholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Proxy Voting</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">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 12 month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by
calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC's website at http://www.sec.gov.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>COVID-19</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">The illness COVID-19 caused by a novel coronavirus
has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial
markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many
instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some
sectors of the economy and individual issuers have experienced particularly large losses. Although some markets have rebounded, others
have not. These circumstances may recur or continue for an extended period of time, and may continue to affect adversely the value and
liquidity of the Fund's investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets,
industries and individual issuers, including the Fund, are not known. Governments and central banks, including the Federal Reserve in
the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact
of these measures, and whether they will be effective to mitigate the economic and market disruption, will vary from market to market
and, in some cases, may not be known for some time.&nbsp;&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>LIBOR</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under the revolving credit facility, the Fund
is charged interest on amounts borrowed at a variable rate, which may be based on the London Interbank Offered Rate
(&quot;LIBOR&quot;) plus a spread. In 2017, the head of the United Kingdom's Financial Conduct Authority (&quot;FCA&quot;) announced
a desire to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and
other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. It is anticipated
that LIBOR ultimately will be discontinued or the regulator will announce that it is no longer sufficiently robust to be
representative of its underlying market around that time. There remains uncertainty regarding the future utilization of LIBOR and
the nature of any replacement reference rate. As such, the potential effect of a transition away from LIBOR on the Fund's payment
obligations under the revolving credit facility and on the Fund's investments that reference LIBOR cannot yet be determined.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Relations Information</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt">As part of Aberdeen Standard'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, and other Fund literature.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Enroll in Aberdeen Standard's email services and be among the first to
receive the latest closed-end fund news, announcements, videos and other information. In addition, you can receive electronic versions
of important Fund documents including annual reports, semi-annual reports, prospectuses, and proxy statements. Sign up today at https://www.
aberdeenstandard.com/en-us/cefinvestorcenter/contact-us/preferences</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Contact Us:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Visit: www.aberdeenstandard.com/en-us/cefinvestorcenter;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Email: Investor.Relations@aberdeenstandard.com; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Call: 1-800-522-5465 (toll-free in the U.S.).</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Yours sincerely,</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Alan Goodson</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Alan Goodson<BR>
</B>President</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom"><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 0.25in"><B>2</B></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Aberdeen Japan Equity
Fund, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>






<!-- Field: Split-Segment; Name: a2 -->
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Total Investment Return </B></FONT><FONT STYLE="font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following table summarizes the average annual Fund performance compared
to the TOPIX, the Fund's benchmark, for the six-month, 1-year, 3-year, 5-year and 10-year periods as of April 30, 2021.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: #D2D3D3">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: bottom; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6
    Months</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1
    Year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3
    Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5
    Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10
    Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-bottom: 1pt; vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Asset Value (NAV)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.1%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.6%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.7%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.9%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.3%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-bottom: 1pt; vertical-align: bottom; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Price</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.2%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36.2%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.0%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.1%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.7%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 49%; padding-top: 2pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tokyo
    Stock Price Index (Net Dividends)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.0%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; width: 4%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.1%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; width: 4%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.3%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; width: 4%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.8%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; width: 4%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.2%</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 2pt; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Aberdeen Standard Investments Inc. has entered into an agreement with
the Fund to limit investor relations services fees, without which performance would be lower. This agreement aligns with the term of the
advisory agreement and may not be terminated prior to the end of the current term of the advisory agreement. See Note 3 in the Notes to
Financial Statements. 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's transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund's Statement of Operations
under &quot;Expenses&quot;. The Fund'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'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's dividend reinvestment program.
Because the Fund'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'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.</I></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>The annualized net operating expense ratio based on the six-month
period ended April 30, 2021 was 0.74%. The annualized net operating expense ratio excluding interest expense based on the six-month period
ending April 30,2021 was 0.70%</I></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Japan Equity
Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.5in"><FONT STYLE="font-size: 7pt"><B>3</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Top Ten Equity Holdings </B></FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following were the Fund's top ten equity holdings as of April 30,
2021:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #D2D3D3"><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Name
                                            of Security</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; white-space: nowrap; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As
    a Percentage of Net Assets</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Toyota
    Motor Corp.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.0%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tokio
    Marine Holdings, Inc.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.3%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sony
    Group Corp.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.1%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shin-Etsu
    Chemical Co. Ltd.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.1%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amada
    Co. Ltd.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.6%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asahi
    Group Holdings Ltd.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.2%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Recruit
    Holdings Co. Ltd.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.8%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nabtesco
    Corp.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.8%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nippon
    Sanso Holdings Corp.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 10pt; padding-bottom: 1pt; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.8%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F1F1F2">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.125in; border-bottom: black 1pt solid; width: 78%; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Keyence
    Corp.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 10pt; padding-bottom: 1pt; width: 22%; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.7%</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio Summary </B></FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following table summarizes the sector composition of the Fund's portfolio,
in S&amp;P Global Inc.'s Global Industry Classification Standard (&quot;GICS&quot;) Sectors, expressed as a percentage of net assets,
as of April 30, 2021.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: #D2D3D3">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Sectors</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 10pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As
    a Percentage of Net Assets</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in; width: 72%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer Discretionary</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; width: 28%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrials</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information Technology</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financials</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Materials</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health Care</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer Staples</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Communication Services</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real Estate</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Short-Term Investment</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liabilities
    in Excess of Other Assets</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8.9)%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="background-color: rgb(241,241,242); padding-left: 0.125in; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-right: 10pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are 0% or round to 0%.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom"><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 0.25in">4</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Aberdeen Japan Equity
Fund, Inc.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Split-Segment; Name: a3 -->
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio of Investments </B></FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of April 30, 2021</P>

<P STYLE="border-bottom: Black thin solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); text-align: right; padding-left: 7pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Shares
    or<BR>
    Principal<BR>
    Amount</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Value</B></FONT></TD>
    <TD STYLE="background-color: rgb(220,221,222); text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COMMON
    STOCKS&mdash;108.9%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>JAPAN&mdash;108.9%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Communication
    Services&mdash;5.9%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coconala,
    Inc.<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,700</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); width: 4%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665,394</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); width: 1%">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KDDI
    Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,874,819</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Okinawa
    Cellular Telephone Co.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">837,346</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ValueCommerce
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,510,353</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Z
    Holdings Corp.</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">445,400</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,054,303</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,942,215</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Consumer
    Discretionary&mdash;23.5%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Edulab,
    Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,036,318</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Koito
    Manufacturing Co. Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,006,747</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nitori
    Holdings Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,701,501</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Resorttrust,
    Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,249,143</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Scroll
    Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">173,900</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,591,073</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shoei
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,502,630</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sony
    Group Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,618,814</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Stanley
    Electric Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">118,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,400,816</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Toyota
    Motor Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">90,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,771,587</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USS
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">127,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,315,407</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Workman
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,900</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">514,929</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yamaha
    Corp.</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,200</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,193,936</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>31,902,901</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Consumer
    Staples&mdash;6.9%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asahi
    Group Holdings Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">103,300</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,319,287</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Milbon
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,075,608</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pigeon
    Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,400</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">556,591</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shiseido
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,935,716</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Welcia
    Holdings Co. Ltd.</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,200</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,503,907</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,391,109</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financials&mdash;10.7%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Japan
    Exchange Group, Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,679,264</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tokio
    Marine Holdings, Inc.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,793,192</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tokyo
    Century Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,860,829</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WealthNavi,
    Inc.<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,300</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,998,859</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Zenkoku
    Hosho Co. Ltd.</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,000</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,231,626</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>14,563,770</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Health
    Care&mdash;9.6%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AS
    One Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">749,152</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asahi
    Intecc Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,036,299</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Astellas
    Pharma, Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">127,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,923,526</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BML,
    Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,217,767</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Chugai
    Pharmaceutical Co. Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,899,266</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Daiichi
    Sankyo Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,330,656</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hoya
    Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,171,007</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jeol
    Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,700</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,332,720</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Menicon
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">778,577</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Takara
    Bio, Inc.</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,700</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">656,692</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,095,662</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 8; Options: NewSection; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"></P><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Japan Equity Fund, Inc.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></B></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Portfolio of Investments </B></FONT><FONT STYLE="font-size: 11pt">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of April 30, 2021</P>

