10/27/2021 | Press release | Distributed by Public on 10/27/2021 04:09
Date of fiscal year end:
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February 28, 2022
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Date of reporting period:
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August 31, 2021
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Item 1.
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Report to Shareholders.
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Beginning on September 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website http://funds.nomura-asset.com/japan-smaller-capitalization, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
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If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary or if you are a direct investor, by calling 1-800-426-5523.
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Paper copies are provided free of charge. If you prefer to receive paper copies of your shareholder reports after September 1, 2021, direct investors may inform the Fund at any time by calling 1-800-426-5523. If you invest through a financial intermediary, you should contact your financial intermediary directly.
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DISCLOSURES
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Sources: Nomura Asset Management U.S.A. Inc., Nomura Asset Management Co., Ltd., and Bloomberg L.P. Past performance is not indicative of future results. There is a risk of loss.
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The NAV price is adjusted for reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions. The New York Stock Exchange's closing market price is adjusted for reinvestment of income dividends, ordinary income distributions, and long-term capital gain distributions. The Fund's performance does not reflect sales commissions.
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This material contains the current opinions of the Fund's manager, which are subject to change without notice. This material should not be considered investment advice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long term.
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Comparisons between changes in the Fund's net asset value or market price per share and changes in the Fund's benchmark should be considered in light of the Fund's investment policy and objective, the characteristics and quality of the Fund's investments, the size of the Fund, and variations in the Yen/U.S. Dollar exchange rate. This report is for informational purposes only. Investment products offered are not FDIC insured, may lose value, and are not bank guaranteed.
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Indices are unmanaged. An index cannot be directly invested into.
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Certain information discussed in this report may constitute forward-looking statements within the meaning of the U.S. federal securities laws. The Fund believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and can give no assurance that the Fund's expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.
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The Russell/Nomura Small Cap™ Index represents approximately 15% of the total market capitalization of the Russell/Nomura Total Market™ Index. It measures the performance of the smallest Japanese equity securities in the Russell/Nomura Total Market™ Index. As of August 31, 2021, there are 1,243 securities in the Russell/Nomura Small Cap™ Index.
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SHAREHOLDERS ACCOUNT INFORMATION
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Shareholders whose accounts are held in their own name may contact the Fund's registrar, Computershare Trust Company, N.A., at 1-800-426-5523 for information concerning their accounts.
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PROXY VOTING
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A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free 1-800-833-0018; and (2) on the website of the Securities and Exchange Commission ("SEC") at http://www.sec.gov. Information about how the Fund voted proxies relating to securities held in the Fund's portfolio during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling toll-free 1-800-833-0018; and (2) on the SEC's website at http://www.sec.gov.
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Additional information about the Fund's Board of Directors is available (1) without charge, upon request, by calling toll-free 1-800-833-0018; and (2) on the website of the SEC at http://www.sec.gov in the Fund's most recent proxy statement filing.
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AVAILABILITY OF QUARTERLY SCHEDULE OF INVESTMENTS
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The Fund files a schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at http://www.sec.gov.
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FUND CERTIFICATIONS
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In December 2020, the Fund filed its Principal Executive Officer Certification with the New York Stock Exchange pursuant to Section 303A.12(a) of the New York Stock Exchange Corporate Governance Listing Standards.
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The Fund's Principal Executive Officer and Principal Financial Officer Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 were filed with the Fund's Form N-CSR and are available on the SEC's website at http://www.sec.gov.
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SHARE REPURCHASES
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Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that from time to time the Fund may repurchase shares of its common stock in the open market.
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INTERNET WEBSITE
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Nomura Asset Management U.S.A. Inc. has established an Internet website which highlights its history, investment philosophy and process and products, which include the Fund.
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The Internet web address is http://funds.nomura-asset.com/japan-smaller-
capitalization.
