UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number  811-05992
 
  Japan Smaller Capitalization Fund, Inc.
  (Exact name of registrant as specified in charter)
 
 
Worldwide Plaza, 19th Floor, 309 West 49th
Street, New York, New York
 10019
 
 (Address of principal executive offices) 
  (Zip code)
 
 Mr. Yutaka Itabashi
 Worldwide Plaza
19th Floor
309 West 49th Street 
 New York, New York 10019
 (Name and address of agent for service)

Registrant's telephone number, including area code:  (800) 833-0018

Date of fiscal year end:                                                     February 28

Date of reporting period:                                                  July 1, 2015 – June 30, 2016
 
 

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
AIN HOLDINGS INC.
5953240
30-Jul-2015
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
2,300
     
Approve Absorption-Type Company Split Agreement
MGMT
FOR
WITH MANAGEMENT
 
     
Amend Articles to: Change Official Company Name to AIN HOLDINGS INC., Change Business Lines
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kabumoto, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sato, Seiichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hamada, Yasuyuki
MGMT
FOR
WITH MANAGEMENT
 
               
CREATE SD HOLDINGS CO., LTD.
B3V2XQ2
21-Aug-2015
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
145,600
     
Amend Articles to: Increase the Board of Directors Size to 14, Adopt Reduction of Liability System for Non-Executive Directors, Transition to a Company with Supervisory Committee
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yamamoto, Hisao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hirose, Taizo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yamamoto, Itsuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Saito, Osamu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Nakaura, Shigeto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kasakawa, Kuniaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Baniwa, Shuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Hara, Yukio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kobayashi, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Director as Supervisory Committee Members Kawamura, Nobuhiko
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
DAIKOKUTENBUSSAN CO., LTD.
6713186
25-Aug-2015
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
72,100
     
Amend Articles to: Expand Business Lines
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oga, Shoji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kikuchi, Kazuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawada, Tomohiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Niiya, Yoshiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oue, Tadayoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Terao, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Imaoka, Shoichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Kuwahara, Kazunari
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors
MGMT
FOR
WITH MANAGEMENT
 
               
ASAHI INTECC CO., LTD.
B019MQ5
29-Sep-2015
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
6,800
     
Amend Articles to: Adopt Reduction of Liability System for Non-Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyata, Naohiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyata, Masahiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takeuchi, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fukui, Yoshihiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyata, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kato, Tadakazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yugawa, Ippei
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Terai, Yoshinori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Kiyomichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Masaaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Watanabe, Yukiyoshi
MGMT
FOR
WITH MANAGEMENT
 
               
SANYO HOUSING NAGOYA CO., LTD.
6532820
25-Nov-2015
Amend Articles to: Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
65,100
     
Appoint a Director Miyazaki, Soichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sawada, Yasunari
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sugiura, Eiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Mito, Naoki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kohara, Noboru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Omori, Takaharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ori, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Endo, Akikazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Senju, Norio
MGMT
FOR
WITH MANAGEMENT
 
               
 
1 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
JIN CO., LTD.
B18D6G5
26-Nov-2015
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
66,900
     
Amend Articles to: Expand Business Lines, Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Maeda, Natsuhiko
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
NISSIN KOGYO CO., LTD.
6071475
03-Dec-2015
Approve Joint Venture Contract of Brake Control and Brake Apply Businesses By means of Company Split, Business/ Share Transfer
MGMT
FOR
WITH MANAGEMENT
239,200
           
WITH MANAGEMENT
 
STEP CO., LTD.
6791999
11-Dec-2015
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
206,800
     
Amend Articles to: Expand Business Lines
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tatsui, Kyoji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takahashi, Toyoaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ikenaga, Ikuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Umezawa, Naoyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Arai, Noriaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takase, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Endo, Yosuke
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Daikoku, Akiyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawai, Eiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kijima, Fumiyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ueda, Hideki
MGMT
FOR
WITH MANAGEMENT
 
               
SEPTENI HOLDINGS CO., LTD.
6377429
18-Dec-2015
Appoint a Director Sato, Koki
MGMT
FOR
WITH MANAGEMENT
149,700
     
Appoint a Director Ueno, Isamu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shimizu, Kazumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsuda, Tadahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Karaki, Shintaro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Setoguchi, Kana
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kimura, Tatsuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Okajima, Etsuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yanagi, Katsuhisa
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Furushima, Mamoru
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
EPS HOLDINGS, INC.
6367486
22-Dec-2015
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
96,200
     
Approve Stock-for-stock Exchange Agreement between the Company and Sogo Rinsho Holdings Co., Ltd.
MGMT
FOR
WITH MANAGEMENT
 
     
Amend Articles to: Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors, Revise Directors with Title
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yan Hao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tashiro, Shinro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishino, Haruo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Hisashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishizuka, Junichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Dan Weng
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tamai, Yasuharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Orihashi, Shuzo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ando, Yoshinori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tominaga, Tomohiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Funabashi, Haruo
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Tochigi, Toshiaki
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
SOFTWARE SERVICE, INC.
6734314
22-Jan-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
3,900
     
Appoint a Director Miyazaki, Masaru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Otani, Akihiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Mifune, Kenichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Junichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tsuno, Kiyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Matsuo, Yoshihiro
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
HI-LEX CORPORATION
6643476
23-Jan-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
43,500
     
Appoint a Director Teraura, Makoto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakano, Mitsuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hirai, Shoichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Teraura, Taro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Masaki, Yasuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kato, Toru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Hoshino, Kentaro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yoshitake, Hideyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Okamoto, Shinobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kobayashi, Satoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Adoption of the Performance-based Stock Compensation to be received by Directors
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Corporate Officers
MGMT
AGAINST
AGAINST MANAGEMENT
 
2 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
SENSHU ELECTRIC CO., LTD.
6795612
28-Jan-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
222,800
     
Amend Articles to: Change Company Location within Osaka, Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishimura, Motohide
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishimura, Kazuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tahara, Takao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyaishi, Shinobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Endo, Kazuyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tominaga, Mitsuaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshida, Atsuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takahashi, Hideyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fukada, Kiyoto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Narita, Kazuto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Usho, Toyo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Muneoka, Toru
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
FOR
WITH MANAGEMENT
 
               
KEIYO GAS CO., LTD.
6487469
29-Mar-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
388,000
     
Appoint a Director Mori, Takao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kagami, Toshio
MGMT
FOR
WITH MANAGEMENT
 
               
OTSUKA CORPORATION
4272634
29-Mar-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
35,000
     
Amend Articles to: Expand Business Lines, Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Saito, Tetsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Minai, Naoto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakai, Kazuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Wakatsuki, Tetsutaro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Hada, Etsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
               
NAKANISHI INC.
6271071
30-Mar-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
42,100
     
