Japan Smaller Capitalization Fund NPX Annual report of proxy voting record

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote


AIN HOLDINGS INC.	27-Jul-2018	Annual General Meeting	2,700	5953240	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Otani, Kiichi	MGMT	FOR	FOR
					Appoint a Director Sakurai, Masahito	MGMT	FOR	FOR
					Appoint a Director Shudo, Shoichi	MGMT	FOR	FOR
					Appoint a Director Mizushima, Toshihide	MGMT	FOR	FOR
					Appoint a Director Oishi, Miya	MGMT	FOR	FOR
					Appoint a Director Kimei, Rieko	MGMT	FOR	FOR
					Appoint a Director Awaji, Hidehiro	MGMT	FOR	FOR
					Appoint a Director Sakai, Masato	MGMT	FOR	FOR
					Appoint a Director Mori, Ko	MGMT	FOR	FOR
					Appoint a Director Hamada, Yasuyuki	MGMT	FOR	FOR
					Appoint a Director Kimura, Shigeki	MGMT	FOR	FOR
					Appoint a Director Endo, Noriko	MGMT	FOR	FOR

KUSURI NO AOKI HOLDINGS CO.,LTD.	17-Aug-2018	Annual General Meeting	54,800	BYX8TV2	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Aoki, Keisei	MGMT	FOR	FOR
					Appoint a Director Aoki, Yasutoshi	MGMT	FOR	FOR
					Appoint a Director Aoki, Hironori	MGMT	FOR	FOR
					Appoint a Director Yahata, Ryoichi	MGMT	FOR	FOR
					Appoint a Director Yoshino, Kunihiko	MGMT	FOR	FOR
					Appoint a Director Tsuruha, Tatsuru	MGMT	FOR	FOR
					Appoint a Director Okada, Motoya	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Morioka, Shinichi	MGMT	AGAINST	AGAINST
					Approve Issuance of Share Acquisition Rights as Stock Options	MGMT	AGAINST	AGAINST

DAIKOKUTENBUSSAN CO.,LTD.	22-Aug-2018	Annual General Meeting	194,200	6713186	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Expand Business Lines	MGMT	FOR	FOR
					Appoint a Director Oga, Shoji	MGMT	AGAINST	AGAINST
					Appoint a Director Kikuchi, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director Kawada, Tomohiro	MGMT	FOR	FOR
					Appoint a Director Oga, Masahiko	MGMT	AGAINST	AGAINST
					Appoint a Director Omura, Masashi	MGMT	FOR	FOR
					Appoint a Director Noda, Naoki	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Kuwahara, Kazunari	MGMT	FOR	FOR

CREATE SD HOLDINGS CO.,LTD.	24-Aug-2018	Annual General Meeting	289,600	B3V2XQ2	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Yamamoto, Hisao	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Hirose, Taizo	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Yamamoto, Itsuko	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Saito, Osamu	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Nakaura, Shigeto	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Kasakawa, Kuniaki	MGMT	FOR	FOR
					Appoint a Substitute Director as Supervisory Committee Members Ampo, Yoko	MGMT	AGAINST	AGAINST

COSMOS PHARMACEUTICAL CORP	24-Aug-2018	Annual General Meeting	25,900	B036QP1	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Uno, Masateru	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Yokoyama, Hideaki	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Iwashita, Masahiro	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Takemori, Motoi	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Shibata, Futoshi	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Uno, Yukitaka	MGMT	FOR	FOR

SHINPO CO.,LTD.	21-Sep-2018	Annual General Meeting	1,800	6864493	Approve Appropriation of Surplus	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 1 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	26-Sep-2018	Annual General Meeting	69,100	5767753	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Ohara, Koji	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Yoshida, Naoki	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Takahashi, Mitsuo	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Abe, Hiroshi	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Ishii, Yuji	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Nishii, Takeshi	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Haga, Takeshi	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Maruyama, Tetsuji	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Wada, Shoji	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Inoue, Yukihiko	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Yoshimura, Yasunori	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Fukuda, Tomiaki	MGMT	FOR	FOR

AI HOLDINGS CORPORATION	27-Sep-2018	Annual General Meeting	31,900	B1TK201	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Sasaki, Hideyoshi	MGMT	FOR	FOR
					Appoint a Director Oshima, Akihiko	MGMT	FOR	FOR
					Appoint a Director Yoshida, Shuji	MGMT	FOR	FOR
					Appoint a Director Miyama, Yuzo	MGMT	FOR	FOR
					Appoint a Director Kawamoto, Hirotaka	MGMT	FOR	FOR
					Appoint a Corporate Auditor Taguchi, Tsuguo	MGMT	FOR	FOR
					Appoint a Corporate Auditor Adachi, Kazuhiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ishimoto, Akitoshi	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Seki, Michiya	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Kikuchi, Masato	MGMT	FOR	FOR

SHIBUYA CORPORATION	27-Sep-2018	Annual General Meeting	15,300	6804239	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Takamoto, Munehiro	MGMT	FOR	FOR
					Appoint a Director Futagi, Akinori	MGMT	FOR	FOR
					Appoint a Director Tamai, Masatoshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Doi, Junichi	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	FOR	FOR

JAPAN MEAT CO.,LTD.	22-Oct-2018	Annual General Meeting	105,900	BYM6DQ0	Approve Appropriation of Surplus	MGMT	FOR	FOR

NAGAILEBEN CO.,LTD.	22-Nov-2018	Annual General Meeting	6,500	6623326	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Sawanobori, Ichiro	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Saito, Nobuhiko	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Asai, Katsuji	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Yamamoto, Yasuyoshi	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Shintani, Kinya	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Tokue, Takeshi	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Ogino, Kazutaka	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Shiromi, Koichi	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Mishima, Kota	MGMT	FOR	FOR
					Approve Details of the Restricted-Share Compensation to be received by Directors except Directors as Supervisory Committee Members	MGMT	FOR	FOR
					Approve Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Directors except Directors as Supervisory Committee Members	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 2 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

SAIZERIYA CO.,LTD.	28-Nov-2018	Annual General Meeting	468,500	6111779	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Shogaki, Yasuhiko	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Horino, Issei	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Masuoka, Nobuyuki	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Matsutani, Hideharu	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Nagaoka, Noboru	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Orido, Minoru	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Shimazaki, Koji	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Shibata, Ryohei	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Watanabe, Susumu	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Matsuda, Michiharu	MGMT	FOR	FOR

SANYO HOUSING NAGOYA CO.,LTD.	28-Nov-2018	Annual General Meeting	282,200	6532820	Appoint a Director Sawada, Yasunari	MGMT	FOR	FOR
					Appoint a Director Miyazaki, Takuya	MGMT	FOR	FOR
					Appoint a Director Mito, Naoki	MGMT	FOR	FOR
					Appoint a Director Kohara, Noboru	MGMT	FOR	FOR
					Appoint a Director Omori, Takaharu	MGMT	FOR	FOR
					Appoint a Director Endo, Akikazu	MGMT	FOR	FOR
					Appoint a Director Hironaka, Kazuo	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kawasaki, Shuichi	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for a Deceased Representative Chairperson	MGMT	AGAINST	AGAINST

JINS INC.	29-Nov-2018	Annual General Meeting	30,700	B18D6G5	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Approve Absorption-Type Company Split Agreement	MGMT	FOR	FOR
					Amend Articles to: Change Official Company Name to JINS HOLDINGS Inc., Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Tanaka, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Nakamura, Yutaka	MGMT	FOR	FOR
					Appoint a Director Kotani, Noboru	MGMT	FOR	FOR
					Appoint a Director Kokuryo, Jiro	MGMT	FOR	FOR

STEP CO.,LTD.	15-Dec-2018	Annual General Meeting	157,400	6791999	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Tatsui, Kyoji	MGMT	FOR	FOR
					Appoint a Director Umezawa, Naoyuki	MGMT	FOR	FOR
					Appoint a Director Arai, Noriaki	MGMT	FOR	FOR
					Appoint a Director Takase, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Endo, Yosuke	MGMT	FOR	FOR
					Appoint a Director Daikoku, Akiyoshi	MGMT	FOR	FOR
					Appoint a Director Hakamada, Tsuyoshi	MGMT	FOR	FOR
					Appoint a Director Morimoto, Yuriko	MGMT	FOR	FOR
					Appoint a Director Kijima, Fumiyoshi	MGMT	AGAINST	AGAINST
					Appoint a Director Asano, Tatsuru	MGMT	FOR	FOR

TEAR CORPORATION	21-Dec-2018	Annual General Meeting	70,000	B142B83	Appoint a Director Tomiyasu, Norihisa	MGMT	FOR	FOR
					Appoint a Director Okadome, Shokichi	MGMT	FOR	FOR
					Appoint a Director Tsuji, Kohei	MGMT	FOR	FOR
					Appoint a Director Miyazaki, Yoshiyuki	MGMT	FOR	FOR
					Appoint a Director Manabe, Kengo	MGMT	FOR	FOR
					Appoint a Director Yamamoto, Katsumi	MGMT	FOR	FOR
					Appoint a Director Mori, Zenryo	MGMT	FOR	FOR
					Appoint a Director Ogiso, Masato	MGMT	FOR	FOR
					Appoint a Corporate Auditor Deguchi, Koichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Goto, Mitsuo	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Fukazawa, Hiroshi	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 3 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

EPS HOLDINGS,INC.	21-Dec-2018	Annual General Meeting	73,900	6367486	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Sekitani, Kazuki	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Tochigi, Toshiaki	MGMT	AGAINST	AGAINST