<P STYLE="border-bottom: Black thin solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); padding-left: 7pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Shares
    or<BR>
    Principal<BR>
    Amount</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Value</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COMMON
    STOCKS (continued)</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>JAPAN
    (continued)</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Industrials&mdash;21.2%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amada
    Co. Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">450,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); width: 4%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,881,963</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Daifuku
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,700</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">662,244</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Daikin
    Industries Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,388,807</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FANUC
    Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,900</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,200,930</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Makita
    Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,377,860</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MISUMI
    Group, Inc.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,389,241</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nabtesco
    Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,806,960</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nihon
    M&amp;A Center, Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">684,468</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Recruit
    Holdings Co. Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,700</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,863,997</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SHO-BOND
    Holdings Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,900</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,456,914</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Takuma
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55,700</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,143,797</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,857,181</B></FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Information
    Technology&mdash;16.8%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Advantest
    Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,300</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,675,341</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Appier
    Group, Inc.<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">585,767</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Elecom
    Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,300</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,518,628</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fukui
    Computer Holdings, Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,100</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">896,516</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Keyence
    Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,744,411</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Murata
    Manufacturing Co. Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,989,478</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NEC
    Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,895,223</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NEC
    Networks &amp; System Integration Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">86,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,489,751</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Otsuka
    Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,187,165</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sanken
    Electric Co. Ltd.<SUP>(a)(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,300</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,836,050</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sansan,
    Inc.<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,000</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,150,430</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tokyo
    Electron Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,907,588</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Zuken,
    Inc.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">883,760</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22,760,108</B></FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Materials&mdash;10.4%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kansai
    Paint Co. Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">88,400</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,225,824</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nippon
    Paint Holdings Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99,500</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,421,241</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nippon
    Sanso Holdings Corp.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">201,200</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,785,058</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shin-Etsu
    Chemical Co. Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,700</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,519,827</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taoka
    Chemical Co. Ltd.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,600</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,174,224</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>14,126,174</B></FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Real
    Estate&mdash;3.9%</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Heiwa
    Real Estate Co. Ltd.<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,300</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,359,899</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tokyu
    Fudosan Holdings Corp.</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">538,800</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,998,922</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); padding-left: 7pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,358,821</B></FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); padding-left: 0.875in; font-weight: bold; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
    Common Stocks</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom"></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>147,997,941</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240)">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 9; Options: NewSection; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><FONT STYLE="font-size: 7pt"><B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Aberdeen Japan Equity Fund, Inc.</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Split-Segment; Name: a4 -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Portfolio
of Investments </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited) (concluded)</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">As
of April 30, 2021</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 62%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231f20"><B>Value</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(220,221,222); padding-left: 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231f20"><B>Shares</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(220,221,222); padding-left: 182pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231f20"><B>Description</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(220,221,222); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231f20"><B>(US$)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 5pt; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SHORT-TERM
    INVESTMENT&mdash;0.0%</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>UNITED
    STATES&mdash;0.0%</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231f20">19,401</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-left: 0.375in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">State
    Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%<SUP>(c)</SUP></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right; padding-bottom: 2pt"></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,401</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-left: 0.375in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Short-Term Investment&mdash;0.0% (cost $19,401)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>19,401</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; background-color: rgb(239,240,240); padding-left: 0.375in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Investments&mdash;108.9% (cost $127,607,936)<SUP>(d)</SUP></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231f20"><B>148,017,342</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-left: 0.375in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities
    in Excess of Other Assets&mdash;(8.9)%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,094,700</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)<FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-left: 0.375in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    Assets&mdash;100.0%</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #231f20"><B>$&nbsp;
    135,922,642</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid; padding-top: 2pt; background-color: rgb(239,240,240); padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-income producing security.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All or a portion of the
    security has been designated as collateral for the line of credit.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(c)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Registered investment
    company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(d)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See Note 9 of the accompanying
    Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See Notes to
Financial Statements.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Options: NewSection; Value: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"></P><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Japan Equity Fund, Inc.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></B></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); clear: both"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Statement
of Assets and Liabilities </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited)</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 99%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
    of April 30, 2021</FONT></TD>
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(220,221,222); white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; width: 85%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments,
    at value (cost $127,588,535)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; width: 3%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; width: 1%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; width: 10%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;147,997,941</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; width: 1%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Short-term
    investments, at value (cost $19,401)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,401</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency, at value (cost $576,432)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">575,652</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receivable
    for investments sold</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,401,443</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    and dividends receivable</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,024,946</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax
    reclaim receivable</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51,623</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    assets</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">151,071,006</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Line
    of credit payable (Note 7)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,906,043</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable
    for investments purchased</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,075,007</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment
    management fees payable (Note 3)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,191</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    expense on line of credit</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,266</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Administration
    fees payable (Note 3)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,274</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investor
    relations fees payable (Note 3)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,634</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    accrued expenses</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99,949</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    liabilities</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15,148,364</B></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 2pt; white-space: nowrap; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 2pt; padding-bottom: 2pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    Assets</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;135,922,642</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 3pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Composition
    of Net Assets</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common
    stock (par value $0.01 per share) (Note 5)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,085</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paid-in
    capital in excess of par</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100,330,496</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributable
    earnings</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 1.5pt; white-space: nowrap; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">35,458,061</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    Assets</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;135,922,642</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 3pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    asset value per share based on 13,408,536 shares issued and outstanding</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-top: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(241,241,242); padding-top: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-top: 3pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">See
Notes to Financial Statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8</B>&nbsp;&nbsp;&nbsp;&nbsp;Aberdeen
Japan Equity Fund, Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></DIV>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 11; Value: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"></P><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<!-- Field: Split-Segment; Name: a5 -->
<DIV STYLE="width: 100%">

<DIV><DIV STYLE="background-color: rgb(220,221,222)">

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Statement of Operations</FONT> <FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the Six-Month Period Ended April 30, 2021</P>

<P STYLE="border-bottom: Black thin solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

</DIV>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net investment income:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Income</B></FONT></P></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends and other income (net of foreign withholding taxes of $95,276)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,249,734</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Investment Income</FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-bottom: 1.5pt; vertical-align: bottom; padding-top: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,249,734</FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 7pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expenses:</B></FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 7pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(241,241,242); padding-top: 7pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 7pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment management fee (Note 3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">217,941</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Directors' fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81,837</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Administration fee (Note 3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,407</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investor relations fees and expenses (Note 3)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,985</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Independent auditors' fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,311</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reports to stockholders and proxy solicitation</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,228</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Insurance expense</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,216</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Legal fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,717</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NYSE listing fee</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,778</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Custodian's fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,153</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transfer agent's fees and expenses</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,476</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Miscellaneous</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,818</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total operating expenses, excluding interest expense</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">517,867</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest expense (Note 10)</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,212</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net operating expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: Black thin solid; background-color: rgb(241,241,242); padding-bottom: 1.5pt; vertical-align: bottom; padding-top: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">551,079</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-bottom: 1.5pt; vertical-align: bottom; padding-top: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Investment Income</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); padding-bottom: 1.5pt; vertical-align: bottom; padding-top: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">698,655</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 3pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Realized/Unrealized Gain/(Loss) from Investments and Foreign
Currency Related Transactions:</B></FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 3pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(241,241,242); padding-top: 3pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 3pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 3pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net realized gain/(loss) from:</B></FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 3pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(241,241,242); padding-top: 3pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 3pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment transactions</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,888,155</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt; width: 84%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency transactions</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,892</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); padding-bottom: 1.5pt; vertical-align: bottom; padding-top: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-bottom: 1.5pt; vertical-align: bottom; padding-top: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,871,263</FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; padding-right: 5pt; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Net change in unrealized appreciation/(depreciation) on:</B></FONT></P></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,822,666</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency translation</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">544,953</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom; padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,277,713</FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain from investments and foreign currency related transactions</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,593,550</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Increase in Net Assets Resulting from Operations</B></FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,292,205</B></FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); padding-top: 1.5pt; vertical-align: bottom; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: Black thin solid; background-color: rgb(220,221,222); padding-top: 1.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  </TABLE>
<DIV STYLE="background-color: rgb(220,221,222)">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Japan Equity
Fund, Inc.&nbsp;&nbsp;&nbsp; <B>9</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