Appoint a Director Nakanishi, Eiichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakanishi, Kensuke
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Onoue, Shunji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsuoka, Kaoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nonagase, Yuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Somemiya, Mamoru
MGMT
FOR
WITH MANAGEMENT
 
               
BROADLEAF CO., LTD.
B7VB4G4
30-Mar-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
167,900
     
Amend Articles to: Expand Business Lines, Adopt Reduction of Liability System for Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oyama, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamanaka, Kenichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kizawa, Morio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Watanabe, Kiichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ikeda, Shigeru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Aoki, Shinya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Shibatoko, Nobuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ishii, Tomoji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Hirasawa, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Asakura, Yusuke
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Details of the Performance-based Stock Compensation to be received by Directors and Executive Officers
MGMT
FOR
WITH MANAGEMENT
 
               
SIIX CORPORATION
6174556
30-Mar-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
178,000
     
Amend Articles to: Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
               
THE PACK CORPORATION
6887821
30-Mar-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
80,100
     
Amend Articles to: Expand Business Lines, Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakao, Yoshikazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsumoto, Yasuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Inada, Mitsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kimori, Keiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Okuda, Ryozo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Teraoka, Yoshinori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takinoue, Teruo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamashita, Hideaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fujii, Michihisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hayashi, Hirofumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Morita, Kazuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Okada, Susumu
MGMT
FOR
WITH MANAGEMENT
 
               
 
3 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
PIGEON CORPORATION
6688080
27-Apr-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
78,700
     
Appoint a Director Nakata, Yoichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Okoshi, Akio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamashita, Shigeru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kitazawa, Norimasa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Akamatsu, Eiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kurachi, Yasunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Itakura, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kevin Vyse-Peacock
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nitta, Takayuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hatoyama, Rehito
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Amari, Kazuhisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Iwamoto, Shinobu
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
FOR
WITH MANAGEMENT
 
               
ARCLAND SAKAMOTO CO., LTD.
6048004
12-May-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
197,100
     
Appoint a Director Sakamoto, Katsuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sakamoto, Masatoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsuoka, Minoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shida, Mitsuaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kuribayashi, Toshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hoshino, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Iwafuchi, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Omuro, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Miyajima, Asao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kimura, Toshiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tanabe, Masaki
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
SHIMAMURA CO., LTD.
6804035
13-May-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
15,000
     
Appoint a Corporate Auditor Yoshioka, Hideyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Shimamura, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Hayase, Keiichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Horinokita, Shigehisa
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
               
HEIWADO CO., LTD.
6419611
19-May-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
2,400
     
Amend Articles to: Increase the Board of Directors Size to 20, Adopt Reduction of Liability System for Non Executive Directors, Transition to a Company with Supervisory Committee
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Natsuhara, Hirakazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hiramatsu, Masashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Natsuhara, Kohei
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kimura, Masato
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Natsuhara, Yohei
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tabuchi, Hisashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Fukushima, Shigeru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Miki, Yoshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Jikumaru, Kinya
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Mori, Masaaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kinoshita, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
HIDAY HIDAKA CORP.
6173854
25-May-2016
Amend Articles to: Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors, Approve Minor Revisions
MGMT
FOR
WITH MANAGEMENT
59,536
     
Appoint a Director Kanda, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takahashi, Hitoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanabe, Yoshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Arita, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shima, Juichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshida, Nobuyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Uchida, Tokuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ishizaka, Noriko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yoshimoto, Atsuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Fujimoto, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ninomiya, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Yoshida, Takeshi
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Amend the Compensation to be received by Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
4 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
ABC-MART, INC.
6292102
26-May-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
46,300
     
Appoint a Director except as Supervisory Committee Members Noguchi, Minoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yoshida, Yukie
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Katsunuma, Kiyoshi
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kojima, Jo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kikuchi, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hattori, Kiichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Matsuoka, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Sugahara, Taio
MGMT
FOR
WITH MANAGEMENT
 
               
SAN-A CO., LTD.
6280680
26-May-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
800
     
Appoint a Corporate Auditor Moromi, Akiyoshi
MGMT
FOR
WITH MANAGEMENT
 
               
YAMAZAWA CO., LTD.
6986814
27-May-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
11,700
     
Amend Articles to: Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Moriya, Ryoichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hamada, Bin
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kawai, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Ishii, Takao
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
STUDIOUS CO., LTD.
BYWX8X3
27-May-2016
Amend Articles to: Change Official Company Name to TOKYO BASE Co.,Ltd., Expand Business Lines, Reduce Term of Office of Directors to One Year, Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
1,900
     
Appoint a Director Takashima, Kotaro
MGMT
FOR
WITH MANAGEMENT
 
               
AMIYAKI TEI CO., LTD.
6567565
08-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
93,800
     
Appoint a Director Sato, Keisuke
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Chijiwa, Yasushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takeuchi, Takamori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sato, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Akioka, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakanishi, Yasuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Onishi, Hidenori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yasui, Toshiyuki
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Horiuchi, Akihisa
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
RICOH LEASING COMPANY, LTD.
6729116
15-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
158,000
     
Appoint a Director Segawa, Daisuke
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Totani, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Seto, Kaoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ishiguro, Kazuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Hyakutake, Naoki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tokumine, Kazuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Kobayashi, Teigo
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
FOR
WITH MANAGEMENT
 
               
OKINAWA CELLULAR TELEPHONE COMPANY
5805738
16-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
158,300
     
Amend Articles to: Expand Business Lines, Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Inamori, Kazuo
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director Yuasa, Hideo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakachi, Masakazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tomori, Katsuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oroku, Kunio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ishimine, Denichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Onodera, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ishikawa, Yuzo
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
FOR
WITH MANAGEMENT
 
               
NISSIN KOGYO CO., LTD.
6071475
16-Jun-2016
Amend Articles to: Change Company Location within NAGANO
MGMT
FOR
WITH MANAGEMENT
247,100
     
Amend Articles to: Reduce the Board of Directors Size to 15
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Okawara, Eiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takei, Junya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Terada, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sato, Kazuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ichikawa, Yuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shinohara, Takayoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyashita, Jiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kobayashi, Keiichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Saito, Heiji
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
5 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
MIRAI INDUSTRY CO., LTD.
B1DRQG2
16-Jun-2016
Appoint a Director except as Supervisory Committee Members Yamada, Masahiro
MGMT
FOR
WITH MANAGEMENT
35,700
     
Appoint a Director except as Supervisory Committee Members Aizaki, Yuhei
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kawase, Wataru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Nakashima, Yasushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yamauchi, Koji
MGMT
FOR
WITH MANAGEMENT
 
               
TRANCOM CO., LTD.
6890034
16-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
69,600
     