H.I.S.CO.,LTD.	25-Jan-2019	Annual General Meeting	114,300	5806117	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Sawada, Hideo	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Nakamori, Tatsuya	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Oda, Masayuki	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Nakatani, Shigeru	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Sakaguchi, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Yamanobe, Atsushi	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Gomi, Mutsumi	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Katsura, Yasuo	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	AGAINST	AGAINST

HI-LEX CORPORATION	26-Jan-2019	Annual General Meeting	149,600	6643476	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Appoint a Director Teraura, Makoto	MGMT	FOR	FOR
					Appoint a Director Nakano, Mitsuhiro	MGMT	FOR	FOR
					Appoint a Director Teraura, Taro	MGMT	FOR	FOR
					Appoint a Director Hirai, Shoichi	MGMT	FOR	FOR
					Appoint a Director Masaki, Yasuko	MGMT	FOR	FOR
					Appoint a Director Kato, Toru	MGMT	FOR	FOR
					Appoint a Director Akanishi, Yoshifumi	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	FOR	FOR

KURA CORPORATION	29-Jan-2019	Annual General Meeting	14,700	6345965	Amend Articles to: Change Official Company Name to Kura Sushi,Inc., Increase the Board of Directors Size to 14, Transition to a Company with Supervisory Committee, Eliminate the Articles Related to Allowing the Board of Directors to Authorize the Company to Purchase Own Shares	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Tanaka, Kunihiko	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Tanaka, Makoto	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Hisamune, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Ito, Norihito	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Kamei, Manabu	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Tanaka, Setsuko	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Tsuda, Kyoichi	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Yamamoto, Tamotsu	MGMT	FOR	FOR
					Appoint a Director as Supervisory Committee Members Otaguchi, Hiroshi	MGMT	AGAINST	AGAINST
					Appoint a Director as Supervisory Committee Members Kitagawa, Yoji	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors except Directors as Supervisory Committee Members	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors as Supervisory Committee Members	MGMT	FOR	FOR

PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	31-Jan-2019	ExtraOrdinary General Meeting	72,100	5767753	Amend Articles to: Change Official Company Name to Pan Pacific International Holdings Corporation	MGMT	FOR	FOR
					Appoint a Director except as Supervisory Committee Members Yasuda, Takao	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 4 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

SAKATA INX CORPORATION	26-Mar-2019	Annual General Meeting	700,200	6769833	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Morita, Kotaro	MGMT	FOR	FOR
					Appoint a Director Nakamura, Masaki	MGMT	FOR	FOR
					Appoint a Director Nakamura, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Ueno, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director Fukunaga, Toshihiko	MGMT	FOR	FOR
					Appoint a Director Nakagawa, Katsumi	MGMT	FOR	FOR
					Appoint a Director Katsuki, Yasumi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Mori, Takahiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Sato, Yoshio	MGMT	FOR	FOR

KEIYO GAS CO.,LTD.	27-Mar-2019	Annual General Meeting	81,000	6487469	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Reduce Term of Office of Directors to One Year	MGMT	FOR	FOR
					Appoint a Director Kikuchi, Misao	MGMT	FOR	FOR
					Appoint a Director Habu, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Maruyama, Kyoji	MGMT	FOR	FOR
					Appoint a Director Yamaura, Nobusuke	MGMT	FOR	FOR
					Appoint a Director Eguchi, Takashi	MGMT	FOR	FOR
					Appoint a Director Funaki, Takashi	MGMT	FOR	FOR
					Appoint a Director Furuichi, Seiichi	MGMT	FOR	FOR
					Appoint a Director Yasuda, Akihiro	MGMT	FOR	FOR
					Appoint a Director Maekawa, Wataru	MGMT	FOR	FOR
					Appoint a Director Mori, Takao	MGMT	FOR	FOR
					Appoint a Corporate Auditor Koizawa, Kazuaki	MGMT	FOR	FOR
					Approve Retirement Allowance for Retiring Corporate Officers, and Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Retiring Corporate Officers	MGMT	AGAINST	AGAINST
					Approve Details of the Compensation to be received by Corporate Officers	MGMT	FOR	FOR

OTSUKA CORPORATION	27-Mar-2019	Annual General Meeting	47,200	4272634	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Otsuka, Yuji	MGMT	FOR	FOR
					Appoint a Director Katakura, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director Takahashi, Toshiyasu	MGMT	FOR	FOR
					Appoint a Director Saito, Hironobu	MGMT	FOR	FOR
					Appoint a Director Tsurumi, Hironobu	MGMT	FOR	FOR
					Appoint a Director Yano, Katsuhiro	MGMT	FOR	FOR
					Appoint a Director Sakurai, Minoru	MGMT	FOR	FOR
					Appoint a Director Moriya, Norihiko	MGMT	FOR	FOR
					Appoint a Director Hirose, Mitsuya	MGMT	FOR	FOR
					Appoint a Director Wakamatsu, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director Makino, Jiro	MGMT	FOR	FOR
					Appoint a Director Saito, Tetsuo	MGMT	FOR	FOR
					Appoint a Corporate Auditor Minai, Naoto	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	AGAINST	AGAINST

NAKANISHI INC.	28-Mar-2019	Annual General Meeting	98,900	6271071	Approve Appropriation of Surplus	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 5 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

THE PACK CORPORATION	28-Mar-2019	Annual General Meeting	216,000	6887821	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Reduce the Board of Directors Size to 9	MGMT	FOR	FOR
					Appoint a Director Nakao, Yoshikazu	MGMT	FOR	FOR
					Appoint a Director Inada, Mitsuo	MGMT	FOR	FOR
					Appoint a Director Takinoue, Teruo	MGMT	FOR	FOR
					Appoint a Director Yamashita, Hideaki	MGMT	FOR	FOR
					Appoint a Director Okada, Susumu	MGMT	FOR	FOR
					Appoint a Director Fujii, Michihisa	MGMT	FOR	FOR
					Appoint a Director Nakamura, Shuichi	MGMT	FOR	FOR
					Appoint a Director Hayashi, Hirofumi	MGMT	FOR	FOR
					Appoint a Director Nishio, Uichiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Sato, Seiji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Iwase, Norimasa	MGMT	FOR	FOR

MABUCHI MOTOR CO.,LTD.	28-Mar-2019	Annual General Meeting	88,000	6551030	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Increase the Board of Directors Size to 15, Transition to a Company with Supervisory Committee	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Okoshi, Hiroo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Itokawa, Masato	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Katayama, Hirotaro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iyoda, Tadahito	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Uenishi, Eiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Taniguchi, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mitarai, Naoki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsutsumi, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ono, Jody L.	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Someya, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Masuda, Toru	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Asai, Takashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Toge, Yukie	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR
					Approve Details of the Performance-based Stock Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR

SIIX CORPORATION	28-Mar-2019	Annual General Meeting	699,800	6174556	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Murai, Shiro	MGMT	FOR	FOR
					Appoint a Director Kikyo, Yoshihito	MGMT	FOR	FOR
					Appoint a Director Ono, Seiji	MGMT	FOR	FOR
					Appoint a Director Maruyama, Toru	MGMT	FOR	FOR
					Appoint a Director Takatani, Shinsuke	MGMT	FOR	FOR
					Appoint a Director Omori, Susumu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tomoda, Masayuki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ishibashi, Masaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tejima, Izumi	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Kawai, Takanori	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Yoshizawa, Nao	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 6 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

STAR MICRONICS CO.,LTD.	28-Mar-2019	Annual General Meeting	11,100	6841526	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Approve Reduction of Capital Reserve	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sato, Hajime	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sato, Mamoru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tanaka, Hiroshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwasaki, Seigo	MGMT	FOR	FOR

PIGEON CORPORATION	25-Apr-2019	Annual General Meeting	7,200	6688080	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Change Fiscal Year End to 31st December, Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Corporate Auditor Amari, Kazuhisa	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hashimoto, Nobuyuki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Otsu, Koichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Taishido, Atsuko	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Omuro, Sachiko	MGMT	AGAINST	AGAINST
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	FOR	FOR
					Approve Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Directors	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors	MGMT	FOR	FOR
					Approve Details of the Performance-based Stock Compensation to be received by Directors	MGMT	FOR	FOR

HIDAY HIDAKA CORP.	24-May-2019	Annual General Meeting	180,933	6173854	Appoint a Director Kanda, Tadashi	MGMT	FOR	FOR
					Appoint a Director Takahashi, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Arita, Akira	MGMT	FOR	FOR
					Appoint a Director Shima, Juichi	MGMT	FOR	FOR
					Appoint a Director Yoshida, Nobuyuki	MGMT	FOR	FOR
					Appoint a Director Kase, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Fuchigami, Tatsutoshi	MGMT	FOR	FOR
					Appoint a Director Aono, Hiroshige	MGMT	FOR	FOR
					Appoint a Director Akachi, Fumio	MGMT	FOR	FOR
					Appoint a Director Nagata, Tadashi	MGMT	FOR	FOR

SAN-A CO.,LTD.	28-May-2019	Annual General Meeting	155,400	6280680	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Orita, Joji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Uechi, Tessei	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakanishi, Atsushi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Imanaka, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Arashiro, Kentaro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tasaki, Masahito	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Moromi, Akiyoshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nozaki, Seiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Onaga, Tomotsune	MGMT	FOR	FOR