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KEY STATISTICS
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Net Assets
|
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$297,987,742
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Net Asset Value per Share
|
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$10.52
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Market Price
|
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$9.16
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Six Month Percentage Change in Net Asset Value per Share
|
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2.8%
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Six Month Percentage Change in Market Price
|
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1.9%
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MARKET INDICES
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Six Month Percentage change in market indices
|
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YEN
|
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U.S.$
|
Russell/Nomura Small Cap™ Index
|
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7.5%
|
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4.3%
|
Tokyo Price Index
|
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5.1%
|
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1.9%
|
Nikkei Stock Average Index
|
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(2.8%)
|
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(6.0%)
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% of Net Assets
|
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Retail Trade
|
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15.9
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Chemicals
|
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14.1
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Construction
|
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8.4
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Wholesale Trade
|
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8.0
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Iron and Steel
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7.8
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Banks
|
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7.3
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Information and Communication
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6.3
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Services
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4.7
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Metal Products
|
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4.4
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Transportation Equipment
|
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4.0
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Other Products
|
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3.4
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% of Net Assets
|
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Machinery
|
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2.5
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Transportation and Warehousing
|
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2.5
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Electric Appliances
|
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1.5
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Glass and Ceramics Products
|
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1.5
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Financing Business
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1.3
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Utilities
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1.3
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Pharmaceutical
|
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1.2
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Food
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1.2
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Precision Instruments
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1.1
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Textiles and Apparel
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0.6
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Real Estate
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0.5
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Security
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% of
Net Assets
|
Okinawa Cellular Telephone Company
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3.6
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Ryoden Corporation
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3.5
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Osaka Steel Co., Ltd.
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3.4
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Amiyaki Tei Co., Ltd.
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2.7
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JM Holdings Co., Ltd.
|
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2.6
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Fujikura Kasei Co., Ltd.
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2.5
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Sakata Inx Corporation
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2.2
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Nishio Rent All Co., Ltd.
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2.2
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Seria Co., Ltd.
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2.0
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Kyowa Exeo Corporation
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2.0
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Shares
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Fair Value
|
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JAPANESE EQUITY SECURITIES
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Banks - 7.3%
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Fukuoka Financial Group, Inc.
|
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103,900
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$1,919,214
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The Akita Bank, Ltd.
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348,700
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4,632,013
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The Bank of Okinawa, Ltd.
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126,700
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3,149,657
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The Keiyo Bank, Ltd.
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820,500
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3,317,486
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The Musashino Bank, Ltd.
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168,200
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2,749,335
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The Taiko Bank, Ltd.
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266,900
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3,281,080
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The Yamanashi Chuo Bank, Ltd.
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369,100
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2,810,338
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21,859,123
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Chemicals - 14.1%
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Adeka Corporation
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90,300
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1,972,387
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Aica Kogyo Company, Limited
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52,700
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1,766,882
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C. Uyemura & Co., Ltd.
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76,700
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3,156,924
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Fujikura Kasei Co., Ltd.
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1,565,500
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7,552,976
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Koatsu Gas Kogyo Co., Ltd.
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383,900
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2,605,609
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Sakata Inx Corporation
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637,700
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6,611,082
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Sekisui Jushi Corporation
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285,500
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5,670,571
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Shikoku Chemicals Corporation
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248,600
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3,114,841
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Shin-Etsu Polymer Co., Ltd.
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77,200
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680,393
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T&K Toka Co., Ltd.
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794,100
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5,851,491
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Yushiro Chemical Industry Co., Ltd.
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274,400
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2,951,932
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41,935,088
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Construction - 8.4%
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Kandenko Co., Ltd.
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670,100
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5,759,717
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Kyowa Exeo Corporation
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235,200
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5,902,439
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MIRAIT Holdings Corporation
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190,100
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3,784,382
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Toenec Corporation
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70,000
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2,350,082
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Totetsu Kogyo Co., Ltd.
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132,200
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2,951,258
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Yondenko Corporation
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73,900
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2,282,937
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Yurtec Corporation
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278,700
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1,759,917
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24,790,732
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Electric Appliances - 1.5%
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AOI Electronics Co., Ltd.
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42,700
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903,195
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Foster Electric Company, Limited
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128,200
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1,012,228
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Kyosan Electric Manufacturing Co., Ltd.
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82,700
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354,665
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Mabuchi Motor Co., Ltd.
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50,500
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1,766,536
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Maxell Holdings, Ltd.(a)
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62,200
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731,864
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4,768,488
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Shares
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Fair Value
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Financing Business - 1.3%
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Ricoh Leasing Company, Ltd.