Amend Articles to: Revise Convenors and Chairpersons of a Board of Directors Meeting, Transition to a Company with Supervisory Committee, Increase the Board of Directors Size to 14, Adopt Reduction of Liability System for Non Executive Directors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Shimizu, Masahisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tsunekawa, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Osawa, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Jinno, Yasuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Takebe, Atsunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Nagamine, Hisatoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kawamura, Kazuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Hayakawa, Yasuhisa
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Details of Stock Compensation to be received by Directors except as Supervisory Committee Members and Executive Officers
MGMT
FOR
WITH MANAGEMENT
 
               
START TODAY CO., LTD.
B292RC1
17-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
75,900
     
Appoint a Corporate Auditor Utsunomiya, Junko
MGMT
FOR
WITH MANAGEMENT
 
               
NISSEI CORPORATION
6643799
17-Jun-2016
Appoint a Director Sato, Akitoshi
MGMT
FOR
WITH MANAGEMENT
24,400
     
Appoint a Director Hasegawa, Tomoyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Abe, Masahide
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Suzuki, Hisao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsuchiya, Sojiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takahashi, Motoki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yamada, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
               
NITTO KOHKI CO., LTD.
6625894
17-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
98,700
     
Appoint a Director Mikiya, Toshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kotake, Naoyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kondo, Tomoo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishida, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takata, Yoko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shirai, Atsushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ishizawa, Masamitsu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Mori, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Arai, Kazunari
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakagawa, Yasuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Komiyama, Mitsuru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tsuji, Teruhiko
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Kagami, Hirohisa
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Asai, Kazutomi
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
SUGIMOTO & CO., LTD.
6856928
17-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
305,600
     
Appoint a Director Sugimoto, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sugimoto, Toshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sugimoto, Naohiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sakaguchi, Shosaku
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyaji, Kamezo
MGMT
FOR
WITH MANAGEMENT
 
               
T&K TOKA CO., LTD.
6038469
17-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
115,000
               
JSR CORPORATION
5716324
17-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
165,700
     
Amend Articles to: Expand Business Lines, Adopt Reduction of Liability System for Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Koshiba, Mitsunobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sato, Hozumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawasaki, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawahashi, Nobuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shimizu, Takao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yagi, Kazunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsuda, Yuzuru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sugata, Shiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kumano, Atsushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Doi, Makoto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Mori, Sotaro
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
FOR
WITH MANAGEMENT
 
               
6 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
TECHNO ASSOCIE CO., LTD.
6899633
17-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
351,900
     
Appoint a Director Shingu, Hisato
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takayasu, Hiroaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Jun
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Moritani, Mamoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hayashida, Ryuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakajima, Katsuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nagae, Nobuhisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsuda, Tamon
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kosaka, Keizo
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
KEIHANSHIN BUILDING CO., LTD.
6487209
21-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
928,300
     
Amend Articles to: Revise Convenors and Chairpersons of a Board of Directors Meeting
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakano, Kenjiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Minami, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Inoue, Yasutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawauchi, Kazutomo
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Retirement Allowance for Retiring Directors, and Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Issuance of Share Acquisition Rights as Stock Options for Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
SPK CORPORATION
6806707
21-Jun-2016
Appoint a Director Todoroki, Tomikazu
MGMT
FOR
WITH MANAGEMENT
22,000
     
Appoint a Director Akaho, Shinya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsumura, Hideki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oki, Kyoichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fujii, Shuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishijima, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Enoki, Takuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakatsukasa, Naoko
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
SEIREN CO., LTD.
6793520
21-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
203,600
     
Appoint a Director Kawada, Tatsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yuikawa, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nomura, Masakazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsubota, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Makida, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yu Hui
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshino, Ryujiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kitabata, Takao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ueyama, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamada, Hideyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oenoki, Toshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawada, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Katsuki, Tomofumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kishi, Hidekatsu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Takagi, Shigeo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Hotta, Kensuke
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Hosomizo, Kiyoshi
MGMT
FOR
WITH MANAGEMENT
 
               
ALPS LOGISTICS CO., LTD.
6050764
21-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
252,300
     
Amend Articles to: Transition to a Company with Supervisory Committee, Increase the Board of Directors Size to 20, Adopt Reduction of Liability System for Non Executive Directors, Allow the Board of Directors to Authorize Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Usui, Masaru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Saeki, Kazuyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Shimohiro, Katsuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Fukiyama, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Nakamura, Kunihiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kataoka, Masataka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Nomura, Shinichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Mushiake, Toshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Takahashi, Kiyotaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Oyama, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Toyama, Teijiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Miura, Osamu
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Details of Compensation as Stock-Linked Compensation Type Stock Options for Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
7 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
SATO HOLDINGS CORPORATION
6777579
21-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
136,100
     
Appoint a Director Matsuyama, Kazuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishida, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Dobashi, Ikuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Narumi, Tatsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Suzuki, Ken
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Yuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Ryoji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shimaguchi, Mitsuaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamada, Hideo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kotaki, Ryutaro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsuda, Chieko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yao, Noriko
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Details of the Performance-based Stock Compensation to be received by Directors and Executive Officers
MGMT
FOR
WITH MANAGEMENT
 
               
SANOH INDUSTRIAL CO., LTD.
6775807
22-Jun-2016
Appoint a Director Takeda, Yozo
MGMT
FOR
WITH MANAGEMENT
381,700
     
Appoint a Director Hosojima, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shinohara, Toshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takeda, Genya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakamoto, Hirohisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tamura, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Anthony Enomoto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sasaki, Munetoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamaguchi, Ikuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Manabe, Masami
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kuramochi, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Haruna, Takaaki
MGMT
FOR
WITH MANAGEMENT
 
               
NS SOLUTIONS CORPORATION
6544687
22-Jun-2016
Appoint a Director Shashiki, Munetaka
MGMT
FOR
WITH MANAGEMENT
8,100
     
Appoint a Director Kitamura, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyabe, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kondo, Kazumasa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oshiro, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Morita, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kunimoto, Mamoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fukushima, Tetsuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kamoshida, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Aoshima, Yaichi
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors
MGMT
FOR
WITH MANAGEMENT
 
               
JAPAN AVIATION ELECTRONICS INDUSTRY, LIMITED
6470351
22-Jun-2016
Appoint a Director Akiyama, Yasutaka
MGMT
FOR
WITH MANAGEMENT
123,000
     
Appoint a Director Onohara, Tsutomu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takeda, Kazuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ogino, Yasutoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Urano, Minoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hirohata, Shiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sakaba, Mitsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Shibuya, Tatsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Kashiwagi, Shuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
FOR
WITH MANAGEMENT
 
               
SOKEN CHEMICAL & ENGINEERING CO., LTD.
6338910
23-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
269,900
     
Appoint a Director Osaka, Noriyuki
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director Mitarai, Toshio
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director Sato, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fukuda, Junichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Izumiura, Nobuyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Arai, Hisamitsu
MGMT
FOR
WITH MANAGEMENT
 