ABC-MART,INC.	29-May-2019	Annual General Meeting	31,200	6292102	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Noguchi, Minoru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Katsunuma, Kiyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kojima, Jo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kikuchi, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hattori, Kiichiro	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Matsuoka, Tadashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Sugahara, Taio	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Toyoda, Ko	MGMT	AGAINST	AGAINST

Japan Smaller Capitalization Fund

Page 7 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

IZUMI CO.,LTD.	29-May-2019	Annual General Meeting	39,000	6468152	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Yamanishi, Yasuaki	MGMT	FOR	FOR
					Appoint a Director Kajihara, Yuichiro	MGMT	FOR	FOR
					Appoint a Director Mikamoto, Tatsuya	MGMT	FOR	FOR
					Appoint a Director Nakamura, Toyomi	MGMT	FOR	FOR
					Appoint a Director Honda, Masahiko	MGMT	FOR	FOR
					Appoint a Director Nitori, Akio	MGMT	FOR	FOR
					Appoint a Director Yoneda, Kunihiko	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	AGAINST	AGAINST

AMIYAKI TEI CO.,LTD.	11-Jun-2019	Annual General Meeting	239,500	6567565	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Amend Articles to: Adopt Reduction of Liability System for Non-Executive Directors	MGMT	FOR	FOR

OKINAWA CELLULAR TELEPHONE COMPANY	13-Jun-2019	Annual General Meeting	236,400	5805738	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Yuasa, Hideo	MGMT	FOR	FOR
					Appoint a Director Nakachi, Masakazu	MGMT	FOR	FOR
					Appoint a Director Yamamori, Seiji	MGMT	FOR	FOR
					Appoint a Director Tomori, Katsuki	MGMT	FOR	FOR
					Appoint a Director Oroku, Kunio	MGMT	FOR	FOR
					Appoint a Director Tanaka, Takashi	MGMT	FOR	FOR
					Appoint a Director Aharen, Hikaru	MGMT	FOR	FOR
					Appoint a Director Shoji, Takashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Asato, Masatoshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kinjo, Tokei	MGMT	FOR	FOR
					Appoint a Corporate Auditor Mitsui, Satoru	MGMT	AGAINST	AGAINST
					Approve Payment of Bonuses to Corporate Officers	MGMT	FOR	FOR

TECHNO ASSOCIE CO.,LTD.	14-Jun-2019	Annual General Meeting	406,800	6899633	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Moritani, Mamoru	MGMT	FOR	FOR
					Appoint a Director Ito, Jun	MGMT	FOR	FOR
					Appoint a Director Nakajima, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director Nagae, Nobuhisa	MGMT	FOR	FOR
					Appoint a Director Tsuda, Tamon	MGMT	FOR	FOR
					Appoint a Director Miyata, Yasuhiro	MGMT	AGAINST	AGAINST
					Appoint a Corporate Auditor Mizoo, Yasunobu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tanaka, Yoshihiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yanagida, Shinya	MGMT	AGAINST	AGAINST
					Approve Provision of Retirement Allowance for Retiring Corporate Officers	MGMT	AGAINST	AGAINST
					Approve Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Corporate Officers	MGMT	AGAINST	AGAINST
					Approve Details of the Compensation to be received by Corporate Auditors	MGMT	FOR	FOR

SUGIMOTO & CO.,LTD.	14-Jun-2019	Annual General Meeting	131,100	6856928	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Sugimoto, Masahiro	MGMT	AGAINST	AGAINST
					Appoint a Director Sakaguchi, Shosaku	MGMT	FOR	FOR
					Appoint a Director Sugimoto, Toshio	MGMT	FOR	FOR
					Appoint a Director Sugimoto, Naohiro	MGMT	FOR	FOR
					Appoint a Director Miyaji, Kamezo	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kawabata, Kazuya	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ban, Junnosuke	MGMT	FOR	FOR
					Appoint a Corporate Auditor Umeno, Sotoji	MGMT	AGAINST	AGAINST

Japan Smaller Capitalization Fund

Page 8 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

RICOH LEASING COMPANY,LTD.	19-Jun-2019	Annual General Meeting	116,400	6729116	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Reduce Term of Office of Directors to One Year	MGMT	FOR	FOR
					Appoint a Director Segawa, Daisuke	MGMT	FOR	FOR
					Appoint a Director Nakamura, Tokuharu	MGMT	FOR	FOR
					Appoint a Director Sano, Hirozumi	MGMT	FOR	FOR
					Appoint a Director Kawaguchi, Takashi	MGMT	FOR	FOR
					Appoint a Director Sato, Shinji	MGMT	FOR	FOR
					Appoint a Director Shiga, Kozue	MGMT	FOR	FOR
					Appoint a Director Seto, Kaoru	MGMT	FOR	FOR
					Appoint a Director Futamiya, Masaya	MGMT	FOR	FOR
					Appoint a Director Arakawa, Masako	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Doi, Shinichiro	MGMT	FOR	FOR
					Appoint Accounting Auditors	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors	MGMT	FOR	FOR
					Approve Details of the Stock Compensation to be received by Directors	MGMT	FOR	FOR

KANADEN CORPORATION	19-Jun-2019	Annual General Meeting	293,000	6483304	Amend Articles to: Change Company Location within TOKYO	MGMT	FOR	FOR
					Appoint a Director Motohashi, Nobuyuki	MGMT	FOR	FOR
					Appoint a Director Shimamoto, Kazunori	MGMT	FOR	FOR
					Appoint a Director Jin, Takeshi	MGMT	FOR	FOR
					Appoint a Director Nagashima, Yoshiro	MGMT	FOR	FOR
					Appoint a Director Mori, Hisataka	MGMT	FOR	FOR
					Appoint a Director Saito, Shinsuke	MGMT	FOR	FOR
					Appoint a Director Iguchi, Akio	MGMT	FOR	FOR
					Appoint a Director Saigusa, Hironori	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yamamura, Kozo	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Torigoe, Junya	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Takeuchi, Akira	MGMT	AGAINST	AGAINST

NISSIN ELECTRIC CO.,LTD.	19-Jun-2019	Annual General Meeting	87,200	6641663	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Obata, Hideaki	MGMT	FOR	FOR
					Appoint a Director Saito, Shigeo	MGMT	FOR	FOR
					Appoint a Director Nobu, Masahide	MGMT	FOR	FOR
					Appoint a Director Nagata, Koichi	MGMT	FOR	FOR
					Appoint a Director Matsumoto, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director Teramoto, Yukifumi	MGMT	FOR	FOR
					Appoint a Director Yurino, Masahiro	MGMT	FOR	FOR
					Appoint a Director Hirabayashi, Sachiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Akashi, Naoyoshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Saeki, Go	MGMT	FOR	FOR

KOHSOKU CORPORATION	19-Jun-2019	Annual General Meeting	355,900	6488592	Appoint a Director who is not Audit and Supervisory Committee Member Terashi, Koki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Terashi, Yuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Wagatsuma, Hideki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Hiromi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Obara, Junichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hatakeyama, Katsuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Tomokazu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miura, Koki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwasawa, Miyuki	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 9 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

SEIREN CO.,LTD.	20-Jun-2019	Annual General Meeting	304,400	6793520	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Approve Reduction of Capital Reserve	MGMT	FOR	FOR
					Appoint a Director Kawada, Tatsuo	MGMT	FOR	FOR
					Appoint a Director Tsubota, Koji	MGMT	FOR	FOR
					Appoint a Director Yu Hui	MGMT	FOR	FOR
					Appoint a Director Makida, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Oenoki, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director Kitabata, Takao	MGMT	FOR	FOR
					Appoint a Director Hotta, Kensuke	MGMT	FOR	FOR
					Appoint a Director Sasae, Kenichiro	MGMT	FOR	FOR
					Appoint a Director Ueyama, Koichi	MGMT	FOR	FOR
					Appoint a Director Yamada, Hideyuki	MGMT	FOR	FOR
					Appoint a Director Kawada, Koji	MGMT	FOR	FOR
					Appoint a Director Katsuki, Tomofumi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nomura, Masakazu	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors	MGMT	FOR	FOR
					Approve Details of Compensation as Stock-Linked Compensation Type Stock Options for Directors	MGMT	FOR	FOR

T&K TOKA CO.,LTD.	20-Jun-2019	Annual General Meeting	196,900	6038469	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Masuda, Yoshikatsu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoshimura, Akira	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hojo, Minoru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kurimoto, Ryuichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakama, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Isogai, Kota	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Kida, Takatoshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Otaka, Kenji	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Noguchi, Satoshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hanabusa, Koichi	MGMT	FOR	FOR

TRANCOM CO.,LTD.	20-Jun-2019	Annual General Meeting	23,200	6890034	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shimizu, Masahisa	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsunekawa, Yutaka	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Jinno, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kambayashi, Ryo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakazawa, Keisuke	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takebe, Atsunori	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sato, Kei	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Tsuyumoto, Kazuo	MGMT	FOR	FOR

ALPS LOGISTICS CO.,LTD.	20-Jun-2019	Annual General Meeting	225,800	6050764	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Usui, Masaru	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Shimohiro, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fukiyama, Koji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mushiake, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kurita, Yukitake	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kanda, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Terasaki, Hideaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kega, Yoichiro	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Ono, Sumiko	MGMT	FOR	FOR
					Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Outside Directors and Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 10 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