</DIV>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<DIV STYLE="background-color: rgb(220,221,222); width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Statements of Changes in Net Assets</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 1.5pt; text-align: right; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; text-align: right; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1.5pt; background-color: rgb(239,240,240); vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the<BR>
Six-Month <BR>
Period Ended<BR>
April 30, 2021 <BR>
(unaudite</B></FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>d)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1.5pt; background-color: rgb(239,240,240); vertical-align: bottom; padding-right: 0.7pt; text-align: right"></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the<BR>
Year Ended<BR>
October 31, 2020</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; text-align: right; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Increase/(decrease) in Net Assets from Operations:</B></FONT></P></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Operations:</B></FONT></P></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; width: 14%; text-align: right"><FONT STYLE="font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">698,655</FONT></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; width: 2%; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom; width: 14%; text-align: right"><FONT STYLE="font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">749,230</FONT></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain from investment transactions</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,888,155</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,006,941</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain/(loss) from foreign currency transactions</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,892</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,106</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/(depreciation) on investments</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,822,666</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,829,605</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation on foreign currency translation</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">544,953</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,047</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase in net assets resulting from operations</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,292,205</FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 1.5pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,609,929</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Distributions to Stockholders From:</B></FONT></P></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributable earnings</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,828,556</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,472,529</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">)</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net decrease in net assets from distributions</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,828,556</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,472,529</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black thin solid; background-color: rgb(220,221,222)">)</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reinvestment of dividends resulting in the issuance of 0 and 2,644 shares of common stock, respectively</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&ndash;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,853</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Change in net assets from capital stock transactions</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 1.5pt; padding-right: 0.7pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,853</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase/(decrease) in net assets</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,463,649</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 1.5pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,158,253</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: Black thin solid; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 7pt; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets:</B></FONT></TD>
    <TD STYLE="padding-top: 7pt; background-color: rgb(220,221,222); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; background-color: rgb(241,241,242); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; background-color: rgb(220,221,222); vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; padding-left: 0.125in; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beginning of period</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">131,458,993</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120,300,740</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 1.5pt; padding-left: 0.125in; border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>End of period</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222)">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$135,922,642</B></FONT></TD>
    <TD STYLE="border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); vertical-align: bottom; padding-top: 1.5pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$131,458,993</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-top: Black thin solid; border-bottom: Black 1.5pt solid; background-color: rgb(220,221,222)">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are $0 or round to $0.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Aberdeen Japan Equity Fund, Inc.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: a6 -->
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Financial Highlights</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<B>For
    the <BR> Six&ndash;Month <BR> Period Ended<BR> April 30, 2021</B></FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
    the Fiscal Years Ended October 31,</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(unaudited)</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2020</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2019</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2018</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2017(a)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2016</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PER
    SHARE OPERATING PERFORMANCE<SUP>(b)</SUP>:</B></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; width: 38%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    asset value, beginning of period</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 8%; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.80</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 3%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 8%; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.97</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 8%; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.66</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 8%; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.30</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 8%; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.51</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 8%; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.69</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    investment income</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.05</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.06</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.06</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.07</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.07</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.08</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    realized and unrealized gains/(losses) on investments and foreign currencies</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.72</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.03</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.90</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1.23</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.03</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.03</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
    from investment operations</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.77</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.09</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.96</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1.16</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.10</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.11</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Distributions
    from:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    investment income</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.06</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.07</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.07</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.06</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.09</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.08</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    realized gains</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.37</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.19</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.58</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.42</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.23</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.23</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
    distributions</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.43</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.26</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.65</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.48</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.32</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(0.31</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capital
    Share Transactions:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Impact
    due to discount management policy</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.01</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.02</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    asset value, end of period</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.14</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.97</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.66</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.30</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.51</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Market
    value, end of period</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.91</FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.22</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.53</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.40</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.17</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.18</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(241,241,242); font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-top: 5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Investment Return Based on<SUP>(c)</SUP>:</B></FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Market
    value</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.20</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.75</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.42</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(15.22</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16.73</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.10</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    asset value</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.06</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.84</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.41</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(11.67</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.78</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.19</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ratio
    to Average Net Assets/Supplementary Data:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    assets, end of period (in millions)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">135.9</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">131.5</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$120.3</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">115.9</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">137.7</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">127.9</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Average
    net assets (in millions)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">149.7</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">119.6</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">110.2</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">134.7</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">124.4</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">118.4</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    operating expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.74</FONT></TD><TD STYLE="vertical-align: super; font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%<SUP>(d)</SUP></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.85</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.94</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.81</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.86</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.92</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    operating expenses, excluding interest expense</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.70</FONT></TD><TD STYLE="vertical-align: super; white-space: nowrap; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%<SUP>(d)</SUP></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    investment income</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.94</FONT></TD><TD STYLE="vertical-align: super; white-space: nowrap; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%<SUP>(d)</SUP></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.63</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.71</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.69</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.78</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.86</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
    turnover</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%<FONT STYLE="font-size: 8pt"><SUP>(e)</SUP></FONT></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">34</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Line
    of credit payable outstanding (000 omitted)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$13,906</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Asset
    coverage ratio on line of credit payable at period end</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,077</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Asset
    coverage per $1,000 on line of credit payable at period end</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,774</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,241,242); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Beginning with year ended October 31, 2017, the Fund has been
audited by KPMG LLP. Previous years were audited by different independent registered public accounting firm.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Based on average shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Total investment return based on market value is calculated
assuming that shares of the Fund's common stock were purchased at the closing market price as of the beginning of the period, dividends,
capital gain, and other distributions were reinvested as provided for in the Fund'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's
net asset value is substituted for the closing market value.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Annualized.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Not annualized.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are $0 or round to $0.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Notes to Financial Statements.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 14; Options: NewSection; Value: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"></P><P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen
                                            Japan Equity Fund, Inc.&nbsp;&nbsp;&nbsp; <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></B></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>







<P STYLE="background-color: rgb(220,221,222); font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Notes
to Financial Statements </B></FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="background-color: rgb(220,221,222); font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><FONT STYLE="font-size: 11pt">&nbsp;</FONT></B></P>

<P STYLE="background-color: rgb(220,221,222); border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="background-color: rgb(220,221,222); font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>





<DIV STYLE="float: left; width: 50%">

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>1. Organization</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; padding-right: 10pt; background-color: rgb(220,221,222); text-align: justify">Aberdeen Japan Equity Fund, Inc. (the &quot;Fund&quot;) was incorporated
in Maryland on July 12, 1990 under its original name &quot;The Japan Equity Fund, Inc.&quot; and commenced operations on July 24, 1992.
It is registered with the Securities and Exchange Commission as a closed-end, diversified management investment company. The Fund's investment
objective is to outperform over the long term, on a total return basis (including appreciation and dividends), the Tokyo Stock Price Index
(&quot;TOPIX&quot;).</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>2. Summary of Significant Accounting Policies</B></P>

<P STYLE="padding-right: 10pt; background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund is an investment company and accordingly follows the investment
company accounting and reporting guidance of the Financial Accounting Standards Board (&quot;FASB&quot;) Accounting Standard Codification
Topic 946 Financial Services &ndash; 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 (&quot;GAAP&quot;)
in the United States of America. 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 accounting records
of the Fund are maintained in U.S. Dollars.</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>a. Security Valuation:</B></P>

<P STYLE="padding-right: 10pt; background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund values its securities at current market value or fair value,
consistent with regulatory requirements. &quot;Fair value&quot; is defined in the Fund'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.</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-right: 10pt; background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 &quot;Valuation Time&quot; 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 (&quot;NYSE&quot;) (usually 4:00 p.m. 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 (&quot;ETFs&quot;)
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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt; background-color: rgb(220,221,222); text-align: justify; margin: 0pt 0">&nbsp;</P>

</DIV>





<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



<DIV STYLE="float: right; width: 50%">

<P STYLE="padding-left: 10pt; background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign equity securities that are traded on foreign exchanges
that close prior to Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above.
Valuation factors are provided by an independent pricing service provider approved by the Board. These valuation factors are used when
pricing the Fund'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.</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-left: 10pt; background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 &quot;government money market fund&quot; pursuant to Rule 2a-7 under the Investment
Company Act of 1940, as amended, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment
types are categorized as Level 1 investments.</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-left: 10pt; background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event that a security'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's Pricing Committee, taking into account the relevant factors and surrounding
circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Fund's Pricing
Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-left: 10pt; background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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</P>

</DIV>



<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><B>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Aberdeen Japan Equity Fund, Inc.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="background-color: rgb(220,221,222)">

<P STYLE="background-color: rgb(220,221,222); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>






<P STYLE="background-color: rgb(220,221,222); font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Notes
to Financial Statements </B></FONT><FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></P>

<P STYLE="background-color: rgb(220,221,222); font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin: 0pt 0">April 30, 2021</P>

<P STYLE="border-bottom: Black 1pt solid; font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="background-color: rgb(220,221,222); float: left; width: 50%">

<P STYLE="background-color: rgb(220,221,222); padding-right: 10pt; text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">to
valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market
participants would use in pricing the asset or liability, including assumptions about risk, for example the risk inherent in a particular
valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique.
Inputs may be observable or unobservable. 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 reporting entity's own assumptions about the assumptions market participants would use in pricing
the asset or</P>

</DIV>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="background-color: rgb(220,221,222); float: right; width: 50%">

<P STYLE="background-color: rgb(220,221,222); padding-left: 10pt; text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">liability developed based on the best information available in the circumstances.
A financial instrument'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:</P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="background-color: rgb(220,221,222); padding-left: 10pt; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Level 1 &ndash; quoted prices in active markets for identical investments;</P>

<P STYLE="background-color: rgb(220,221,222); padding-left: 10pt; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Level 2 &ndash; other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds, and credit risk); or</P>

<P STYLE="background-color: rgb(220,221,222); padding-left: 10pt; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Level 3 &ndash; significant unobservable inputs (including the Fund's
own assumptions in determining the fair value of investments).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-left: 10pt; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="background-color: rgb(220,221,222); clear: both; width: 100%">