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119,900
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$3,976,331
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3,976,331
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Food - 1.2%
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Nichirei Corporation
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| |
136,300
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3,472,517
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3,472,517
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Glass and Ceramics Products - 1.5%
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Asia Pile Holdings Corporation
|
| |
661,300
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| |
2,890,108
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Nichiha Corporation
|
| |
50,700
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| |
1,492,531
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| | | |
4,382,639
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Information and Communication - 6.3%
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NS Solutions Corporation
|
| |
71,000
|
| |
2,406,233
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OBIC Co., Ltd.
|
| |
7,400
|
| |
1,408,595
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Okinawa Cellular Telephone Company
|
| |
226,700
|
| |
10,731,483
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Otsuka Corporation
|
| |
79,700
|
| |
4,127,658
|
| | | |
18,673,969
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Iron and Steel - 7.8%
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| | | | ||
Chubu Steel Plate Co., Ltd.
|
| |
118,400
|
| |
890,743
|
Godo Steel, Ltd.
|
| |
158,300
|
| |
2,163,213
|
Kyoei Steel Ltd.
|
| |
170,100
|
| |
2,262,642
|
Mory Industries Inc.
|
| |
61,800
|
| |
1,321,799
|
Nichia Steel Works, Ltd.
|
| |
1,867,000
|
| |
4,987,261
|
Osaka Steel Co., Ltd.
|
| |
901,800
|
| |
10,086,460
|
Tokyo Steel Manufacturing Co., Ltd.
|
| |
139,800
|
| |
1,509,017
|
| | | |
23,221,135
|
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Machinery - 2.5%
|
| | | | ||
Makino Milling Machine Co., Ltd.
|
| |
18,000
|
| |
671,361
|
Miura Co., Ltd.
|
| |
6,100
|
| |
273,796
|
Nippon Pillar Packing Co., Ltd.
|
| |
20,500
|
| |
482,232
|
Nitto Kohki Co., Ltd.
|
| |
216,900
|
| |
3,911,925
|
Star Micronics Co., Ltd.
|
| |
89,200
|
| |
1,275,675
|
Teikoku Electric MFG. Co., Ltd.
|
| |
60,700
|
| |
720,282
|
Yamashin-Filter Corporation
|
| |
48,000
|
| |
272,579
|
| | | |
7,607,850
|
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| | | |
| |
Shares
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| |
Fair Value
|
|
Metal Products - 4.4%
|
| | | | ||
Maruzen Co., Ltd.
|
| |
45,200
|
| |
$882,562
|
Neturen Co., Ltd.
|
| |
577,900
|
| |
3,286,983
|
Piolax, Inc.
|
| |
400,200
|
| |
5,548,839
|
Rinnai Corporation
|
| |
15,000
|
| |
1,612,302
|
Shinpo Co., Ltd.
|
| |
2,300
|
| |
25,934
|
Topre Corporation
|
| |
141,600
|
| |
1,725,292
|
| | | |
13,081,912
|
||
| | | | |||
Other Products - 3.4%
|
| | | | ||
Fuji Seal International, Inc.
|
| |
18,900
|
| |
424,674
|
Komatsu Wall Industry Co., Ltd.
|
| |
19,100
|
| |
337,192
|
Nishikawa Rubber Co., Ltd.
|
| |
317,600
|
| |
4,749,860
|
Pigeon Corporation
|
| |
51,000
|
| |
1,475,877
|
The Pack Corporation
|
| |
120,600
|
| |
3,224,839
|
| | | |
10,212,442
|
||
| | | | |||
Pharmaceutical - 1.2%
|
| | | | ||
Nippon Shinyaku Co., Ltd.
|
| |
42,800
|
| |
3,472,688
|
| | | |
3,472,688
|
||
| | | | |||
Precision Instruments - 1.1%
|
| | | | ||
Nakanishi Inc.
|
| |
147,300
|
| |
3,329,842
|
| | | |
3,329,842
|
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| | | | |||
Real Estate - 0.5%
|
| | | | ||
Starts Corporation Inc.