MORITA HOLDINGS CORPORATION	21-Jun-2019	Annual General Meeting	47,200	6602745	Amend Articles to: Establish the Articles Related to Executive Officers	MGMT	FOR	FOR
					Appoint a Director Nakajima, Masahiro	MGMT	FOR	FOR
					Appoint a Director Ogata, Kazumi	MGMT	FOR	FOR
					Appoint a Director Kanaoka, Shinichi	MGMT	FOR	FOR
					Appoint a Director Isoda, Mitsuo	MGMT	FOR	FOR
					Appoint a Director Kawanishi, Takao	MGMT	FOR	FOR
					Appoint a Director Morimoto, Kunio	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ota, Masaru	MGMT	FOR	FOR
					Approve Details of the Restricted-Share Compensation to be received by Directors	MGMT	FOR	FOR

NS SOLUTIONS CORPORATION	21-Jun-2019	Annual General Meeting	29,200	6544687	Appoint a Director Morita, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Kondo, Kazumasa	MGMT	FOR	FOR
					Appoint a Director Oshiro, Takashi	MGMT	FOR	FOR
					Appoint a Director Kunimoto, Mamoru	MGMT	FOR	FOR
					Appoint a Director Fukushima, Tetsuji	MGMT	FOR	FOR
					Appoint a Director Tamaoki, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director Yoshida, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director Shashiki, Munetaka	MGMT	FOR	FOR
					Appoint a Director Aoshima, Yaichi	MGMT	FOR	FOR
					Appoint a Director Ishii, Atsuko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Higuchi, Tetsuro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Okada, Kyoko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hoshi, Shuichiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Asaya, Sachihiko	MGMT	FOR	FOR

PALTAC CORPORATION	21-Jun-2019	Annual General Meeting	17,100	B61BG94	Appoint a Director Mikita, Kunio	MGMT	FOR	FOR
					Appoint a Director Kasutani, Seiichi	MGMT	FOR	FOR
					Appoint a Director Wada, Osamu	MGMT	FOR	FOR
					Appoint a Director Tashiro, Masahiko	MGMT	FOR	FOR
					Appoint a Director Noma, Masahiro	MGMT	FOR	FOR
					Appoint a Director Moriya, Akiyoshi	MGMT	FOR	FOR
					Appoint a Director Isobe, Ryohei	MGMT	FOR	FOR
					Appoint a Director Yogo, Katsutoshi	MGMT	FOR	FOR
					Appoint a Director Matsumoto, Ryu	MGMT	FOR	FOR
					Appoint a Director Oishi, Kaori	MGMT	FOR	FOR
					Appoint a Corporate Auditor Shintani, Takashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Suzuki, Hideo	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kamei, Hiroshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hara, Mayuko	MGMT	FOR	FOR

SERIA CO.,LTD.	21-Jun-2019	Annual General Meeting	99,000	6680718	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawai, Eiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwama, Yasushi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tanaka, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Masanori	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 11 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

TOSHIBA MACHINE CO.,LTD.	21-Jun-2019	Annual General Meeting	45,200	6897262	Amend Articles to: Change Official Company Name to SHIBAURA MACHINE CO., LTD., Increase the Board of Directors Size to 17, Adopt Reduction of Liability System for Non-Executive Directors, Transition to a Company with Supervisory Committee	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iimura, Yukio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mikami, Takahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sakamoto, Shigetomo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Akiyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sato, Kiyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwasaki, Seigo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Inoue, Hiroshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Terawaki, Kazumine	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Takahashi, Hiroshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Ogura, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Usami, Yutaka	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Imamura, Akifumi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR

THE BANK OF OKINAWA,LTD.	21-Jun-2019	Annual General Meeting	57,900	6657983	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Tamaki, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director Yamashiro, Masayasu	MGMT	FOR	FOR
					Appoint a Director Kinjo, Yoshiteru	MGMT	FOR	FOR
					Appoint a Director Yamashiro, Tatsuhiko	MGMT	FOR	FOR
					Appoint a Director Iha, Kazuya	MGMT	FOR	FOR
					Appoint a Director Takara, Shigeru	MGMT	FOR	FOR
					Appoint a Director Oshiro, Hiroshi	MGMT	AGAINST	AGAINST
					Appoint a Director Miyagi, Chiharu	MGMT	FOR	FOR
					Appoint a Director Hosomi, Masahiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ikei, Mamoru	MGMT	FOR	FOR
					Appoint a Corporate Auditor Motonaga, Hiroyuki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ando, Hirokazu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Oshiro, Hajime	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	AGAINST	AGAINST

NITTO KOHKI CO.,LTD.	21-Jun-2019	Annual General Meeting	162,100	6625894	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Appoint a Director Mikiya, Toshio	MGMT	FOR	FOR
					Appoint a Director Ogata, Akinobu	MGMT	FOR	FOR
					Appoint a Director Takata, Yoko	MGMT	FOR	FOR
					Appoint a Director Mori, Kenji	MGMT	FOR	FOR
					Appoint a Director Nakagawa, Yasuo	MGMT	FOR	FOR
					Appoint a Director Komiyama, Mitsuru	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nishida, Yutaka	MGMT	FOR	FOR
					Appoint a Corporate Auditor Asai, Kazutomi	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Yamada, Hideo	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Corporate Officers	MGMT	AGAINST	AGAINST

Japan Smaller Capitalization Fund

Page 12 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

NIPPON AIR CONDITIONING SERVICES CO.,LTD.	21-Jun-2019	Annual General Meeting	374,300	6631664	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Tanaka, Yoji	MGMT	FOR	FOR
					Appoint a Director Kusano, Koji	MGMT	FOR	FOR
					Appoint a Director Nakamura, Hidekazu	MGMT	FOR	FOR
					Appoint a Director Hanada, Yoshinori	MGMT	FOR	FOR
					Appoint a Director Watanabe, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director Nakamachi, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Murotani, Toshiaki	MGMT	FOR	FOR
					Appoint a Director Kageyama, Tatsuo	MGMT	AGAINST	AGAINST
					Appoint a Director Morita, Hisao	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kobayashi, Masahiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Watanabe, Yoshihito	MGMT	FOR	FOR
					Appoint a Corporate Auditor Terazawa, Minoru	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	FOR	FOR

ADEKA CORPORATION	21-Jun-2019	Annual General Meeting	239,100	6054904	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kori, Akio	MGMT	FOR	FOR
					Appoint a Director Shirozume, Hidetaka	MGMT	FOR	FOR
					Appoint a Director Tomiyasu, Haruhiko	MGMT	FOR	FOR
					Appoint a Director Arata, Ryozo	MGMT	FOR	FOR
					Appoint a Director Tajima, Koji	MGMT	FOR	FOR
					Appoint a Director Yukino, Toshinori	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director Fujisawa, Shigeki	MGMT	FOR	FOR
					Appoint a Director Shiga, Yoji	MGMT	FOR	FOR
					Appoint a Director Yoshinaka, Atsuya	MGMT	FOR	FOR
					Appoint a Director Nagai, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director Endo, Shigeru	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hayashi, Yoshito	MGMT	FOR	FOR
					Appoint a Corporate Auditor Takemura, Yoko	MGMT	FOR	FOR
					Approve Renewal of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)	MGMT	AGAINST	AGAINST

NISSIN KOGYO CO.,LTD.	21-Jun-2019	Annual General Meeting	61,400	6071475	Appoint a Director Kawaguchi, Yasushi	MGMT	AGAINST	AGAINST
					Appoint a Director Takei, Junya	MGMT	FOR	FOR
					Appoint a Director Sato, Kazuya	MGMT	FOR	FOR
					Appoint a Director Shinohara, Takayoshi	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Keiichi	MGMT	FOR	FOR
					Appoint a Director Yamanaka, Aiji	MGMT	FOR	FOR
					Appoint a Director Fukui, Masataka	MGMT	FOR	FOR
					Appoint a Director Taguchi, Takaaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Sakashita, Kiyoshi	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	FOR	FOR
					Appoint Accounting Auditors	MGMT	FOR	FOR

SUNDRUG CO.,LTD.	22-Jun-2019	Annual General Meeting	21,300	6817895	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yamashita, Kazutoshi	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 13 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

SHIKOKU CHEMICALS CORPORATION	25-Jun-2019	Annual General Meeting	119,400	6804303	Appoint a Director Yamashita, Kunihiko	MGMT	FOR	FOR
					Appoint a Director Tanaka, Naoto	MGMT	AGAINST	AGAINST
					Appoint a Director Yoshioka, Takashi	MGMT	FOR	FOR
					Appoint a Director Matsubara, Jun	MGMT	FOR	FOR
					Appoint a Director Watanabe, Mitsunori	MGMT	FOR	FOR
					Appoint a Director Hamazaki, Makoto	MGMT	FOR	FOR
					Appoint a Director Manabe, Yoshinori	MGMT	FOR	FOR
					Appoint a Director Enjo, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Shibuya, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Terada, Toshifumi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tanabe, Kenji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nishihara, Koji	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Mizuno, Takeo	MGMT	AGAINST	AGAINST
					Approve Details of the Performance-based Stock Compensation to be received by Directors	MGMT	FOR	FOR

THE YAMANASHI CHUO BANK,LTD.	25-Jun-2019	Annual General Meeting	113,100	6985361	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Shindo, Nakaba	MGMT	AGAINST	AGAINST
					Appoint a Director Seki, Mitsuyoshi	MGMT	FOR	FOR
					Appoint a Director Kitta, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director Osada, Yukio	MGMT	FOR	FOR
					Appoint a Director Asai, Kimihiro	MGMT	FOR	FOR
					Appoint a Director Tanaka, Norihiko	MGMT	FOR	FOR
					Appoint a Director Fujita, Yutaka	MGMT	FOR	FOR
					Appoint a Director Furuya, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director Furuya, Fumihiko	MGMT	FOR	FOR
					Appoint a Director Yamadera, Masahiko	MGMT	FOR	FOR
					Appoint a Director Masukawa, Michio	MGMT	FOR	FOR
					Appoint a Director Kano, Riyo	MGMT	FOR	FOR