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A summary of standard inputs is listed below:</P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="background-color: rgb(220,221,222)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; width: 124px; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 345px; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Standard Inputs</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5pt; background-color: rgb(241,241,242); vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign equities utilizing a fair value factor</FONT></TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following is a summary of the inputs used as of April 30, 2021 in
valuing the Fund'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:</P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: left">Investments, at Value</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">Level 1 &ndash; Quoted<BR> Prices ($)</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">Level 2 &ndash; Other Significant<BR> Observable Inputs ($)</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">Level 3 &ndash; Significant<BR> Unobservable Inputs ($)</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">Total ($)</TD><TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; background-color: rgb(241,241,242); text-align: left">Investments in Securities</TD><TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; background-color: rgb(241,241,242); width: 48%; text-align: left">Common Stocks</TD><TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="background-color: rgb(241,241,242); width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,755,068</TD><TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="background-color: rgb(241,241,242); width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">145,242,873</TD><TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="background-color: rgb(241,241,242); width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="background-color: rgb(241,241,242); width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">147,997,941</TD><TD STYLE="background-color: rgb(241,241,242); width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5pt; background-color: rgb(241,241,242); font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Money Market Funds</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">19,401</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">19,401</TD><TD STYLE="background-color: rgb(241,241,242); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; background-color: rgb(241,241,242); padding-bottom: 1pt">Total</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,774,469</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">145,242,873</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">148,017,342</TD><TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(241,241,242); font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin: 0pt 0">Amounts listed as &quot;&ndash;&quot; are $0 or round to $0.</P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="background-color: rgb(220,221,222); text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the six-month period ended April 30, 2021, there were no significant
changes to the fair valuation methodologies for the type of holdings in the Fund's portfolio.</P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="background-color: rgb(220,221,222); float: left; width: 50%">

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>b. Foreign Currency Translation:</B></P>

<P STYLE="background-color: rgb(220,221,222); padding-right: 10pt; text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="background-color: rgb(220,221,222); padding-right: 10pt; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign currency amounts are translated into U.S. Dollars on the following
basis:</P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">market value of investment securities, other assets and liabilities
 &ndash; at the current daily rates of exchange; and</TD>
</TR></TABLE>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">purchases and sales of investment securities, income and expenses
 &ndash; at the rate of exchange prevailing on the respective dates of such transactions.</TD>
</TR></TABLE>

</DIV>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="background-color: rgb(220,221,222); float: right; width: 50%">

<P STYLE="background-color: rgb(220,221,222); padding-left: 10pt; text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund does not isolate that portion of gains and losses on investments
in equity securities due to changes in the foreign exchange rates from the portion due to changes in market prices of equity securities.
Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net
realized and unrealized gains and losses on investment transactions balances.</P>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="background-color: rgb(220,221,222); padding-left: 10pt; text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); padding-left: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222); padding-left: 10pt; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="background-color: rgb(220,221,222); font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="background-color: rgb(220,221,222); clear: both; width: 100%">&nbsp;</DIV>

<DIV STYLE="text-align: right; background-color: rgb(220,221,222); clear: both; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aberdeen
Japan Equity Fund, Inc.&nbsp;&nbsp;&nbsp; <B>13</B></FONT></DIV>

<DIV STYLE="background-color: rgb(220,221,222); clear: both; width: 100%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Split-Segment; Name: a7 -->






<DIV STYLE="background-color: rgb(209,210,212); width: 100%">

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif">Notes
to Financial Statements </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>







<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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
in value of investments, and translation of other assets and liabilities denominated in foreign currencies.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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, and the difference between the amounts of interest and dividends recorded
on the Fund's books and the U.S. Dollar equivalent of the amounts actually received.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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'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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>c. Security Transactions, Investment Income and Expenses:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Interest income and expenses are recorded on an accrual basis.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>d. Distributions:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>













<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>e. Federal Income Taxes:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund intends to continue to qualify as a &quot;regulated investment
company&quot; (RIC) 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 federal income taxes. Therefore, no federal income tax provision is required.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund recognizes the tax benefits of uncertain tax positions only
where the position is &quot;more likely than not&quot; 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's U.S. federal and state tax returns for each of the most recent four
fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>f. Rights Issues and Warrants:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Rights issues give the right, normally to existing stockholders, 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'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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>g. Foreign Withholding Tax:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dividend and interest income from non-U.S. sources received by the Fund
are generally subject to non-U.S. withholding taxes and are recorded on the Statement of Operations. The Fund files for tax reclaims for
the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable
on the Statement of Assets and Liabilities. 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, when the Fund sells securities within certain countries
in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required under GAAP,
the Fund accrues deferred capital gains tax on securities currently held that have</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>



<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt"><B>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Aberdeen
Japan Equity Fund, Inc.&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>











<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>







<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="background-color: rgb(209,210,212); width: 100%">

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif">Notes
to Financial Statements </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>



<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">unrealized appreciation within these countries. The amount of deferred
capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation
on Investments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>3. Agreements and Transactions with Affiliates</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>a. Investment Manager:</B>&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Aberdeen Standard Investments (Asia) Limited (&quot;ASIAL&quot;) serves
as the Fund's investment manager with respect to all investments. Pursuant to the Management Agreement, the Manager makes investment management
decisions relating to the Fund'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's average weekly Managed Assets. For
purposes of this calculation, &quot;Managed Assets&quot; 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) the issuance or incurrence of indebtedness of any type (including, without limitation, borrowing
through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities,
and/or (iii) any other means, but not including any collateral received for securities loaned by the Fund. During the six-month period
ended April 30, 2021, the Fund paid ASIAL $217,941. In addition, the Fund has agreed to reimburse the Manager for all out-of-pocket expenses
related to the Fund. For the six-month period ended April 30, 2021, no such expenses were paid to the Manager.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>b. Fund Administration:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Aberdeen Standard Investments, Inc. (&quot;ASII&quot;), an affiliate
of ASIAL, serves as the Fund's administrator, pursuant to an agreement under which ASII receives a fee, payable quarterly by the Fund,
at an annual fee rate of 0.08% of the value of the Fund's average weekly net assets. During the six-month period ended April 30, 2021,
ASII earned $59,407 from the Fund for administration services.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>c. Investor Relations:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the terms of the Investor Relations Services Agreement, ASII provides
and pays third parties to provide investor relations services to the Fund and certain other funds advised by ASIAL 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 &quot;Fund's Portion&quot;). However, Investor Relations Services fees are limited by ASII so that
the Fund will only pay up to an annual rate of 0.05% of the Fund's average weekly net</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>





<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">assets. Any difference between the capped rate of 0.05% of the Fund's
average weekly net assets and the Fund's Portion is paid for by ASII.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to the terms of the Investor Relations Services Agreement, ASII
(or third parties engaged by ASII), 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, publishes
white papers, magazine articles and other relevant materials discussing the Fund's investment results, portfolio positioning and outlook;
develops and maintains effective communications with large institutional stockholders; responds to specific stockholder questions; and
reports activities and results to the Board and management detailing insight into general stockholders sentiment.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">During the six-month period ended April 30, 2021, the Fund incurred investor
relations fees of approximately $28,985. For the six-month period ended April 30, 2021, ASII did not waive any investor relations fees
because the Fund did not reach the capped amount.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>4. Investment Transactions</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Purchases and sales of investment securities (excluding short-term securities)
for the six-month period ended April 30, 2021, were $55,080,659 and $46,244,333, respectively.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>5. Capital</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The authorized capital of the Fund is 30 million shares of $0.01 par
value per share of common stock. During the six-month period ended April 30, 2021, the Fund did not repurchase any shares pursuant to
its Discount Management Program and reinvested 0 shares pursuant to its Dividend Reinvestment and Cash Purchase Plan. As of April 30,
2021, there were 13,408,536 shares of common stock issued and outstanding.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>6. Discount Management Program</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund'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 31 of up to 10%
of the Fund's shares of stock outstanding as of October 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 six-month period ended April 30, 2021, the Fund did not
repurchase any shares.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Japan Equity
Fund, Inc.&nbsp;&nbsp;&nbsp;&nbsp;15</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

</DIV>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="background-color: rgb(209,210,212); width: 100%">

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif">Notes
to Financial Statements </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">(unaudited)
(continued)</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">April 30, 2021</P>