               
YAMASHIN-FILTER CORP.
BQQD1C3
23-Jun-2016
Amend Articles to: Expand Business Lines, Increase the Board of Directors Size to 10, Transition to a Company with Supervisory Committee
MGMT
FOR
WITH MANAGEMENT
46,700
     
Appoint a Director except as Supervisory Committee Members Yamazaki, Atsuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Okoshi, Kazuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Takano, Toru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kamogashira, Hitoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Suzuki, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Fukuzaki, Shinya
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
8 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
THE TAIKO BANK, LTD.
6871493
23-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
1,440,000
     
Appoint a Director Koide, Tetsuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sato, Iwao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ishida, Yukio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Koide, Tomokichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Murayama, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kamegai, Shinichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamagishi, Kazuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsuda, Naoki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kondo, Kieichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ishida, Kazuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hosokai, Iwao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Suzuki, Hiroko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Miura, Mutsuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Fujisawa, Minoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Watanabe, Takashi
MGMT
FOR
WITH MANAGEMENT
 
               
SERIA CO., LTD.
6680718
23-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
50,600
     
Amend Articles to: Transition to a Company with Supervisory Committee, Increase the Board of Directors Size to 14, Adopt Reduction of Liability System for Non Executive Directors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kawai, Eiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Iwama, Yasushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tanaka, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kobayashi, Masanori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Nakamura, Noboru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Suzuki, Hiroto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kataoka, Noriaki
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
UNITED ARROWS LTD.
5928839
23-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
40,200
     
Amend Articles to: Increase the Board of Directors Size to 14, Adopt Reduction of Liability System for Non Executive Directors, Transition to a Company with Supervisory Committee
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Takeda, Mitsuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Fujisawa, Mitsunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Koizumi, Masami
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Higashi, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Sakai, Yukari
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Ishiwata, Gaku
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Nishikawa, Hidehiko
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
NISSIN CORPORATION
6643023
23-Jun-2016
Appoint a Director except as Supervisory Committee Members Tsutsui, Hiroshi
MGMT
FOR
WITH MANAGEMENT
515,000
     
Appoint a Director except as Supervisory Committee Members Tsutsui, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Watanabe, Junichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Akao, Yoshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Sakurai, Hideto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Masuda, Kenjiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tsutsui, Masataka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Nakagome, Toshiyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Okuaki, Masahisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Ishiyama, Tomonao
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
KOHSOKU CORPORATION
6488592
23-Jun-2016
Amend Articles to: Clarify the Maximum Size of the Board of Directors except as Supervisory Committee Members to 12, Clarify the Minimum Size of the Board of Directors as Supervisory Committee Members to 3, Adopt Reduction of Liability System for Non Executive Directors, Transition to a Company with Supervisory Committee, Eliminate the Articles Related to Making a Resolution to Remove Directors as a Special Resolution, Approve Minor Revisions
MGMT
FOR
WITH MANAGEMENT
141,200
     
Appoint a Director except as Supervisory Committee Members Terashi, Koki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Terashi, Yuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Wagatsuma, Hideki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kobayashi, Hiromi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hatakeyama, Katsuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Takahashi, Tomokazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Miura, Koki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Obara, Junichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Iwasawa, Miyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Sasaki, Shigemitsu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Suzuki, Kazuaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Nakamura, Ken
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Uchida, Takakazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Ito, Mitsuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Director as Supervisory Committee Members Ichikawa, Hiroko
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
9 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
CHUBU STEEL PLATE CO., LTD.
6195739
23-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
836,900
     
Appoint a Director Sato, Ko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kobayashi, Hiroya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Mizutani, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kajita, Zenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ino, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tochika, Masanori
MGMT
FOR
WITH MANAGEMENT
 
               
WIN-PARTNERS CO., LTD.
B8YSLW4
23-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
23,600
     
Appoint a Director except as Supervisory Committee Members Akizawa, Hideumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Mitagami, Hiromi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Akita, Yuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Matsumoto, Keiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Majima, Shingo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Shirata, Yoshiko
MGMT
FOR
WITH MANAGEMENT
 
               
NICHIHA CORPORATION
6638331
23-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
215,800
     
Appoint a Director Yamanaka, Tatsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Mukasa, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshida, Yasunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kouchi, Kazuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kojima, Kazuyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamahiro, Takafumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tonoi, Kazushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawamura, Yoshinori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawashima, Hisayuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yasui, Kanemaru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yagi, Kiyofumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Mizuno, Akihiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Koyatsu, Hisashi
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Sugiura, Katsumi
MGMT
FOR
WITH MANAGEMENT
 
               
FUJI SEAL INTERNATIONAL, INC.
5877221
23-Jun-2016
Appoint a Director Okazaki, Hiroo
MGMT
FOR
WITH MANAGEMENT
125,000
     
Appoint a Director Okazaki, Shigeko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sonoda, Takato
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Furusawa, Rikio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Aikawa, Ritsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kato, Fumio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Toga, Yuzo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tooyama, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shioji, Hiroumi
MGMT
FOR
WITH MANAGEMENT
 
               
PALTAC CORPORATION
B61BG94
23-Jun-2016
Appoint a Director Mikita, Kunio
MGMT
FOR
WITH MANAGEMENT
71,700
     
Appoint a Director Kimura, Kiyotaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Morinaga, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ninomiya, Kunio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyai, Yoshiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Toyota, Kazunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tashiro, Masahiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Hirotake
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yogo, Katsutoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nogami, Hideko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kanaoka, Yukihiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kotera, Yohei
MGMT
FOR
WITH MANAGEMENT
 
               
RELIA, INC.
5811984
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
88,800
     
Amend Articles to: Expand Business Lines, Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakagome, Jun
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shimomura, Yoshihiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Seiichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ebata, Wataru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Noda, Hideki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kishigami, Junichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Azabu, Hidenori
MGMT
FOR
WITH MANAGEMENT
 
               
SHINKO SHOJI CO., LTD.
6804972
24-Jun-2016
Appoint a Director Kitai, Akio
MGMT
FOR
WITH MANAGEMENT
333,700
     
Appoint a Director Ogawa, Tatsuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Inaba, Junichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Masaki, Teru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yuge, Fumitaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hosono, Katsuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyazawa, Kiyotaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oura, Toshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshiike, Tatsuyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Sato, Toshihiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Sakamaki, Kunio
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
10 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
THE YAMANASHI CHUO BANK, LTD.
6985361
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
1,289,000
     
Appoint a Director Asai, Kimihiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Osada, Yukio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Saito, Masaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Omata, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Takano, Magozaemon
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Furuya, Toshihito
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Horiuchi, Koichiro
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
SINTOKOGIO, LTD.
6804626
24-Jun-2016
Appoint a Director Hirayama, Masayuki
MGMT
FOR
WITH MANAGEMENT
33,400
     