KONDOTEC INC.	25-Jun-2019	Annual General Meeting	43,000	6501767	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Kondo, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director Ando, Tomoya	MGMT	FOR	FOR
					Appoint a Director Yada, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Hyakuda, Yoichi	MGMT	FOR	FOR
					Appoint a Director Yano, Masahiko	MGMT	FOR	FOR
					Appoint a Director Toki, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director Ejiri, Tomoyuki	MGMT	FOR	FOR
					Appoint a Director Asakawa, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director Kanai, Michiko	MGMT	FOR	FOR
					Appoint a Director Yamato, Masashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yasuda, Kana	MGMT	FOR	FOR

YUSHIRO CHEMICAL INDUSTRY CO.,LTD.	25-Jun-2019	Annual General Meeting	249,700	6988757	Appoint a Director who is not Audit and Supervisory Committee Member Ogo, Eiichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Arisaka, Masanori	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kikuchi, Shingo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hamamoto, Shinji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishikawa, Takuya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Seiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakano, Masafumi	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 14 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

DAINICHI CO.,LTD.	25-Jun-2019	Annual General Meeting	215,100	6252355	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoshii, Hisao	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hanano, Tetsuyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tamura, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ehara, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoshii, Yui	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hara, Shinya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kaiho, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Noguchi, Takeshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Watanabe, Yoshiyuki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Tanaka, Katsuo	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Miyajima, Michiaki	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	AGAINST	AGAINST

THE TAIKO BANK,LTD.	25-Jun-2019	Annual General Meeting	109,200	6871493	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Koide, Tetsuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishida, Yukio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kamegai, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kondo, Kieichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tawaragi, Minoru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawai, Shoichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Fujisawa, Minoru	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hosokai, Iwao	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Suzuki, Hiroko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Watanabe, Takashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Sakai, Keiji	MGMT	FOR	FOR

CHUBU STEEL PLATE CO.,LTD.	25-Jun-2019	Annual General Meeting	223,800	6195739	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Shigematsu, Kumio	MGMT	FOR	FOR
					Appoint a Director Takeda, Toru	MGMT	FOR	FOR
					Appoint a Director Teramoto, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Uesugi, Takeshi	MGMT	FOR	FOR
					Appoint a Director Shibata, Koji	MGMT	FOR	FOR
					Appoint a Director Komura, Shinji	MGMT	FOR	FOR
					Appoint a Director Kasamatsu, Keiji	MGMT	AGAINST	AGAINST
					Appoint a Director Sato, Ko	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Hiroya	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nomura, Yasuhiro	MGMT	AGAINST	AGAINST
					Appoint a Corporate Auditor Nishigaki, Makoto	MGMT	FOR	FOR
					Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Outside Directors)	MGMT	AGAINST	AGAINST

Japan Smaller Capitalization Fund

Page 15 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

YURTEC CORPORATION	25-Jun-2019	Annual General Meeting	208,400	6894672	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Adopt an Executive Officer System, Revise Directors with Title	MGMT	FOR	FOR
					Appoint a Director Satake, Tsutomu	MGMT	AGAINST	AGAINST
					Appoint a Director Ota, Yoshiharu	MGMT	FOR	FOR
					Appoint a Director Oikawa, Masahiro	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Ikumi	MGMT	FOR	FOR
					Appoint a Director Ogasawara, Tatsuji	MGMT	FOR	FOR
					Appoint a Director Inazuma, Hidetoshi	MGMT	FOR	FOR
					Appoint a Director Sugawara, Kazunari	MGMT	FOR	FOR
					Appoint a Director Hasegawa, Hisaaki	MGMT	FOR	FOR
					Appoint a Director Higuchi, Kojiro	MGMT	FOR	FOR
					Appoint a Director Mitsui, Seiichi	MGMT	FOR	FOR
					Appoint a Director Fukui, Kuniaki	MGMT	AGAINST	AGAINST
					Appoint a Corporate Auditor Yamamoto, Yuji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ono, Koichi	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	FOR	FOR

NIHON M&A CENTER INC.	25-Jun-2019	Annual General Meeting	31,400	B1DN466	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Wakebayashi, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyake, Suguru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Naraki, Takamaro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Otsuki, Masahiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takeuchi, Naoki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mori, Tokihiko	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	AGAINST	AGAINST

PIOLAX,INC.	25-Jun-2019	Annual General Meeting	138,300	6485968	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shimazu, Yukihiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nagamine, Michio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sato, Seiichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Suzuki, Toru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Oka, Toru	MGMT	FOR	FOR

NIPPON PILLAR PACKING CO.,LTD.	25-Jun-2019	Annual General Meeting	118,200	6641135	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwanami, Kiyohisa	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwanami, Yoshinobu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hoshikawa, Ikuo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shukunami, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Suzuki, Yoshinori	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Maruoka, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Mori, Eiichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Takaya, Kazumitsu	MGMT	FOR	FOR

MAXELL HOLDINGS,LTD.	25-Jun-2019	Annual General Meeting	67,700	6429386	Appoint a Director who is not Audit and Supervisory Committee Member Katsuta, Yoshiharu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Senzai, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakamura, Keiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sumoto, Seiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Masuda, Noritoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Izumi, Tatsuhiko	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 16 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

FUJI SEAL INTERNATIONAL,INC.	25-Jun-2019	Annual General Meeting	8,400	5877221	Appoint a Director Kato, Fumio	MGMT	FOR	FOR
					Appoint a Director Shioji, Hiroumi	MGMT	FOR	FOR
					Appoint a Director Maki, Tatsundo	MGMT	FOR	FOR
					Appoint a Director Seki, Yuichi	MGMT	FOR	FOR
					Appoint a Director Okazaki, Shigeko	MGMT	FOR	FOR
					Appoint a Director Sonoda, Takato	MGMT	FOR	FOR
					Appoint a Director Furusawa, Rikio	MGMT	FOR	FOR
					Appoint a Director Shirokawa, Masayuki	MGMT	FOR	FOR

OSAKA STEEL CO.,LTD.	26-Jun-2019	Annual General Meeting	458,900	6662095	Appoint a Director Iwasaki, Masaki	MGMT	AGAINST	AGAINST
					Appoint a Director Fujita, Kazuo	MGMT	FOR	FOR
					Appoint a Director Wakatsuki, Teruyuki	MGMT	FOR	FOR
					Appoint a Director Nakashima, Katsuhide	MGMT	FOR	FOR
					Appoint a Director Fujii, Koji	MGMT	FOR	FOR
					Appoint a Director Ono, Kentaro	MGMT	FOR	FOR
					Appoint a Director Ishikawa, Hironobu	MGMT	FOR	FOR
					Appoint a Director Matsuzawa, Shinya	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nara, Hirokazu	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Kishimoto, Tatsuji	MGMT	FOR	FOR

THE AKITA BANK,LTD.	26-Jun-2019	Annual General Meeting	146,600	6011653	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Minatoya, Takao	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Araya, Akihiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sasaki, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kudo, Takanori	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Handa, Naoki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsuchiya, Masato	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kato, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Minakawa, Tsuyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsuji, Yoshiyuki	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Sakaki, Junichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakata, Naofumi	MGMT	AGAINST	AGAINST
					Approve Details of the Performance-based Stock Compensation to be received by Directors	MGMT	AGAINST	AGAINST

THE KEIYO BANK,LTD.	26-Jun-2019	Annual General Meeting	313,300	6190648	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kumagai, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director Oshima, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Kimizuka, Ichiro	MGMT	FOR	FOR
					Appoint a Director Ichikawa, Tatsushi	MGMT	FOR	FOR
					Appoint a Director Akiyama, Katsusada	MGMT	FOR	FOR

HITACHI CAPITAL CORPORATION	26-Jun-2019	Annual General Meeting	146,600	5754238	Amend Articles to: Revise Directors with Title	MGMT	FOR	FOR
					Appoint a Director Hiraiwa, Koichiro	MGMT	FOR	FOR
					Appoint a Director Sueyoshi, Wataru	MGMT	FOR	FOR
					Appoint a Director Nakamura, Takashi	MGMT	FOR	FOR
					Appoint a Director Sasaki, Yuri	MGMT	FOR	FOR
					Appoint a Director Tsuda, Yoshitaka	MGMT	AGAINST	AGAINST
					Appoint a Director Kobayashi, Makoto	MGMT	AGAINST	AGAINST
					Appoint a Director Kawabe, Seiji	MGMT	AGAINST	AGAINST
					Appoint a Director Kojima, Kiyoshi	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 17 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

TOKAI TOKYO FINANCIAL HOLDINGS,INC.	26-Jun-2019	Annual General Meeting	166,000	4570930	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishida, Tateaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawamoto, Masahide	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mizuno, Ichiro	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nakayama, Tsunehiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fujiwara, Hiroshi	MGMT	FOR	FOR
					Approve Issuance of Share Acquisition Rights as Stock Options for Directors and Employees of the Company and the Company's Subsidiaries	MGMT	AGAINST	AGAINST
					Approve Renewal of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)	MGMT	AGAINST	AGAINST