<P STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">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's NAV. There is no assurance that the Fund will purchase shares in any specific amounts.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>7. Line of Credit</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On December 15, 2020, the Fund executed a Prime Brokerage Agreement with
BNP Paribas Prime Brokerage International Ltd. (&quot;BNPP PB&quot;). The maximum commitment amount is $20,000,000. The terms of the lending
agreement indicate the rate to be 1 month LIBOR plus 0.85% per annum on amounts borrowed. The BNPP PB facility provides a secured, committed
line of credit for the Fund where certain Fund assets are pledged against advances made to the Fund. The Fund has granted a security interest
in all pledged assets used as collateral to the BNPP PB facility. On February 8, 2021 the Fund drew down 1,520,000,000 Japanese Yen on
the facility. The Fund's outstanding balance as of April 30, 2021 was 1,520,000,000 Japanese Yen ($13,906,043). The average weighted interest
rate on borrowings during the period was of 1.04%. Interest expense related to the line of credit for the six-month period ended April
30, 2021, was $33,212.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>8. Portfolio Investment Risks</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>a. Risks Associated with Foreign Securities and Currencies:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 U.S. Dollar reduces the value in the U.S. Dollars of investments denominated in that foreign currency. This risk may impact
the Fund</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">more greatly to the extent the Fund does not hedge its currency risk,
or hedging techniques used by the Adviser are unsuccessful.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>b. Focus Risk:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 currency
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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>c. Leverage Risk:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund may use leverage to purchase securities. Increases and decreases
in the value of the Fund's portfolio will be magnified when the Fund uses leverage.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>d. Non-U.S. Taxation Risk:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Income, proceeds and gains received by the Fund from sources within foreign
countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments.
Tax treaties between certain countries and the United States may reduce or eliminate such taxes.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If, at the close of its taxable year, more than 50% of the value of the
Fund's total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted
to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case,
shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder's ability to claim an
offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which
may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not
itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If the Fund does not
qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S.
federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's
taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders
and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Aberdeen
Japan Equity Fund, Inc.&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: a8 -->
<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="background-color: rgb(210,211,211); clear: both; width: 100%">

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt"><B>Notes to Financial
Statements </B></FONT><FONT STYLE="font-size: 11pt">(unaudited) (continued)</FONT></P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 0pt">April 30, 2021</P>

<P STYLE="text-align: justify; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>e. Passive Foreign Investment Company Tax Risk:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Equity investments by the Fund in certain &quot;passive foreign investment
companies&quot; (&quot;PFICs&quot;) could subject the Fund to a U.S. federal income tax (including interest charges) on distributions
received from the PFIC or on proceeds received from the disposition of shares in the PFIC. The Fund may be able to elect to treat a PFIC
as a &quot;qualified electing fund&quot; (i.e., make a &quot;QEF election&quot;), in which case the Fund will be required to include its
share of the company's income and net capital gains annually. The Fund may make an election to mark the gains (and to a limited extent
losses) in such holdings &quot;to the market&quot; as though it had sold and repurchased its holdings in those PFICs on the last day of
the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. Because it is not always possible to identify
a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>f. Sector Risk:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Consumer Discretionary Sector Risk.</I> To the extent that the consumer
discretionary 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. Consumer discretionary companies are companies that provide non-essential goods
and services, such as retailers, media companies and consumer services. Companies in the consumer discretionary sector may be affected
by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer
preferences, social trends and marketing campaigns.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Industrials Sector Risk.</I> To the extent
that the industrial sector represents a significant portion of the Fund's holdings, the Fund will be sensitive to changes in, and
its performance may be adversely impacted by issues impacting this sector. The value of securities issued by companies in the
industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials
sector products in general. The products of manufacturing companies may</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> face obsolescence due to rapid technological developments
and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect
the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for
environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity
prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies,
may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent
on government demand for their products and services.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Information Technology Sector Risk.</I> To the extent that the information
technology 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. Performance of companies in the information technology sector may be adversely
impacted by many factors, including, among others, overall economic conditions, short product cycles, rapid obsolescence of products,
competition and government regulation.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>g. Valuation Risk:</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The price that the Fund could receive upon the sale of any particular
portfolio investment may differ from the Fund'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 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'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.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>9. Contingencies</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the normal course of business, the Fund may provide general indemnifications
pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future
claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims
to be remote.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>10. Tax Information</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The U.S. federal income tax basis of the Fund's investments (including
derivatives, if applicable) and the net unrealized appreciation as of April 30, 2021, were as follows:</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; padding-left: 7pt; background-color: rgb(210,211,211); vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Tax Basis of Investments</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; background-color: rgb(210,211,211)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(210,211,211); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Appreciation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; background-color: rgb(210,211,211)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(210,211,211); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; background-color: rgb(210,211,211)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5pt; background-color: rgb(210,211,211); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Unrealized<BR>
Appreciation</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 7pt; background-color: White; vertical-align: bottom; width: 25%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$127,847,434</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; background-color: White; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: White; vertical-align: bottom; width: 24%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
23,752,718</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; background-color: White; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; background-color: White; vertical-align: bottom; width: 24%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ (3,582,810)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; background-color: White; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5pt; background-color: White; vertical-align: bottom; width: 24%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 20,169,908</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Japan Equity
Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.5in"><FONT STYLE="font-size: 7pt"><B>17</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: justify; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="text-align: justify; break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<DIV STYLE="background-color: rgb(210,211,211); clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 18pt"><B>Notes
to Financial Statements </B></FONT><FONT STYLE="font-size: 11pt">(unaudited) (concluded)</FONT></P>

<P STYLE="text-align: justify; border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 0pt">April 30, 2021</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>11. Recent Accounting Pronouncements</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In October 2020, the SEC adopted new regulations governing the use of
derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate
the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives
is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk
manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August
19, 2022. It is not currently clear what impact, if</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">any, the new rule will have on the availability, liquidity or performance
of derivatives. Management is assessing the impact of Rule 18f-4 on the Fund.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>12. Subsequent Events</B></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 and/or
adjustments were required to the financial statements as of April 30, 2021.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom"><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 0.25in"><B>18</B></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Aberdeen Japan Equity
Fund, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: justify; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="text-align: justify; break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>






<DIV STYLE="background-color: rgb(210,211,211); clear: both; width: 100%">

<P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Dividend
Reinvestment and Optional Cash Purchase Plan</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund intends to distribute to stockholders substantially all of its
net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income
other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash
Purchase Plan (the &quot;Plan&quot;), stockholders whose shares of common stock are registered in their own names will be deemed to have
elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the &quot;Plan Agent&quot;) in the Fund
shares pursuant to the Plan, unless such stockholders elect to receive distributions in cash. Stockholders who elect to receive distributions
in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the stockholder by the Plan Agent, as dividend
paying agent. In the case of stockholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the
Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the stockholders as representing
the total amount registered in such stockholders' names and held for the account of beneficial owners that have not elected to receive
distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee
as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to
participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The
Plan Agent serves as agent for the stockholders in administering the Plan. If the Directors of the Fund declare an income dividend or
a capital gains distribution payable either in the Fund's common stock or in cash, nonparticipants in the Plan will receive cash and participants
in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below.
If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund
will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation
date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or
dividend or, if that date is not a trading day on the New York Stock Exchange, the immediately preceding trading date. If NAV exceeds
the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only
in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the New York Stock Exchange or elsewhere,
for the participants' accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market
price exceeds the NAV of a Fund share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund's shares,
resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment
date.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because of the foregoing difficulty with respect to open-market purchases,
the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period
or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases
and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Participants have the option of making additional cash payments of a
minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment
in the Fund's common stock, with an annual maximum contribution of $250,000. The Plan Agent will use all such funds received from participants
to purchase Fund shares in the open market on the 25<SUP>th</SUP> day of each month or the next trading day if the 25<SUP>th</SUP> is
not a trading day.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the participant sets up recurring automatic monthly ACH debits, funds
will be withdrawn from his or her U.S. bank account on the 20<SUP>th</SUP> of each month or the next business day if the 20<SUP>th</SUP>
is not a banking business day and invested on the next investment date. The Plan Agent maintains all stockholder accounts in the Plan
and furnishes written confirmations of all transactions in an account, including information needed by stockholders for personal and tax
records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each stockholder's
proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued
directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent's open market
purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant.
Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Participants also have the option of selling their shares through the
Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale
requests to be sold. The price will be the average sale price obtained by Computershare's broker, net of fees, for each batch order and
will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests
are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are
sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales
may only be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per
share).</P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">Aberdeen Japan Equity
Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.5in"><FONT STYLE="font-size: 7pt"><B>19</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="text-align: justify; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: justify; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="text-align: justify; break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: justify; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>






<!-- Field: Split-Segment; Name: a9 -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); clear: both; width: 100%"><P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif">Dividend
Reinvestment and Optional Cash Purchase Plan </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited)
(concluded)</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="font-family: Arial, Helvetica, Sans-Serif; float: left; width: 48%"><P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 3%; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends
or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or
distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such
dividend or distribution. The Plan also may be amended by the Fund or the Plan Agent, but (except when necessary or appropriate to comply</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<DIV STYLE="font-family: Arial, Helvetica, Sans-Serif; float: right; width: 48%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">with
applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing
a written notice at least 30 days' prior to the effective date to the participants in the Plan. All correspondence concerning the Plan
should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through www.computershare.com/buyaberdeen or in
writing to Computershare Trust Company N.A., P.O. Box 505000, Louisville, KY 40233-5000.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<DIV STYLE="font-family: Arial, Helvetica, Sans-Serif; clear: both; width: 100%"><P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Aberdeen
Japan Equity Fund, Inc.</FONT></P>