Appoint a Director Nagai, Atsushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kuno, Tsuneyasu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Izawa, Moriyasu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Taniguchi, Yatsuka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Morishita, Toshikazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hashizume, Masaharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Goto, Tsuyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ozawa, Masatoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamauchi, Yasuhito
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ueda, Yoshiki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kojima, Toshiro
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Shareholder Proposal: Appoint a Director Ishida, Hatsuhiko
SHAREHOLDER
AGAINST
WITH MANAGEMENT
 
               
KOMATSU SEIREN CO., LTD.
6496614
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
500,900
     
Appoint a Director Miki, Kenichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sakane, Isamu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Takagi, Yasuharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Negami, Kensei
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Sakashita, Seiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Ikemizu, Ryuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Yamamoto, Shinichiro
MGMT
FOR
WITH MANAGEMENT
 
               
NDS CO., LTD.
6640392
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
173,000
     
Approve Share Consolidation
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tamamura, Satoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kato, Masaomi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yoshikawa, Tsutomu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Mitsuya, Kimpei
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Nagase, Minoru
MGMT
FOR
WITH MANAGEMENT
 
               
TAIYO KAGAKU CO., LTD.
6871255
24-Jun-2016
Appoint a Director Uchida, Kazuhito
MGMT
FOR
WITH MANAGEMENT
50,400
     
Appoint a Director Masukawa, Naotoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshioka, Shoji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sato, Norio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kubota, Shuhei
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Hasebe, Takuya
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director Yamazaki, Nagahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamazaki, Yoshiki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamazaki, Naganori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kato, Tomoharu
MGMT
FOR
WITH MANAGEMENT
 
               
FUSO CHEMICAL CO., LTD.
6347712
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
9,500
     
Appoint a Director Akazawa, Ryota
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Enomoto, Shuzo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Masauji, Haruo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanimura, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fujioka, Misako
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tada, Tomomi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Eguro, Sayaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakae, Yoshinobu
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
TERAOKA SEISAKUSHO CO., LTD.
6884435
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
350,900
     
Appoint a Director Teraoka, Keishiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsuji, Kenichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Naito, Masakazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Obori, Hiroyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hashimoto, Noriya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shiraishi, Noriyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Watanabe, Jun
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Shimamoto, Kazunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Umiyama, Yoshiyuki
MGMT
FOR
WITH MANAGEMENT
 
               
11 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
SHIKOKU CHEMICALS CORPORATION
6804303
24-Jun-2016
Appoint a Director Yamashita, Kunihiko
MGMT
FOR
WITH MANAGEMENT
37,000
     
Appoint a Director Tamaki, Kunio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Naoto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tomita, Toshihiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshioka, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hata, Hajime
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Manabe, Shiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Watanabe, Mitsunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kodama, Hiroki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ishimura, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shibuya, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kagoike, Nobuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Kagoike, Sohei
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
HOGY MEDICAL CO., LTD.
6439040
24-Jun-2016
Appoint a Director Hoki, Junichi
MGMT
FOR
WITH MANAGEMENT
84,100
     
Appoint a Director Yamamoto, Yukio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsumoto, Naoki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sasaki, Katsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kobayashi, Takuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Uchida, Katsumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Uesugi, Kiyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Iizuka, Noboru
MGMT
FOR
WITH MANAGEMENT
 
               
NIPPON PILLAR PACKING CO., LTD.
6641135
24-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
282,600
     
Appoint a Director Iwanami, Kiyohisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oiwa, Teruo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Iwanami, Yoshinobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hoshikawa, Ikuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shukunami, Katsuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nagata, Takeharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsujimoto, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kanda, Kozo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kadoya, Akira
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Mori, Eiichi
MGMT
FOR
WITH MANAGEMENT
 
               
YUSHIRO CHEMICAL INDUSTRY CO., LTD.
6988757
24-Jun-2016
Amend Articles to: Expand Business Lines, Increase the Board of Directors Size to 16, Transition to a Company with Supervisory Committee
MGMT
FOR
WITH MANAGEMENT
127,500
     
Appoint a Director except as Supervisory Committee Members Ogo, Eiichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kishi, Yuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hyakusoku, Tatsuharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hamamoto, Shinji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Arisaka, Masanori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kikuchi, Shingo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Katayama, Hisao
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Iizuka, Katsuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Nozue, Akitaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Yamaguchi, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Yamazaki, Toshio
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
               
KYORIN HOLDINGS, INC.
B0YZFP0
24-Jun-2016
Appoint a Director Yamashita, Masahiro
MGMT
FOR
WITH MANAGEMENT
116,100
     
Appoint a Director Hogawa, Minoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyashita, Mitsutomo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsumoto, Tomiharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ogihara, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ogihara, Shigeru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kajino, Kunio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Akutsu, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ozaki, Senji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shikanai, Noriyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takahashi, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Details of the Performance-based Stock Compensation to be received by Directors of the Company and the Company's Subsidiaries
MGMT
FOR
WITH MANAGEMENT
 
               
JAPAN PETROLEUM EXPLORATION CO., LTD.
6711696
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
63,800
     
Appoint a Director Okada, Hideichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Inoue, Takahisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Hajime
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Hirotaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Tetsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
12 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
HITACHI CAPITAL CORPORATION
5754238
24-Jun-2016
Appoint a Director Funabashi, Haruo
MGMT
FOR
WITH MANAGEMENT
125,600
     
Appoint a Director Hiraiwa, Koichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawahara, Shigeharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sueyoshi, Wataru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyoshi, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kitayama, Ryuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miura, Kazuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawabe, Seiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sakai, Kenji
MGMT
FOR
WITH MANAGEMENT
 
               
HEIWA REAL ESTATE CO., LTD.
5890723
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
47,000
     
Appoint a Director Aizawa , Motoya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Saida, Kunitaro
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
NIHON M&A CENTER INC.
B1DN466
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
23,200
     
Amend Articles to: Increase the Board of Directors Size to 15, 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, Allow the Board of Directors to Authorize Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Wakebayashi, Yasuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Miyake, Suguru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Naraki, Takamaro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Oyama, Takayoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Otsuki, Masahiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Shimada, Naoki
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Tamura, Nobutsugi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kinoshita, Naoki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Yamada, Yoshinori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Director as Supervisory Committee Members Shiga, Katsumasa
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
ESPEC CORP.
6869658
24-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
324,300
     
Appoint a Director Ishida, Masaaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shimada, Taneo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ishii, Kunikazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shiseki, Nobuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nagano, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
               
SUNDRUG CO., LTD.
6817895
25-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
15,200
     