YAMASHIN-FILTER CORP.	26-Jun-2019	Annual General Meeting	53,800	BQQD1C3	Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamazaki, Atsuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Okoshi, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ioka, Chikahisa	MGMT	FOR	FOR

KOATSU GAS KOGYO CO.,LTD.	26-Jun-2019	Annual General Meeting	592,500	6495967	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Takeuchi, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Shibuya, Nobuo	MGMT	FOR	FOR
					Appoint a Director Setsuda, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director Kuroki, Motonari	MGMT	FOR	FOR
					Appoint a Director Sugioka, Takao	MGMT	FOR	FOR
					Appoint a Director Morimoto, Takashi	MGMT	FOR	FOR
					Appoint a Director Morita, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director Ikeda, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director Yoshitaka, Shinsuke	MGMT	AGAINST	AGAINST
					Appoint a Director Sasano, Tetsuro	MGMT	FOR	FOR
					Appoint a Director Yamamura, Tadao	MGMT	FOR	FOR
					Appoint a Corporate Auditor Matsui, Ryosuke	MGMT	FOR	FOR
					Appoint a Corporate Auditor Karino, Hitoshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yamasaki, Isamu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nagashima, Hiroaki	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	FOR	FOR

NISHIKAWA RUBBER CO.,LTD.	26-Jun-2019	Annual General Meeting	163,300	6646862	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nishikawa, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fukuoka, Yoshitomo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kataoka, Nobukazu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ogawa, Hideki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Marume, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Naito, Makoto	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ikemoto, Mitsuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwamoto, Tadao	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yasuishi, Keiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Teishi, Minoru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Deguchi, Koso	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Yoshino, Takeshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Osako, Tadashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Yamamoto, Junichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kurata, Osamu	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 18 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

AOI ELECTRONICS CO.,LTD.	26-Jun-2019	Annual General Meeting	8,900	4272333	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Amend Articles to: Increase the Board of Directors Size to 17, Adopt Reduction of Liability System for Non-Executive Directors, Transition to a Company with Supervisory Committee, Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakayama, Koji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kinoshita, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Okada, Yoshio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Saeki, Norio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takao, Daisuke	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fukuda, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Furuta, Akihiro	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Moriito, Shigeki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Fujime, Nobuyuki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Sakai, Kiyoshi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR

YOSSIX CO.,LTD.	26-Jun-2019	Annual General Meeting	12,100	BSZM2R7	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Atsumi, Toshihiko	MGMT	FOR	FOR

MORY INDUSTRIES INC.	26-Jun-2019	Annual General Meeting	40,800	6602541	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mori, Hiroaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Matsumoto, Hidehiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Asano, Hiroaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mori, Shinji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakanishi, Masato	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Masuda, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takeya, Yoshihisa	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Motoyama, Koichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kitayama, Hiroyasu	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hamasaki, Sadanobu	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	AGAINST	AGAINST

TOENEC CORPORATION	26-Jun-2019	Annual General Meeting	266,500	6895620	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Ono, Tomohiko	MGMT	AGAINST	AGAINST
					Appoint a Director Takagi, Isao	MGMT	FOR	FOR
					Appoint a Director Nishiwaki, Tetsuya	MGMT	FOR	FOR
					Appoint a Director Hirata, Koji	MGMT	FOR	FOR
					Appoint a Director Fujita, Yuzo	MGMT	FOR	FOR
					Appoint a Director Horiuchi, Yasuhiko	MGMT	FOR	FOR
					Appoint a Director Mizuno, Asayuki	MGMT	FOR	FOR
					Appoint a Director Mitsuishi, Takuji	MGMT	FOR	FOR
					Appoint a Director Inagaki, Takashi	MGMT	FOR	FOR
					Appoint a Director Hayashi, Kingo	MGMT	FOR	FOR
					Appoint a Director Yoshikawa, Naotoshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Shibata, Mitsuaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Sugita, Katsuhiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Suzuki, Kenichi	MGMT	AGAINST	AGAINST

Japan Smaller Capitalization Fund

Page 19 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

DAIBIRU CORPORATION	26-Jun-2019	Annual General Meeting	187,200	6661672	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Sonobe, Toshiyuki	MGMT	AGAINST	AGAINST
					Appoint a Director Narita, Junichi	MGMT	FOR	FOR
					Appoint a Director Yada, Takeo	MGMT	FOR	FOR
					Appoint a Director Tanaka, Kensuke	MGMT	FOR	FOR
					Appoint a Director Ota, Takehiko	MGMT	FOR	FOR
					Appoint a Director Oi, Atsushi	MGMT	FOR	FOR
					Appoint a Director Miyanoya, Atsushi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tanaka, Hiroshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Taenaka, Shigeki	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Morimoto, Hiroshi	MGMT	FOR	FOR
					Approve Payment of Bonuses to Directors	MGMT	AGAINST	AGAINST

TOTETSU KOGYO CO.,LTD.	26-Jun-2019	Annual General Meeting	252,700	6897444	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Yagishita, Naomichi	MGMT	FOR	FOR
					Appoint a Director Koike, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Suga, Katsumi	MGMT	FOR	FOR
					Appoint a Director Ogashiwa, Hideo	MGMT	FOR	FOR
					Appoint a Director Shimomura, Hikaru	MGMT	FOR	FOR
					Appoint a Director Nakamura, Tomohisa	MGMT	FOR	FOR
					Appoint a Director Suetsuna, Takashi	MGMT	FOR	FOR
					Appoint a Director Nakayama, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Nakanishi, Masaaki	MGMT	AGAINST	AGAINST

RINNAI CORPORATION	26-Jun-2019	Annual General Meeting	49,100	6740582	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Appoint a Director Hayashi, Kenji	MGMT	FOR	FOR
					Appoint a Director Naito, Hiroyasu	MGMT	FOR	FOR
					Appoint a Director Narita, Tsunenori	MGMT	FOR	FOR
					Appoint a Director Kosugi, Masao	MGMT	FOR	FOR
					Appoint a Director Kondo, Yuji	MGMT	FOR	FOR
					Appoint a Director Matsui, Nobuyuki	MGMT	FOR	FOR
					Appoint a Director Kamio, Takashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Shinji, Katsuhiko	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Ishikawa, Yoshiro	MGMT	FOR	FOR

NETUREN CO.,LTD.	26-Jun-2019	Annual General Meeting	449,900	6629540	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Mizoguchi, Shigeru	MGMT	FOR	FOR
					Appoint a Director Omiya, Katsumi	MGMT	FOR	FOR
					Appoint a Director Murata, Tetsuji	MGMT	FOR	FOR
					Appoint a Director Yasukawa, Tomokatsu	MGMT	FOR	FOR
					Appoint a Director Suzuki, Takashi	MGMT	FOR	FOR
					Appoint a Director Ishiki, Nobumoto	MGMT	FOR	FOR
					Appoint a Director Misaka, Yoshitaka	MGMT	FOR	FOR
					Appoint a Director Murai, Nobuhiro	MGMT	FOR	FOR
					Appoint a Director Teraura, Yasuko	MGMT	FOR	FOR
					Appoint a Director Hanai, Mineo	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Takahashi, Daisuke	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 20 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

NHK SPRING CO.,LTD.	26-Jun-2019	Annual General Meeting	152,900	5735608	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Tamamura, Kazumi	MGMT	FOR	FOR
					Appoint a Director Kayamoto, Takashi	MGMT	FOR	FOR
					Appoint a Director Sugiyama, Toru	MGMT	FOR	FOR
					Appoint a Director Kammei, Kiyohiko	MGMT	FOR	FOR
					Appoint a Director Uemura, Kazuhisa	MGMT	FOR	FOR
					Appoint a Director Sue, Keiichiro	MGMT	FOR	FOR
					Appoint a Director Tanaka, Katsuko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Toyoda, Masakazu	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Mukai, Nobuaki	MGMT	FOR	FOR

NIPPON SEIKI CO.,LTD.	26-Jun-2019	Annual General Meeting	4,100	6642536	Amend Articles to: Increase the Board of Directors Size to 20, Transition to a Company with Supervisory Committee	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nagai, Shoji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sato, Morito	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sato, Koichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Okawa, Makoto	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Suzuki, Junichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hirata, Yuji	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Otaki, Haruhiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nagai, Tatsuya	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Saiki, Etsuo	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Tomiyama, Eiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Shimamune, Ryuichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Suzuki, Kiyoshi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR
					Approve Details of Compensation as Stock-Linked Compensation Type Stock Options for Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR

THE MUSASHINO BANK,LTD.	26-Jun-2019	Annual General Meeting	83,600	6611440	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kato, Kikuo	MGMT	FOR	FOR
					Appoint a Director Nagahori, Kazumasa	MGMT	FOR	FOR
					Appoint a Director Koyama, Kazuya	MGMT	FOR	FOR
					Appoint a Director Shirai, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director Kurosawa, Susumu	MGMT	FOR	FOR
					Appoint a Director Ishida, Emi	MGMT	FOR	FOR
					Appoint a Director Higuchi, Takeshi	MGMT	FOR	FOR
					Appoint a Director Mitsuoka, Ryuichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tanaka, Yuichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tamura, Kenji	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 21 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