<P STYLE="margin: 0pt 0; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></DIV>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222); text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Corporate
Information</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Directors</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Legal
    Counsel</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Radhika
    Ajmera, <I>Chair</I></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dechert
    LLP</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Anthony
    Clark</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1900
    K Street N.W.</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Stephen
                                            Bird</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Washington,
    DC 20006</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">P.
                                            Gerald Malone</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rahn
                                            K. Porter</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Independent
    Registered Public Accounting Firm</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KPMG
    LLP</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
    Manager</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1601
    Market Street</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aberdeen
    Standard Investments (Asia) Limited</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Philadelphia,
    PA 19103</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21
    Church Street</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">#01-01
    Capital Square Two</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investor
    Relations</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Singapore
    049480</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aberdeen
    Standard Investments Inc.</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1900
    Market Street, Suite 200</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Administrator</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Philadelphia,
    PA 19103</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aberdeen
    Standard Investments Inc.</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1-800-522-5465</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1900
    Market Street, Suite 200</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investor.Relations@aberdeenstandard.com</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Philadelphia,
    PA 19103</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Custodian</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Transfer
    Agent and Registrar</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">State
    Street Bank and Trust Company</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Computershare</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1
    Lincoln Street</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">P.O.
    Box 505000</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boston,
    MA 02111</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Louisville,
    KY 40233</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm2033257d3_ncsrimg002.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Financial Statements as of April 30, 2021, included in this report, were not audited and accordingly, no opinion is expressed thereon.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notice
is hereby given in accordance with Section 23(c) 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shares
of Aberdeen Japan Equity Fund, Inc. are traded on the NYSE under the symbol &quot;JEQ&quot;. Information about the Fund's net asset value
and market price is available at www.aberdeenjeq.com.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: rgb(220,221,222)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
report, including the financial information herein, is transmitted to the stockholders of Aberdeen Japan Equity Fund, 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>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">JEQ SEMI-ANNUAL</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Code of Ethics.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Audit Committee Financial Expert.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Principal Accountant Fees and Services.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Audit Committee of Listed Registrants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Schedule of Investments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;Schedule of Investments in securities
of unaffiliated issuers as of close of the reporting period is included as part of the Reports to Shareholders filed under Item 1 of this
Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This item is inapplicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp; Not applicable to semi-annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT>There
has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1)of this
Item in the registrant&rsquo;s most recently filed annual report on Form&nbsp;N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No such purchases were made by or on behalf of the Registrant during
the period covered by the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 10. Submission of Matters to a Vote of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the period ended April&nbsp;30, 2021, there were no material
changes to the procedures by which shareholders may recommend nominees to the Registrant&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 11. Controls and Procedures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s principal executive and principal financial officers, or persons performing similar
functions, have concluded that the Registrant&rsquo;s disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under
the Investment Company Act of 1940 (the &ldquo;Act&rdquo;) (17 CFR 270.30a-3(c))) are 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)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">There were no changes in the Registrant&rsquo;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&rsquo;s internal control over financial
reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 12. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)(1)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="tm2115413d3_ex99cert.htm">(a)(2)</A></TD><TD STYLE="text-align: justify"><A HREF="tm2115413d3_ex99cert.htm">Certifications pursuant to Rule&nbsp;30a-2(a)&nbsp;under the Act and Section&nbsp;302 of the Sarbanes-Oxley
Act of 2002 are attached hereto.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)(3)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)(4)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="tm2115413d3_ex99-906cert.htm">(b)</A></TD><TD STYLE="text-align: justify"><A HREF="tm2115413d3_ex99-906cert.htm">Certifications pursuant to Rule&nbsp;30a-2(b)&nbsp;under the Act and section 906 of the Sarbanes-Oxley