Approve Purchase of Own Shares from Specific Shareholder
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Saitsu, Tatsuro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Akao, Kimiya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsuruta, Kazuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sadakata, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sakai, Yoshimitsu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tada, Naoki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sugiura, Nobuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fujiwara, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ozawa, Tetsuro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Shinohara, Kazuma
MGMT
FOR
WITH MANAGEMENT
 
               
OSAKA STEEL CO., LTD.
6662095
27-Jun-2016
Appoint a Director Uchida, Junji
MGMT
FOR
WITH MANAGEMENT
335,400
     
Appoint a Director Kashio, Shigeki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sakurai, Tsutomu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshida, Satoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shirabe, Kazuro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ushio, Masao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fujita, Kazuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tsuga, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Kishimoto, Tatsuji
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
NISHIKAWA RUBBER CO., LTD.
6646862
28-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
305,900
     
Appoint a Corporate Auditor Yoshino, Takeshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kurata, Osamu
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
NIHON KOHDEN CORPORATION
6639970
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
71,500
     
Amend Articles to: Increase the Board of Directors Size to 17, Transition to a Company with Supervisory Committee
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Suzuki, Fumio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Ogino, Hirokazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Aida, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tsukahara, Yoshito
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tamura, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hasegawa, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yanagihara, Kazuteru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hirose, Fumio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yamauchi, Masaya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Obara, Minoru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Ikuta, Kazuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kawamura, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kawatsuhara, Shigeru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Director as Supervisory Committee Members Moriwaki, Sumio
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Renewal of Policy regarding Large-scale Purchases of Company Shares
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
13 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
MATSUDA SANGYO CO., LTD.
6570596
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
444,200
     
Amend Articles to: Revise Directors with Title, Adopt an Executive Officer System
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Matsuda, Yoshiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tsushima, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Katayama, Yuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Sasaki, Takashige
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yamazaki, Ryuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kinoshita, Atsushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Isawa, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Hatakeyama, Shinichi
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
TENMA CORPORATION
6884231
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
188,800
     
Appoint a Director except as Supervisory Committee Members Kaneda, Yasuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Fujisaku, Yuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Fujino, Kaneto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hori, Takayoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tsukasa, Hisashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Omi, Noboru
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
THE AKITA BANK, LTD.
6011653
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
1,197,000
     
Appoint a Director Minatoya, Takao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Araya, Akihiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shoji, Toshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sasaki, Toshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takada, Masayuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kudo, Takanori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kimura, Hitoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Handa, Naoki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Watanabe, Yasuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Toyoguchi, Yuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Morohashi, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Obuchi, Hiromi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ono, Hideto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nishimura, Kiichiro
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Kitajima, Masashi
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
MORY INDUSTRIES INC.
6602541
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
1,774,000
     
Approve Share Consolidation
MGMT
FOR
WITH MANAGEMENT
 
     
Amend Articles to: Consolidate Trading Unit under Regulatory Requirements, Increase the Board of Directors Size to 19, Transition to a Company with Supervisory Committee, Allow Use of Electronic Systems for Public Notifications
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Mori, Hiroaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hamasaki, Sadanobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Matsumoto, Hidehiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Asano, Hiroaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Mori, Shinji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Nakanishi, Masato
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Masuda, Katsuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Takeya, Yoshihisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Motoyama, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Koike, Hiroki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Hayashi, Shuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Iwasaki, Taishi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Director as Supervisory Committee Members Morishima, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Special Payment for Retiring Directors and Provision of Retirement Allowance for Retiring Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
TOENEC CORPORATION
6895620
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
1,373,000
     
Amend Articles to: Expand Business Lines
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kume, Yuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Mitsuishi, Takuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamauchi, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takagi, Isao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Okumura, Yoshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sumida, Terutomo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Saito, Hitoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shimizu, Shigenobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishiwaki, Tetsuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Horiuchi, Yasuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sato, Norio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Inagaki, Takashi
MGMT
FOR
WITH MANAGEMENT
 
               
HITACHI MAXELL, LTD.
6429386
28-Jun-2016
Amend Articles to: Increase the Board of Directors Size to 19, Transition to a Company with Supervisory Committee
MGMT
FOR
WITH MANAGEMENT
174,900
     
Appoint a Director except as Supervisory Committee Members Senzai, Yoshihiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Katsuta, Yoshiharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Iwasaki, Meiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yoshitake, Kenichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Okafuji, Masao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kaizaki, Kazuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Shimizu, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Ikegami, Katsunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kihira, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Kitao, Wataru
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
14 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
DAIBIRU CORPORATION
6661672
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
262,400
     
Appoint a Director Yamamoto, Takehiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tamai, Katsumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Narita, Junichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yada, Takeo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takamatsu, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hashizume, Shinya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sonobe, Toshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yasuda, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
NETUREN CO., LTD.
6629540
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
577,400
     
Appoint a Director Mizoguchi, Shigeru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Motoki, Shinjiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Omiya, Katsumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Goya, Junichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yasukawa, Tomokatsu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Murata, Tetsuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Suzuki, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawasaki, Kazuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Teraura, Yasuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yoshimine, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakano, Takeshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Takahashi, Daisuke
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
DAIICHI KENSETSU CORPORATION
6255019
28-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
18,700
     
Amend Articles to: Increase the Board of Directors Size to 12
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Uchiyama, Kazuyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshida, Norio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakayama, Shigeru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tamagawa, Takehiro
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
SAINT MARC HOLDINGS CO., LTD.
B0SQYV8
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
79,400
     
Appoint a Director Katayama, Naoyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Fujii, Ritsuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ozaki, Hitoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Asano, Katsuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsunashima, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kimura, Shinichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakagawa, Masafumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kitajima, Hisashi
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Amend the Compensation to be received by Directors
MGMT
FOR
WITH MANAGEMENT
 
               
PIOLAX, INC.
6485968
28-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
85,600
     
Amend Articles to: Transition to a Company with Supervisory Committee, Increase the Board of Directors Size to 13, Adopt Reduction of Liability System for Non Executive Directors, Eliminate the Articles Related to Making Resolutions Related to Policy regarding Large scale Purchases of Company Shares, Eliminate the Articles Related to Allow the Board of Directors to Issue Share Acquisition Rights as Anti Takeover Defense Measure
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kato, Kazuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Shimazu, Yukihiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Nagamine, Michio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Sato, Seiichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Nagamura, Yukio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Imanishi, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director as Supervisory Committee Members Asano, Kenichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Director as Supervisory Committee Members Aizawa, Yasuo
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Amend the Compensation to be received by Directors except as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Directors as Supervisory Committee Members
MGMT
FOR
WITH MANAGEMENT
 
               
MIRAIT HOLDINGS CORPORATION
B3Y56R0
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
895,600
     