SEKISUI JUSHI CORPORATION	27-Jun-2019	Annual General Meeting	246,000	6793843	Appoint a Director Fukui, Yaichiro	MGMT	AGAINST	AGAINST
					Appoint a Director Baba, Hiroshi	MGMT	AGAINST	AGAINST
					Appoint a Director Wakui, Shiro	MGMT	FOR	FOR
					Appoint a Director Takano, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Ito, Satoko	MGMT	FOR	FOR
					Appoint a Director Shibanuma, Yutaka	MGMT	FOR	FOR
					Appoint a Director Sasaki, Eiji	MGMT	FOR	FOR
					Appoint a Director Sasaki, Katsuyoshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nakano, Teruo	MGMT	FOR	FOR
					Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Outside Directors)	MGMT	FOR	FOR

RYODEN CORPORATION	27-Jun-2019	Annual General Meeting	799,600	6763006	Appoint a Director Shogaki, Nobuo	MGMT	FOR	FOR
					Appoint a Director Yamazaki, Hideharu	MGMT	FOR	FOR
					Appoint a Director Kitai, Shoji	MGMT	FOR	FOR
					Appoint a Director Tanaka, Osamu	MGMT	FOR	FOR
					Appoint a Director Miyagishi, Masamitsu	MGMT	AGAINST	AGAINST
					Appoint a Director Shirata, Yoshiko	MGMT	FOR	FOR
					Appoint a Director Muroi, Masahiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Sano, Akira	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kito, Reiichiro	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Yamamura, Kozo	MGMT	AGAINST	AGAINST

FUKUOKA FINANCIAL GROUP,INC.	27-Jun-2019	Annual General Meeting	53,800	B1TK1Y8	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Shibato, Takashige	MGMT	FOR	FOR
					Appoint a Director Yoshida, Yasuhiko	MGMT	FOR	FOR
					Appoint a Director Shirakawa, Yuji	MGMT	FOR	FOR
					Appoint a Director Morikawa, Yasuaki	MGMT	FOR	FOR
					Appoint a Director Yokota, Koji	MGMT	FOR	FOR
					Appoint a Director Nomura, Toshimi	MGMT	FOR	FOR
					Appoint a Director Aoyagi, Masayuki	MGMT	FOR	FOR
					Appoint a Director Yoshizawa, Shunsuke	MGMT	FOR	FOR
					Appoint a Director Oba, Shinichi	MGMT	FOR	FOR
					Appoint a Director Mori, Takujiro	MGMT	FOR	FOR
					Appoint a Director Fukutomi, Takashi	MGMT	FOR	FOR
					Appoint a Director Fukasawa, Masahiko	MGMT	FOR	FOR
					Appoint a Director Kosugi, Toshiya	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tanaka, Kazunori	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yamada, Hideo	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Gondo, Naohiko	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Miura, Masamichi	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 22 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

THE OKINAWA ELECTRIC POWER COMPANY,INC	27-Jun-2019	Annual General Meeting	171,477	6658050	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Omine, Mitsuru	MGMT	FOR	FOR
					Appoint a Director Motonaga, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Shimabukuro, Kiyohito	MGMT	FOR	FOR
					Appoint a Director Miyazato, Manabu	MGMT	FOR	FOR
					Appoint a Director Nakasone, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Narisoko, Hayato	MGMT	FOR	FOR
					Appoint a Director Yokoda, Tetsu	MGMT	FOR	FOR
					Appoint a Director Kugai, Hiroyasu	MGMT	FOR	FOR
					Appoint a Director Uema, Jun	MGMT	FOR	FOR
					Appoint a Director Nakamura, Naomasa	MGMT	FOR	FOR
					Appoint a Director Okada, Akira	MGMT	FOR	FOR
					Appoint a Director Yuasa, Hideo	MGMT	FOR	FOR
					Appoint a Director Yogi, Tatsuki	MGMT	FOR	FOR
					Appoint a Director Nozaki, Seiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Onkawa, Hideki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Aharen, Hikaru	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kinjo, Morihiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Furusho, Miwa	MGMT	FOR	FOR
					Approve Payment of Bonuses to Directors	MGMT	AGAINST	AGAINST

TENMA CORPORATION	27-Jun-2019	Annual General Meeting	321,300	6884231	Approve Reduction of Capital Reserve	MGMT	FOR	FOR
					Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kaneda, Yasuichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fujino, Kaneto	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsukasa, Hisashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Omi, Noboru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kaneda, Hiroshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sudo, Takashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kataoka, Yoshimasa	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Fujimoto, Junichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kitano, Jiro	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR

HISAKA WORKS,LTD.	27-Jun-2019	Annual General Meeting	122,100	6428866	Appoint a Director Takeshita, Yoshikazu	MGMT	AGAINST	AGAINST
					Appoint a Director Inoue, Tetsuya	MGMT	FOR	FOR
					Appoint a Director Ota, Koji	MGMT	FOR	FOR
					Appoint a Director Iizuka, Tadashi	MGMT	FOR	FOR
					Appoint a Director Funakoshi, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director Adachi, Akihito	MGMT	FOR	FOR
					Appoint a Director Usami, Toshiya	MGMT	FOR	FOR
					Appoint a Director Mizumoto, Koji	MGMT	FOR	FOR
					Appoint a Director Tsuno, Yuko	MGMT	FOR	FOR

KOMATSU WALL INDUSTRY CO.,LTD.	27-Jun-2019	Annual General Meeting	22,700	6498762	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kano, Yutaka	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Manchu, Hidekazu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kumada, Masami	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamada, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kano, Shinya	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kaneko, Shinichi	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 23 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

NICHIA STEEL WORKS,LTD.	27-Jun-2019	Annual General Meeting	1,952,000	6638160	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kunimine, Jun	MGMT	AGAINST	AGAINST
					Appoint a Director Teramae, Akira	MGMT	FOR	FOR
					Appoint a Director Terakawa, Naoki	MGMT	FOR	FOR
					Appoint a Director Takama, Toshio	MGMT	FOR	FOR
					Appoint a Director Michimori, Takehiko	MGMT	FOR	FOR
					Appoint a Director Okigaki, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director Nagaoka, Hiroaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Koshikawa, Kazuhiro	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Kitabatake, Shoji	MGMT	AGAINST	AGAINST
					Approve Provision of Retirement Allowance for Retiring Corporate Officers	MGMT	AGAINST	AGAINST

JAPAN TRANSCITY CORPORATION	27-Jun-2019	Annual General Meeting	381,300	6986386	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Ogawa, Ken	MGMT	FOR	FOR
					Appoint a Director Ando, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Ito, Toyohisa	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Nagahisa	MGMT	FOR	FOR
					Appoint a Director Toyoda, Nagayasu	MGMT	AGAINST	AGAINST
					Appoint a Director Takeuchi, Hikoshi	MGMT	FOR	FOR

MATSUDA SANGYO CO.,LTD.	27-Jun-2019	Annual General Meeting	291,800	6570596	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Matsuda, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsushima, Koji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Katayama, Yuji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamazaki, Ryuichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kinoshita, Atsushi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Isawa, Kenji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsuzuki, Junichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hatakeyama, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Uchiyama, Toshihiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nakaoka, Toshinori	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Kojima, Toshiyuki	MGMT	AGAINST	AGAINST
					Approve Provision of Retirement Allowance for Retiring Directors who are Audit and Supervisory Committee Members	MGMT	AGAINST	AGAINST

STARTS CORPORATION INC.	27-Jun-2019	Annual General Meeting	79,800	6841913	Appoint a Director Muraishi, Hisaji	MGMT	AGAINST	AGAINST
					Appoint a Director Isozaki, Kazuo	MGMT	AGAINST	AGAINST
					Appoint a Director Muraishi, Toyotaka	MGMT	FOR	FOR
					Appoint a Director Saito, Taroo	MGMT	FOR	FOR
					Appoint a Director Naoi, Hideyuki	MGMT	FOR	FOR
					Appoint a Director Nakamatsu, Manabu	MGMT	FOR	FOR
					Appoint a Director Naoi, Tamotsu	MGMT	FOR	FOR
					Appoint a Director Hasegawa, Takahiro	MGMT	FOR	FOR
					Appoint a Director Sasaki, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director Muramatsu, Hisayuki	MGMT	FOR	FOR
					Appoint a Director Yamazaki, Chisato	MGMT	FOR	FOR
					Appoint a Director Yoneyama, Kosaku	MGMT	FOR	FOR
					Appoint a Corporate Auditor Takaragaki, Kazuhiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Maehara, Yutaka	MGMT	AGAINST	AGAINST
					Appoint a Corporate Auditor Aikyo, Shigenobu	MGMT	AGAINST	AGAINST
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	AGAINST	AGAINST

Japan Smaller Capitalization Fund

Page 24 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

C.UYEMURA & CO.,LTD.	27-Jun-2019	Annual General Meeting	46,600	6089014	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Uemura, Hiroya	MGMT	FOR	FOR
					Appoint a Director Hashimoto, Shigeo	MGMT	FOR	FOR
					Appoint a Director Sakabe, Shigeo	MGMT	FOR	FOR
					Appoint a Director Shimada, Koji	MGMT	FOR	FOR
					Appoint a Director Sekiya, Tsutomu	MGMT	FOR	FOR
					Appoint a Director Otake, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Takahashi, Akihiko	MGMT	FOR	FOR
					Appoint a Director Aketa, Yoshiki	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	FOR	FOR