Act of 2002 are attached hereto.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>SIGNATURES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Japan Equity Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 47%">/s/ Alan Goodson</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Alan Goodson,</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer of</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen Japan Equity Fund,&nbsp;Inc.</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July&nbsp;8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 47%">/s/ Alan Goodson</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Alan Goodson,</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer of</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen Japan Equity Fund,&nbsp;Inc.</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July&nbsp;8 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 47%">/s/ Andrea Melia</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Andrea Melia,</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Financial Officer of</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen Japan Equity Fund,&nbsp;Inc.</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July&nbsp;8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm2115413d3_ex99cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.CERT</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30</U></B></FONT><B><U>a<FONT STYLE="text-transform: uppercase">-2(</FONT>a<FONT STYLE="text-transform: uppercase">)&nbsp;under
the 1940 Act and <BR>
Section&nbsp;302 of the Sarbanes-Oxley Act</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Andrea Melia, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD>I have reviewed this report on Form&nbsp;N-CSR of Aberdeen Japan Equity Fund,&nbsp;Inc. (the &ldquo;Registrant&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Registrant&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant&rsquo;s internal control over financial reporting
that occurred during the Registrant&rsquo;s of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I have disclosed to the Registrant&rsquo;s
auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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&rsquo;s ability to record, process, summarize, and
report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>July&nbsp;8,
2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: italic 10pt Times New Roman, Times, Serif">/s/ Andrea Melia</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Andrea Melia</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30</U></B></FONT><B><U>a<FONT STYLE="text-transform: uppercase">-2(</FONT>a<FONT STYLE="text-transform: uppercase">)&nbsp;under
the 1940 Act and <BR>
Section&nbsp;302 of the Sarbanes-Oxley Act</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Alan Goodson, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD>I have reviewed this report on Form&nbsp;N-CSR of Aberdeen Japan Equity Fund,&nbsp;Inc. (the &ldquo;Registrant&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Registrant&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant&rsquo;s internal control over financial reporting
that occurred during the Registrant&rsquo;s of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I have disclosed to the Registrant&rsquo;s
auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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&rsquo;s ability to record, process, summarize, and
report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>July&nbsp;8,
2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: italic 10pt Times New Roman, Times, Serif">/s/ Alan Goodson</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Alan Goodson</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>tm2115413d3_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906 CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.906 CERT</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30</U></B></FONT><B><U>a<FONT STYLE="text-transform: uppercase">-2(</FONT>b<FONT STYLE="text-transform: uppercase">)&nbsp;under
the 1940 Act and <BR>
Section&nbsp;906 of the Sarbanes-Oxley Act</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alan Goodson, Principal Executive Officer, and
Andrea Melia, Principal Financial Officer, of Aberdeen Japan Equity Fund,&nbsp;Inc., a Maryland corporation (the &ldquo;Registrant&rdquo;),
each certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s periodic report on Form&nbsp;N-CSR for the period ended April&nbsp;30, 2021 (the
 &ldquo;Form&nbsp;N-CSR&rdquo;) 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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PRINCIPAL EXECUTIVE OFFICER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Japan Equity Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: italic 10pt Times New Roman, Times, Serif">/s/ Alan Goodson</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Alan Goodson</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Date: July&nbsp;8, 2021</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PRINCIPAL FINANCIAL OFFICER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Japan Equity Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: italic 10pt Times New Roman, Times, Serif">/s/ Andrea Melia</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Andrea Melia</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Date: July&nbsp;8, 2021</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tm2115413d3_ncsrsimg01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2115413d3_ncsrsimg01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !4 3<# 2(  A$! Q$!_\0
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MO0_$7C7P_P"%7BCUG4!;R2KNC01N[,/7Y0: -^BN0TOXH>#M8ODL[76$$\A
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M^4LO\07EL'CCIG%8OPV\,QZWX.2_\3Z=I]T;MBUM$;"&,11= 1M48W<GZ8H
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MWG>:TMNC%\3.!DD<\ #\!5;6?&">,OA)XDOHM.N;**-=D?GC_6KE2&!QCU!
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M13P;_N6O_I,: #PC\./#>K?"<ZW=VLKZC+;W$@F$S#RRC.%PH./X1U![U4^
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M,:ZRN3^&/_)-M#_Z]_\ V8UUE @HHHH **** "BBB@".6WAG&)H8Y!Z.H/\
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M]^M=70 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
6444 %%%% !1110 4444 %%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2115413d3_ncsrsimg02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2115413d3_ncsrsimg02.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" &_ ? # 2(  A$! Q$!_\0
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M.R_*X_NN/7W_ /U4.WFN6VH3)PI.0KGT_P!EJ:P)B3< K 8W$'#?[+#L1ZT
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MG1_B1I=\JI>HUI-T8_>3Z^H_*NPMY8;J+S8)DEC/1D8,*^?Y[3S85:#8K/\
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M,2!(XU"JHZ #@"@!]%%% !1110 4444 8_X49Y]Z/:C'/]: #M2?SI?THZ4
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M10 4444 %%%% &.:3-*>E'TH 0_2C/>@]:,_G0 9ZT>])10 ?6@\49YI">U
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M$+D\5:@Q-,OF E!@.Y["K5WI4EK</&65@.01W'UJ2VMP+62+YGEDP/E'  -
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M_"@!?YTG>C.#29H =@^M+3102 /F8#H* '8%*!0"*JWNJZ?IL9>]O8(!Z2.
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MUZC_ *O=U6$'C_OH\_0+7J%,AACMX(X84"11J$15'"@#  I] !1110 4444
M%%%% !1110!B9YHI#QZ4=J %]:.])GBESQ0 F2.]!/-'?K2 ].: #)HHS1G
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M)R?O9& .A%5);JXNV+2/)(22<#@<XS_(5!O1?]7'D^N*0W$H! ./6@"3RI,
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MU" #=Z@S'C*Q)C]3F@#SK:<\BHR,''6NYU70?#>ES-%<:K*LP<L8DB+,$/(
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M4:)+O;C<1VZ&@#($SJIR"2.F.U>Z_!_2+F#09-7NWE+79VP1NQPL:]\>YS^
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M]*K27<T@^:0@'L* +GV4H/WUPJKU*K48N+*"0':9.1DGTK/:3=U+-]33-W'
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MKQKPKH$WB;Q+9:5#N F?,C@?<C'+-^6<>^*^M[6VALK2&UMXUC@A01QHO15
MP!^5 $M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 <#O/8T
MI<U#NR/2DS0!,6/-)O..O-1Y.*3^5 $H<\T;^*C[49H ?D'ZTAP.U-YZ48.>
M: %_K3.LQYZ*/UI^#2(N97_ 4 +@>E 48_I4A7%. H BV9-+CI4H'I32OO0
MT5BZQX:LM:O8KF[>8,B;-J, ",D^GO6[C H('7% &-9^&-%M"-EA&Y'\4OSG