Appoint a Director Suzuki, Masatoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takahatake, Koichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kiriyama, Manabu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sakashita, Keisuke
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hara, Ryuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamamoto, Yasuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kimura, Masaharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ebinuma, Eiji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Sogo, Masashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kodama, Yusuke
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Adoption of the Performance-based Stock Compensation to be received by Directors and Executive Officers of the Company and the Company's Subsidiaries
MGMT
FOR
WITH MANAGEMENT
 
               
TAKIRON CO., LTD.
6870887
28-Jun-2016
Appoint a Director Hyodo, Katsumori
MGMT
FOR
WITH MANAGEMENT
408,000
     
Appoint a Director Minamitani, Yosuke
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kanao, Masayoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Umeda, Tomomi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Iwasaki, Hideharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Saito, Kazuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Miyake, Takahisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Iwamoto, Mune
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Arakawa, Tsutomu
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Takeda, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakajima, Satoshi
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Sugiura, Hideki
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
 
               
OBIC CO., LTD.
5927858
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
46,800
               
RINNAI CORPORATION
6740582
28-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
17,900
     
Appoint a Director Naito, Susumu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hayashi, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Naito, Hiroyasu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Narita, Tsunenori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kosugi, Masao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kondo, Yuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsui, Nobuyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kamio, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Sonoda, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ishikawa, Haruhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Matsuoka, Masaaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Watanabe, Ippei
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Ishikawa, Yoshiro
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
15 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
SAKAI CHEMICAL INDUSTRY CO., LTD.
6769402
28-Jun-2016
Appoint a Director Yabe, Masaaki
MGMT
FOR
WITH MANAGEMENT
2,282,000
     
Appoint a Director Yoshioka, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshikawa, Yoshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sado, Megumu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakanishi, Atsuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Okamoto, Yasuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sasai, Kazumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ide, Akihiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yoshida, Toshinori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yagishita, Masayuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sano, Toshiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kimura, Toyonobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Zushi, Tadayuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Matsuda, Toshiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
NHK SPRING CO., LTD.
5735608
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
377,000
     
Appoint a Director Shibata, Ryuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Katsuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Shimizu, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Komori, Susumu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tachibana, Kazuto
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Mukai, Nobuaki
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
KITAGAWA INDUSTRIES CO., LTD.
6489335
28-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
336,800
     
Appoint a Director Kitagawa, Kiyoto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Maki, Sadayoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yagi, Masaru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hasegawa, Toshikazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kato, Mitsuharu
MGMT
FOR
WITH MANAGEMENT
 
               
KOATSU GAS KOGYO CO., LTD.
6495967
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
401,000
     
Appoint a Corporate Auditor Yamamoto, Manabu
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Corporate Officers
MGMT
FOR
WITH MANAGEMENT
 
               
RYODEN TRADING COMPANY, LIMITED
6763006
29-Jun-2016
Amend Articles to: Change Official English Company Name to Ryoden Corporation
MGMT
FOR
WITH MANAGEMENT
1,071,000
     
Appoint a Director Shogaki, Nobuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kasugai, Takamichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shindo, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Amada, Masaaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Oya, Toshiharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamazaki, Hideharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Soda, Yasuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Chihara, Hitoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ogawa, Yoshiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sano, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kitai, Shoji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakamura, Masatoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Osamu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Higashi, Shunichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yanagida, Masahide
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shirata, Yoshiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Muroi, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tani, Kentaro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ishino, Hideyo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Doi, Kei
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
C.UYEMURA & CO., LTD.
6089014
29-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
126,800
               
DAINICHI CO., LTD.
6252355
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
262,800
     
Appoint a Director except as Supervisory Committee Members Yoshii, Hisao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Sakai, Haruo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hanano, Tetsuyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tamura, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Sato, Yoshiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Watanabe, Yoshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Ehara, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kobayashi, Masashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hara, Shinya
MGMT
FOR
WITH MANAGEMENT
 
               
HISAKA WORKS, LTD.
6428866
29-Jun-2016
Amend Articles to: Adopt Reduction of Liability System for Non Executive Directors and Corporate Auditors, Adopt Efficacy of Appointment of Substitute Corporate Auditor
MGMT
FOR
WITH MANAGEMENT
750,700
     
Appoint a Director Maeda, Yuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakamura, Junichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Iwamoto, Hitoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takeshita, Yoshikazu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Funakoshi, Toshiyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Inoue, Tetsuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ota, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tomiyasu, Tatsuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kato, Sachie
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Miura, Hirofumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakai, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Nakamichi, Mitsugu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Yamauchi, Toshiyuki
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
KANADEN CORPORATION
6483304
29-Jun-2016
Appoint a Director Motohashi, Nobuyuki
MGMT
FOR
WITH MANAGEMENT
216,100
     
Appoint a Director Shimamoto, Kazunori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yanagida, Masahide
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Jin, Takeshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nagashima, Yoshiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Umezaki, Akimitsu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsunekawa, Yukio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Mori, Hisataka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Sugiyama, Michito
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Doi, Kei
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Nomiyama, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ipposhi, Nobutake
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Torigoe, Junya
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Naito, Masakazu
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
16 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
THE BANK OF SAGA LTD.
6076447
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
407,000
     
Amend Articles to: Establish the Articles Related to Substitute Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Muraki, Toshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Masatoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tominaga, Kingo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsutsumi, Kazuyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Idera, Shuichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Yoshimura, Shinsuke
MGMT
FOR
WITH MANAGEMENT
 
               
TSUBAKIMOTO CHAIN CO.
5758337
29-Jun-2016
Appoint a Corporate Auditor Tomita, Kikuo
MGMT
FOR
WITH MANAGEMENT
114,000
     
Appoint a Corporate Auditor Watanabe, Takafumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Seki, Shozo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Hayashi, Koji
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Osa, Isamu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ohara, Yasushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsuura, Tetsufumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Suzuki, Tadasu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Haruna, Hideaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamamoto, Tetsuya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawaguchi, Hiromasa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yajima, Hidetoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Abe, Shuji
MGMT
FOR
WITH MANAGEMENT
 
               
NICHIA STEEL WORKS, LTD.
6638160
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
1,914,200
     
Appoint a Corporate Auditor Shitatoku, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakatani, Noriyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Matsuoka, Hiroaki
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Kitabatake, Shoji
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
               
YONDENKO CORPORATION
6804433
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
231,000
     
Appoint a Director Ietaka, Junichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shimada, Shinichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nogata, Masahiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Okazaki, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Utsunomiya, Yasuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Anabuki, Masaharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kojima, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Suehiro, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yokoi, Ikuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Moriito, Shigeki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Manabe, Yoko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Matsumoto, Shinji
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Oyabu, Shuji
MGMT
FOR
WITH MANAGEMENT
 
               
NIPPON SEISEN CO., LTD.
6642547
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
546,000
     