NAFCO CO.,LTD.	27-Jun-2019	Annual General Meeting	53,200	6712815	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Fukamachi, Tadashi	MGMT	FOR	FOR
					Appoint a Director Ishida, Takumi	MGMT	AGAINST	AGAINST
					Appoint a Director Ishida, Yoshiko	MGMT	FOR	FOR
					Appoint a Director Takano, Masamitsu	MGMT	FOR	FOR
					Appoint a Director Fukamachi, Keiji	MGMT	FOR	FOR
					Appoint a Director Masumoto, Koji	MGMT	FOR	FOR
					Appoint a Director Takase, Toshio	MGMT	FOR	FOR
					Appoint a Director Mabuchi, Yuji	MGMT	FOR	FOR
					Appoint a Director Fukumoto, Osamu	MGMT	FOR	FOR
					Appoint a Director Suematsu, Yasuyuki	MGMT	FOR	FOR
					Appoint a Director Ono, Tetsuhiko	MGMT	FOR	FOR
					Appoint a Director Yamada, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director Yamada, Isao	MGMT	FOR	FOR
					Appoint a Director Imai, Tomoharu	MGMT	FOR	FOR
					Appoint a Director Hirose, Takaaki	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	AGAINST	AGAINST
					Approve Payment of Bonuses to Corporate Officers	MGMT	AGAINST	AGAINST

Japan Smaller Capitalization Fund

Page 25 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

MEIKO TRANS CO.,LTD.	27-Jun-2019	Annual General Meeting	370,800	6575944	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Amend Articles to: Change Official Company Name to Meiko Trans Co., Ltd. , Amend Business Lines, Revise Directors with Title, Revise Conveners and Chairpersons of a Board of Directors Meeting	MGMT	FOR	FOR
					Appoint a Director Takahashi, Jiro	MGMT	FOR	FOR
					Appoint a Director Fujimori, Toshio	MGMT	FOR	FOR
					Appoint a Director Ito, Kazuyoshi	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Fuminori	MGMT	FOR	FOR
					Appoint a Director Iida, Terumoto	MGMT	FOR	FOR
					Appoint a Director Takahashi, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Tsuge, Kaname	MGMT	FOR	FOR
					Appoint a Director Kanii, Osamu	MGMT	FOR	FOR
					Appoint a Director Nonobe, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Tanemura, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Kakehashi, Eiichiro	MGMT	FOR	FOR
					Appoint a Director Oyama, Shinji	MGMT	FOR	FOR
					Appoint a Director Yamaji, Masahiro	MGMT	FOR	FOR
					Appoint a Director Suzuki, Hirofumi	MGMT	FOR	FOR
					Appoint a Director Hiramatsu, Yasunaga	MGMT	FOR	FOR
					Appoint a Director Yamaguchi, Atsushi	MGMT	FOR	FOR
					Appoint a Director Mitani, Masayoshi	MGMT	FOR	FOR
					Appoint a Director Mizutani, Yoshinari	MGMT	FOR	FOR
					Appoint a Director Karube, Jun	MGMT	FOR	FOR
					Appoint a Director Inagaki, Takashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Akita, Koichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Fukamachi, Masakazu	MGMT	FOR	FOR

FUJIKURA KASEI CO.,LTD.	27-Jun-2019	Annual General Meeting	990,400	6356729	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Increase the Board of Directors Size to 14, Transition to a Company with Supervisory Committee, Revise Conveners and Chairpersons of a Board of Directors Meeting	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Kato, Daisuke	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ueda, Hikoji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shimoda, Yoshizo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kajiwara, Hisashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Watanabe, Hiroaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takano, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Watanabe, Satoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tanaka, Osamu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nagahama, Yoichi	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Saisu, Yuzo	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Naka, Mitsuyoshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Watanabe, Takashi	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Miyagawa, Hiroshi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 26 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

YONDENKO CORPORATION	27-Jun-2019	Annual General Meeting	62,000	6804433	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Miyauchi, Yoshinori	MGMT	FOR	FOR
					Appoint a Director Suehiro, Kenji	MGMT	FOR	FOR
					Appoint a Director Furukawa, Toshifumi	MGMT	FOR	FOR
					Appoint a Director Kojima, Tadashi	MGMT	FOR	FOR
					Appoint a Director Baba, Kazuhisa	MGMT	FOR	FOR
					Appoint a Director Matsuoka, Kazuo	MGMT	FOR	FOR
					Appoint a Director Shigematsu, Masao	MGMT	FOR	FOR
					Appoint a Director Takahashi, Ryo	MGMT	FOR	FOR
					Appoint a Director Shirai, Hisashi	MGMT	AGAINST	AGAINST
					Appoint a Director Moriito, Shigeki	MGMT	FOR	FOR
					Appoint a Director Manabe, Yoko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tamano, Hiroshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Usuki, Akihiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kawahara, Hiroshi	MGMT	AGAINST	AGAINST

OBIC CO.,LTD.	27-Jun-2019	Annual General Meeting	9,700	5927858	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Noda, Masahiro	MGMT	FOR	FOR
					Appoint a Director Tachibana, Shoichi	MGMT	FOR	FOR
					Appoint a Director Kawanishi, Atsushi	MGMT	FOR	FOR
					Appoint a Director Noda, Mizuki	MGMT	FOR	FOR
					Appoint a Director Fujimoto, Takao	MGMT	FOR	FOR
					Appoint a Director Ida, Hideshi	MGMT	FOR	FOR
					Appoint a Director Ueno, Takemitsu	MGMT	FOR	FOR
					Appoint a Director Gomi, Yasumasa	MGMT	FOR	FOR
					Appoint a Director Ejiri, Takashi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors	MGMT	AGAINST	AGAINST

MIURA CO.,LTD.	27-Jun-2019	Annual General Meeting	35,200	6597777	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Yuji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyauchi, Daisuke	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nishihara, Masakatsu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takechi, Noriyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Morimatsu, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kojima, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoneda, Tsuyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Higuchi, Tateshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Harada, Toshihide	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Yamamoto, Takuya	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Saiki, Naoki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Ando, Yoshiaki	MGMT	FOR	FOR
					Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members and Outside Directors)	MGMT	FOR	FOR

Japan Smaller Capitalization Fund

Page 27 of 28 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2018 TO JUNE 30, 2019
JAPAN SMALLER CAPITALIZATION FUND
Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

OILES CORPORATION	27-Jun-2019	Annual General Meeting	313,880	6657530	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Okayama, Toshio	MGMT	FOR	FOR
					Appoint a Director Iida, Masami	MGMT	FOR	FOR
					Appoint a Director Suda, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Tanabe, Kazuharu	MGMT	FOR	FOR
					Appoint a Director Miyazaki, Satoshi	MGMT	FOR	FOR
					Appoint a Director Kawasaki, Kiyoshi	MGMT	FOR	FOR
					Appoint a Director Murayama, Shinichiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kimijima, Norihiro	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Tanaka, Koji	MGMT	FOR	FOR

SHINDENGEN ELECTRIC MANUFACTURING CO.,LTD.	27-Jun-2019	Annual General Meeting	4,300	6804541	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Suzuki, Yoshinori	MGMT	FOR	FOR
					Appoint a Director Negishi, Yasumi	MGMT	FOR	FOR
					Appoint a Director Horiguchi, Kenji	MGMT	FOR	FOR
					Appoint a Director Tanaka, Nobuyoshi	MGMT	FOR	FOR
					Appoint a Director Yamada, Ichiro	MGMT	FOR	FOR
					Appoint a Director Hashimoto, Hideyuki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Higo, Yoshiaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Miyake, Yuichiro	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Chiba, Shoji	MGMT	FOR	FOR
					Approve Details of the Restricted-Share Compensation to be received by Directors (Excluding Outside Directors)	MGMT	FOR	FOR
					Approve Continuance of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)	MGMT	AGAINST	AGAINST

NICHICON CORPORATION	27-Jun-2019	Annual General Meeting	178,100	5745812	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Takeda, Ippei	MGMT	AGAINST	AGAINST
					Appoint a Director Yoshida, Shigeo	MGMT	AGAINST	AGAINST
					Appoint a Director Chikano, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Yano, Akihiro	MGMT	FOR	FOR
					Appoint a Director Matsushige, Kazumi	MGMT	FOR	FOR
					Appoint a Director Katsuta, Yasuhisa	MGMT	FOR	FOR
					Appoint a Director Aikyo, Shigenobu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Onishi, Hideki	MGMT	AGAINST	AGAINST

KOITO MANUFACTURING CO.,LTD.	27-Jun-2019	Annual General Meeting	28,700	6496324	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Otake, Masahiro	MGMT	FOR	FOR
					Appoint a Director Mihara, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Sakakibara, Koichi	MGMT	FOR	FOR
					Appoint a Director Arima, Kenji	MGMT	FOR	FOR
					Appoint a Director Uchiyama, Masami	MGMT	FOR	FOR
					Appoint a Director Kato, Michiaki	MGMT	FOR	FOR
					Appoint a Director Konagaya, Hideharu	MGMT	FOR	FOR
					Appoint a Director Kusakawa, Katsuyuki	MGMT	FOR	FOR
					Appoint a Director Otake, Takashi	MGMT	FOR	FOR
					Appoint a Director Yamamoto, Hideo	MGMT	FOR	FOR
					Appoint a Director Toyota, Jun	MGMT	FOR	FOR
					Appoint a Director Katsuda, Takayuki	MGMT	FOR	FOR
					Appoint a Director Uehara, Haruya	MGMT	FOR	FOR
					Appoint a Director Sakurai, Kingo	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kimeda, Hiroshi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Corporate Officers	MGMT	AGAINST	AGAINST

Japan Smaller Capitalization Fund

Page 28 of 28 Pages

Japan Smaller Capitalization Fund (JOF) N-PXAnnual report of proxy voting record