M]:S]8\:VV@W<EA%ISF2/'0A$/&1C&:ZG:,5E7OAS3-1OEO+NV\V55"_,3C ]
MN] '"7OB?7?% :RAM4,;?\LXHMQ_[Z.<?I6?<>'M3@O8K!;4O<M&'(C^;:#Z
MGH*];M[:&UCV011Q(.@1<?RJ0]21U^E 'AM]ITUC>26UPH\V,X8 Y_6H)&V1
M/$,X+!@/PYKVJYT73;ZX\ZYLH99.[,.3]:X/6/!%];,)[1?M2,YRD:X*#L.O
M/>@#@9<GVJ96#P(N<.IX]_QK3U;0KNRG_?6LD$<AW1A^N*JZ7;>=<*64A$R2
M30!!<VCQD/(02XW CN/6JR&19=XX93Q6ZEH+F%OM#[&CXCSW&,X[]ZJQ:6RW
M)9B#%D<9Y- #/[/+W(AF(5G4D%?7!(%9LD3Q!MP(^HKJ[J2.2]BNR%1D' ['
M'_ZZHWMS:SNS2F+#=0N<4 5((_M*23M'@(@ 8=,YIHTRYEC6\4J(Y,CD'@_E
M[5=M[B+R]D,4CI_=1"!1<2S)"Q$#HG;<P_E0!SKH0Y&.<XJS%:D EC@U7;</
MEQR/>CYCC"F@!UO$))BG3&>U-FA:*7D<>HHR1V8'UI"YZ'=0!%WZ59@MBX+R
M#"]L\9J'CT_2I!.V1\Q(% #)8@L^P'CBIKBT$<8=.1W]JA9@S[R>:D-TQ4 E
M2/I0!5'45,44*#GG.,4UL,V>!GTJ2&3RSG:K'WH ;-"8GP""#T(H:%\+QDGM
M4DLIG*DC;CTK>\,Z1)XGUZQTF*,CS6'F2#^!!RS?D/SQ0!ZO\$_"IT[1YM>N
MH\7%[^[@R.5A!Y/_  )A^2BO5JBMK:&SM8;:W01PPH(T0=%4# %2T %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 >?^7SQP: F?;VJ2D(Y
M[Y% #=F.U&S&/2G@CZ&C&![T 1[#3@N*?UI10 S92A/QI]'2@!NSZ5&B_,YQ
M_%_05/W-1Q_=8^K&@!0,=J7ZBG=J3M0 @R.E)VI<TF0:  B@]*4L!FF[Q0 N
M32<^M(6%+O\ SH 7K1BDW^U!?F@ (!I,=J=N]J16R>10!Y]XOBUJ$S7-U*SZ
M=YW[J,2#C@XX_.N2BNYI0?*A'IEFKTGQ^ ?#2_\ 7=1^AKS&TR5(R1\QZ'VH
M F*7.W+2H.IPJU221Y)G$UQ)L7T./Y5HD*JMP,[>OX5F11/-]I,:%L+VH O&
M&T1<F,9]7/\ B:J7Z)L38J@8_AJ%45D=BI)P>GT%37IQ"@P1A>A^M %FUE98
MU!(&5!X'K3KSYK1OF)R>])8V\D\2LJ\;%'/M4U[:R16C'(.2   : .98X<]Z
M<J,P!#5=AT6ZN9"JJ$(ZB3CWJJH$>58C(]* &E)"!\PQ]*8VY>O.:FWICK44
MN"<@@_2@!B_ZP4-E><CBA0=X;MFGN!SD]1TH CW'@'&:;[X%+@Y7COGZ4 ';
MTQS0 %<'H,T_8NV-BN<]<4UR<YQ@XJ6,Y"#TS0 X"S)Y1A^=>Z_!GPQ'8:1-
MK\L16:]_=P;NJQ \GVW,/R45Y)X8T.7Q)XAL]+AR/-?]XP'W$'+-^6?QQ7U1
M;6T-G:PVMO&(X84$<:+T50, 4 2T444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 <%C:?:E'/-4K;6=-O2%ANT#'^!_E;\C5[&#@]* $
M(S0#C@TM&.QH 48HIO3C/'K2X.: %SQ1DD]*3'O1B@ S3(B1&,>I/ZU)CBF1
MK^Z3Z"@!VZFECUI<>M!H ;R32<TZD[<4 )UIA;'O3F_6H]I-  )*>)/45'@^
ME#81=SL$4=V.* '[V/0#%2!O:LN?7-(M,F:^BR/X4.\_I69/X]TN(?N8)IF[
M!B%']: .H!)-.6(LP(S7 3_$&^E&+6T@C!/!P7(_'@?I6?/KGB"_4[KUT7N$
M.T ?\!Q0!TWQ#N+=/#PMQ/&9Q.I,88%@-IZCMU%>;:7 TK%CNQD_=&2:V;!Y
M+>:22Y\NZ=O^>B9Q[\G^E7VU>X)Q&Z0KG[L48S0!2DTB>6V?R+2=GQ@9%9*P
MMI4$R32-%.SJ)(V3. !G&<\9R*Z#[7=S2 133L"<=2<>_'2L#6/LT=Q/%-<(
MTYDXR3GH,$_KUH TH=8M[;35EABA!D&2I4DCDC_/X5(VD:=J@2X?464%1E!%
M\P^O:L6)!#:QLZQ2I*" O7//;WJ66&X-PCVL;@; "!C''K0!T,C:%80;-]Q.
MX PH8#\ZH2ZN( 3';PVXZC.6<#UYK*%M>3SJWE\Y^X!DG\NM5/LLYD);S6[_
M #"@":YNC?72LD[K(3G<21D>F:G\N%0%"Q.H&6R@+*??U^HJFRXA"'G:>/K4
M:IO&Y<#;U7=@F@"^T=L\>#!%O]-@Y^AI!!8O+M\J#9CDX(P?PJM$XDE,:948
M[FHS'\[!CA0>60\T 78]/T]HV,D;!@?N*3T]?I2/IE@N&\HX/*E7)#?0^M5$
M9I6,8<\=&(_SBK,JS0LJ-(NTC)4<Y'K[T 0R66FA=X,JKG'WNA]_2G1:5ITP
M?]_*&49VA@<CVXI7G5HBGF1;T. <$$CZ_P!#4(D%O.GENA'4'LI_I^% #CHM
MH_EB.=U+_=+$$&G+HENJL6O2&4X.%Z?6HWGE:1WWIDGD'H??W_G6SI&BSZYX
M@LM+M[A&DF8;Y$.0(^K'\!G@T >G_"'PHFE6%QK,C&26[_=PLRX*Q@\X^I_]
M!%>FU#:VT-E:0VMN@2&% B*.@ & *FH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** /E"*_NX#M<BXC[K)R?SZUU&F>.I8(XX6E4(
MJ[5BG7@#T##'ZUS5YI]_8;GN(A+&O66$YQ]1UJNGDW"X4JQ]#P: /7].\2V=
MY"OVITM9CV8DJ?<-C%;"LLB!T974]"IR#7AD7VFU&;>9E YV-R#^%;.D>*)M
M,W%08-Q_>,JAE)]QU% 'K?:FEF!]JYK2_&4%VV+I8EBQQ/$203Z%<'%='!/;
MW2;[>:.5?]A@: ),FDW'- &#[>E1W=PEG:27+J[)$NXA!DD4 9L^I6UIK0::
M^B$<L/EA#(/D8$G./<']!6I#(LD*M&ZN,#E2#7DNORV-SJLDEBLABE8.Q==N
MTGJ,&J\'VJ E[>[:,#!RK[<?K_*@#V;:W^17,>+M7&G/:J%G6XC?SXV504..
M"&]1@FN1&LZVB@?VI((P.2\I!'X'FLV^UG4;U_+>>>Y09&3EL9],T =_!X[T
MV2-3)#,C8Y P1_.G_P#";Z1DG;/_ -\C_&O.+:PN[F7:R%!U[U?'AV7C=<'9
MGEO3VH [*;QYIX'[FVFD;T8A?Y9K)G^(<K$BWM(5[?,2V/Y5C+H!4XB8L#W/
M%2Q:.5!"(3M/)4?UH +GQ7K=R<^>\2]MHV"LIIKJZ9GN)W9O5F)_4UT"Z))-
M&74&1QU!;@4J:,<E2%09&"S \]>G^- '/+:%U):0L?05>6Q@@1?-5BQ'"@ G
M\?2M272Y8(0!-'VP1\W4^O2E33[>-2TDI90H8L2,*,X_G0!EQK*Z!(H<+ZTI
M=BA& 5!Y"<\UIR167V5I8V!10[,,\G;U'Y'WHEU72=.ODM9#$(0VUV![%-P]
M3Z#/O0!GQ0W+C B*JW08Y_&K#Z?+#:R7$[QQ0@KD8R2&.!@?6J=]XNA^R/%:
M6S1EU0[ONX/\0R>>F!6"EU>ZN)HVFS!'%O9 <+@'(!]3DT :5WXF-C'/963+
M,C(\.?X5YX/H3U]N17-R8F=Y9&,TTAW,QZDU8N+&YCN'A<1HB8^93P01D$'\
M:AE>WAB,8VNQ[^E $:/-"P6-G0]=AZ5<BU1E^_E"2-TB8)],XK-+(<')QWIN
MT-C!&2: .E@UE2T>VX .[!9P<_7'Y<5J+K5K/"[W5N XP%8''XXQFN&*$@$9
MSVIT4DR'*2,&Z4 =Q,MEF(,K+YH!4,A.X=NG6HUL8)9!Y$T3-C'S$9_+O7)?
MVA=1])#ZCCD&GQZM*D31.A,3<LJMC<?6@#J?[#(GWJ@(/'7@'ZU"^EE65HRR
MG^(CH?SK%M];F#@9<!$;Y5. 0%/7%2Q^()%B9/M,F\\AF_A]A0!H2:4[*7C!
M1AT(R*KOI<X@!!?=W7KGWHC\221RAEGVIC#*<$D_4BK)\1-=AGEFMHV5<HJJ
M!G'][G- %1-/E2%E:-/F'!.<BJYT^50,G ZGVK2.OJUK#)N@9BQ$BXP5^G/-
M!UM5RWDQDX(3K\PX[YH R9+*7IG@U[=\(/":Z;ITFN3_ #7%VNR'(^Y&#SCZ
MD?\ CM>?>'%_M_5[/2X[+$\[XD<$_N0.2>G/'N*^BK:WBM+6*V@0)%$@1%'8
M 8% $M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110!\NV/BR=5"7,23IW>([6_$=#^E7U30-:.$$:3GV,;_@.Y_.N,CLYF<L%(
M&>#T-/9)EX==WUZ_G0!T\VA:E:L?L[1WD7]V0[7_ #Z&LYR(Y-DJ-!(?^6<Z
MXS]#WJ"RUZ_L0%2<LG_/.?D?@:VH]>TK4E2/5+58VZ NNY?P(Y% &.UN\#B:
M!WB;U!Z?4_XU>L]>N[">.:529$^[-& &'X=#6A+HD!B,NDS\=E,F^-O;U'YU
MDSVMU:Y%Q:21K_?4;T_''2@#NM+\=M<%5D6*X'\13Y'7W([_ (5UUI?6=\,V
MUS'(>Z X;\CS7A9@$G[R,_,.0RFK4.IWEN1YN+B,<Y)PP^C?XT >Q:GX>T_5
M(R98A'("6\V/ ;.,<^M>::[:V&GW"I:WUK=^9DXAX*X&.<>];FD?$ JB0R-'
M*%7 2;Y'^@8<'^=,D\*V7B'49;R+4XK)IFW?9Y/O*?8\ _A0!C+/:,SL!N"*
M2K, 3P!QT]ZM07=MY+LA"* 2PV_-C(&.O?.:T[OX::G&0;6[MIQM_P"6F4/Z
M9K'N?!?B"W;']G-(/[T4H(_F* +-MKEL()7?!:/ ^<\M\V..>E.A\269MW\]
MA]U %+9ZD@]!G(KFKJUFL9%ANH+BW=D#A7&"5SP<?G^55Y$@#9=9<D9^;N*
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M:".")0L<:A54=@* )**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH ^:].\=7,6U-0A6=.GF1D*W^!_2NIT_7=.U3BUN5
M\P_\LG^5OR[_ (5Y8]LK,S+\I]N*A,<J,3@G:>HZT >U'D4TH#VKS#3?%VJ6
M&%,_VB,?\LYN3^!ZUUNG>--,O-J7&ZTE/'S\K^?^- &[);J1R*S+NT4J?E_*
MMA)$EC$D;K(C#AE.0:0QAA@\T >::YH\KSAXQ@$;2"/?-9IT658^1FO4[FQ2
M1?NBJATM"OW10!Y<]I/#P1D>C#(J6TU.[TYAY,SQ '.QOF3\NU=Y=:*K X%8
M5YH1&<+0 0^)K.[C$6J6JA3_ !!=Z'\.HJP=.2>-+G2)X0I'S1NQ9"#V[D5S
MD^ER0,2F5/M56*6XLI?,C=X7'\<1Z_44 ='<:9.K1@VLBM)P$4>8,^Q';ZXK
M,DMI8')B9XGZ$J<5HZ9XON;69)KE?,V$%9H.&4COCU_*M2:WL-8EDN[>_E,[
MME_WF_<2>K*W_P!:@!WA*XNVN#)<:K;V$4#*9)7F*/(OH%'WCQ^M>I:;XEL-
M7U%K>Q;S8@IQ-@@,PZ@9Z]17BM]H5]!?1>4%N5N2J)Y>1L.<?,.<9)]Z],\*
M:0GA^^6QG*23P)*[OYH"[AC(4?B.N* .MO\ 2K/5(!!?6Z3QJP8*XXR.].M]
M/M[.(16MO'"@_AC4 4FBWTVI6'VB:)(R6*@*VX''O3VD^PN'NK@,DLBHI(
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M^C:J+AS_ &9>C=W^SO\ X5*^CZJ9I&_LV\^[_P \&_PKZGHH ^6FT?5"\?\
MQ+;S@?\ /!O\*:^C:IM4#3;S[Q/^H;_"OJ>B@#Y;71-3"Y_LZ\^]_P \&_PJ
M-_#M]*&W:5=CGAA V?Y5]444 ?)C^'M9C!QIUY(OO V1^E6[!/$^F.!:VFHQ
M@'E&MV*'\,8KZHHH \!T_P 0:FQ$>I:#?1G_ )ZPV[D?B,?XUTD$4ES&'CAF
M(/8QL"/P(S7K5% 'E+:?.P_X]I?^^#5-M%G)/^C2_P#?!KV*B@#Q.?0;A\_Z
M)+_W[-8]WX7NWSBSG_",U]"44 ?+MWX2U#/&GW)QZ0MD?I6;)X?UE&R=,O9
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M(G!!A8;ACOQ7T-10!Y]\,_#;6%O-JES&4DE_=P*ZD%5X+'!]2,?A[UZ#110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
)110 4444 ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>tm2033257d3_ncsrimg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2033257d3_ncsrimg002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !E 2X# 2(  A$! Q$!_\0
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MH **** "BBB@ HHHH **** "BBFR/LC9]K-M!.U>I]A0 .Z1HSR,JHHRS,<
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MEN_BOXI;2VRXTV=04_OB%5_/?C\:UH/"_P 2HK&'2U\16$-E%&(E,7WE0
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M=_Z5ZOX_+#P'K&S.?LYZ#MD9_2N6\7?#K5]?\9KK%K<V*6X\KY97</\ +C/
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M.OZKX=OU@\9Q7HN!$+6[B7YH"&RP8<$$CC!.:XGX2:9J=[J=S<66J-:6]K+
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MCN*X.WU8Z5I?C+52,WG]HO!$.I9MJK$/U%4/!L]WX??4=',-Q9R36GVNV.I
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MTFU*?3HY<W4"+))'M/RJV<'.,'H:M5POA(2_\)KK)FU9=4<V=N?M*HB@_>X
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M36L5K+I=C);PDF.)[="B$^@Q@5(=+T\K.IL+7;.H28>2N)% P W'( XP:**
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23?\ ?\B%8]WUP.:N444 ?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