Appoint a Director Shinkai, Motoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawabata, Yasuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takizawa, Masaaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nakagawa, Yukitomo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Kowata, Takeshi
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Directors
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Provision of Retirement Allowance for Retiring Corporate Auditors
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
FOR
WITH MANAGEMENT
 
               
SEKISUI JUSHI CORPORATION
6793843
29-Jun-2016
Appoint a Director Fukui, Yaichiro
MGMT
FOR
WITH MANAGEMENT
216,500
     
Appoint a Director Baba, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hamada, Jun
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Wakui, Shiro
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Director Masuda, Kazuhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Irie, Umeo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Shibanuma, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hayashi, Kazuyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Koyama, Tomohisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Goto, Takashi
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Sasaki, Shigeo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Onaka, Tsuchikazu
MGMT
FOR
WITH MANAGEMENT
 
     
Amend the Compensation to be received by Outside Directors
MGMT
FOR
WITH MANAGEMENT
 
               
TOHOKU STEEL CO., LTD.
6894683
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
500
     
Appoint a Director Yamamoto, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Akiho, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ujiie, Teruhiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yamamoto, Kazuhisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Okimatsu, Koji
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
SHINDENGEN ELECTRIC MANUFACTURING CO., LTD.
6804541
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
237,000
     
Appoint a Director Suzuki, Yoshinori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sasaki, Nobuyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Negishi, Yasumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Horiguchi, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yamada, Ichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Hashimoto, Hideyuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Chiba, Shoji
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Continuance of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
HOSIDEN CORPORATION
5451733
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
166,400
     
Appoint a Corporate Auditor Kikyo, Saburo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tanemura, Takayuki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Soizumi, Hitoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Horie, Hiroshi
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
MEIKO TRANS CO., LTD.
6575944
29-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
431,000
     
Appoint a Corporate Auditor Miyazaki, Kazuhiko
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
JAPAN TRANSCITY CORPORATION
6986386
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
1,698,000
     
Appoint a Corporate Auditor Watanuki, Shigeo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Nagata, Akio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ito, Hisaya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Aburaya, Tadashi
MGMT
FOR
WITH MANAGEMENT
 
               
17 of 18 Pages

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016
JAPAN SMALLER CAPITALIZATION FUND
 
Company Name
Security ID
Meeting Date
Proposal
Proposed By
Vote
With/Against MGMT
Voted Shares
TAIHEI DENGYO KAISHA, LTD.
6869948
29-Jun-2016
Appoint a Director Nojiri, Jo
MGMT
FOR
WITH MANAGEMENT
205,000
     
Appoint a Director Aoki, Yutaka
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Sekine, Shoichi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Mitsutomi, Tsutomu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kimoto, Toshimune
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Takeshita, Yasushi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tsurunaga, Toru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Minakuchi, Yoshihisa
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yuba, Akira
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Inomata, Masanori
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Wada, Ichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Ikeuchi, Masatoshi
MGMT
FOR
WITH MANAGEMENT
 
               
ZEON CORPORATION
5775723
29-Jun-2016
Appoint a Director Hirakawa, Hiroyuki
MGMT
FOR
WITH MANAGEMENT
206,000
     
Appoint a Director Nishijima, Toru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Imai, Hirofumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Kei
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Furuya, Takeo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yanagida, Noboru
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Ito, Haruo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kitabata, Takao
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nagumo, Tadanobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Fujita, Yuzuru
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Furukawa, Naozumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanaka, Kimiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Mitsuhira, Yoshiyuki
MGMT
FOR
WITH MANAGEMENT
 
               
OILES CORPORATION
6657530
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
346,480
     
Appoint a Director Okayama, Toshio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Maeda, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Uchida, Takahiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Iida, Masami
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Suda, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Tanabe, Kazuharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Kawasaki, Kiyoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Murayama, Shinichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Ikenaga, Masayoshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Tanaka, Koji
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint Accounting Auditors
MGMT
FOR
WITH MANAGEMENT
 
               
NICHICON CORPORATION
5745812
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
560,000
     
Appoint a Director Aikyo, Shigenobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Morise, Masahiro
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Appoint a Corporate Auditor Araki, Sachihiko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Abe, Atsushi
MGMT
FOR
WITH MANAGEMENT
 
               
THE OKINAWA ELECTRIC POWER COMPANY, INCORPORATED
6658050
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
117,050
     
Appoint a Director Narisoko, Hayato
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Yokoda, Tetsu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Yamashiro, Katsumi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Kobashigawa, Kenji
MGMT
FOR
WITH MANAGEMENT
 
     
Approve Payment of Bonuses to Directors
MGMT
AGAINST
AGAINST MANAGEMENT
 
     
Amend the Compensation to be received by Corporate Auditors
MGMT
AGAINST
AGAINST MANAGEMENT
 
               
JP-HOLDINGS, INC.
6545936
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
169,400
     
Appoint a Director Ogita, Kazuhiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Furukawa, Koichiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsumoto, Junko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Aoyagi, Atsuko
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nishii, Naoto
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Nakamura, Ichiya
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Matsumura, Takaharu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director Minagawa, Takashi
MGMT
FOR
WITH MANAGEMENT
 
               
MIURA CO., LTD.
6597777
29-Jun-2016
Approve Appropriation of Surplus
MGMT
AGAINST
AGAINST MANAGEMENT
79,900
     
Amend Articles to: Revise Convenors and Chairpersons of a Shareholders Meeting and Board of Directors Meeting, Revise Directors with Title
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Takahashi, Yuji
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Miyauchi, Daisuke
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Nishihara, Masakatsu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Hosokawa, Kimiaki
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Ochi, Yasuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Fukushima, Hiroshi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Tange, Seigo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Morimatsu, Takashi
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Kojima, Yoshihiro
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Harada, Toshihide
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Director except as Supervisory Committee Members Yoneda, Tsuyoshi
MGMT
FOR
WITH MANAGEMENT
 
               
KOITO MANUFACTURING CO., LTD.
6496324
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
64,200
     
Appoint a Corporate Auditor Kikuchi, Mitsuo
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Tsuruta, Mikio
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Corporate Auditor Suzuki, Yukinobu
MGMT
FOR
WITH MANAGEMENT
 
     
Appoint a Substitute Corporate Auditor Sakurai, Kingo
MGMT
FOR
WITH MANAGEMENT
 
               
FUJIKURA KASEI CO., LTD.
6356729
29-Jun-2016
Approve Appropriation of Surplus
MGMT
FOR
WITH MANAGEMENT
956,300
     
Appoint a Director Miyagi, Akio
MGMT
FOR
WITH MANAGEMENT
 
18 of 18 Pages

 
 
Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JAPAN SMALLER CAPITALIZATION FUND, INC.
 

 
By:  /s/ Yutaka Itabashi                                
Name: Yutaka Itabashi
President, Principal Executive Officer
 
Date: August 30, 2016