|
| |
56,100
|
| |
1,456,276
|
| | | |
1,456,276
|
||
| | | | |||
Retail Trade - 15.9%
|
| | | | ||
ABC-Mart, Inc.
|
| |
77,200
|
| |
4,131,456
|
Amiyaki Tei Co., Ltd.
|
| |
309,900
|
| |
8,129,032
|
Cosmos Pharmaceutical Corporation
|
| |
14,300
|
| |
2,531,019
|
Create SD Holdings Co., Ltd.
|
| |
152,700
|
| |
5,390,146
|
Daikokutenbussan Co., Ltd.
|
| |
1,800
|
| |
113,502
|
Izumi Co., Ltd.
|
| |
71,200
|
| |
2,319,208
|
JM Holdings Co., Ltd.
|
| |
378,600
|
| |
7,887,787
|
Kusuri No Aoki Holdings Co., Ltd.
|
| |
43,800
|
| |
3,076,267
|
PAL GROUP Holdings Co., Ltd.
|
| |
167,100
|
| |
2,553,718
|
Pan Pacific International Holdings Corporation
|
| |
64,300
|
| |
1,225,124
|
San-A Co., Ltd.
|
| |
40,500
|
| |
1,492,163
|
Seria Co., Ltd.
|
| |
161,700
|
| |
5,906,178
|
| |
Shares
|
| |
Fair Value
|
|
| | | | |||
Sundrug Co., Ltd.
|
| |
35,200
|
| |
$1,168,962
|
Yossix Holdings Co., Ltd.(a)
|
| |
85,600
|
| |
1,652,735
|
| | | |
47,577,297
|
||
| | | | |||
Services - 4.7%
|
| | | | ||
Kanamoto Co., Ltd.
|
| |
145,000
|
| |
3,313,420
|
Matching Service Japan Co., Ltd.
|
| |
36,300
|
| |
342,683
|
Nihon M&A Center Inc.
|
| |
10,600
|
| |
316,864
|
Nishio Rent All Co., Ltd.
|
| |
245,100
|
| |
6,509,425
|
Step Co., Ltd.
|
| |
215,100
|
| |
3,484,675
|
| | | |
13,967,067
|
||
| | | | |||
Textiles and Apparel - 0.6%
|
| | | | ||
Seiren Co., Ltd.
|
| |
107,000
|
| |
1,860,785
|
| | | |
1,860,785
|
||
| | | | |||
Transportation and Warehousing - 2.5%
|
| | | | ||
Alps Logistics Co., Ltd.
|
| |
124,900
|
| |
1,069,015
|
Kamigumi Co., Ltd.
|
| |
81,700
|
| |
1,765,243
|
Meiko Trans Co., Ltd.
|
| |
326,000
|
| |
3,406,324
|
SG Holdings Co., Ltd.
|
| |
30,300
|
| |
823,711
|
Trancom Co., Ltd.
|
| |
5,300
|
| |
402,580
|
| | | |
7,466,873
|
||
| | | | |||
Transportation Equipment - 4.0%
|
| | | | ||
Hi-Lex Corporation
|
| |
313,400
|
| |
4,946,173
|
Morita Holdings Corporation
|
| |
42,600
|
| |
598,397
|
Nichirin Co., Ltd.
|
| |
83,700
|
| |
1,302,727
|
Nippon Seiki Co., Ltd.
|
| |
280,600
|
| |
3,130,809
|
Tokai Rika Co., Ltd.
|
| |
131,900
|
| |
1,918,698
|
| | | |
11,896,804
|
||
| | | | |||
Utilities - 1.3%
|
| | | | ||
Keiyo Gas Co., Ltd.
|
| |
31,700
|
| |
964,883
|
The Okinawa Electric Power Company, Incorporated
|
| |
223,790
|
| |
2,907,684
|
| | | |
3,872,567
|
||
| | | |
| |
Shares
|
| |
Fair Value
|
|
Wholesale Trade - 8.0%
|
| | | | ||
Hakudo Co., Ltd.
|
| |
200
|
| |
$4,914
|
Kanaden Corporation
|
| |
319,500
|
| |
3,024,886
|
Kohsoku Corporation
|
| |
299,400
|
| |
4,442,306
|
Paltac Corporation
|
| |
84,300
|
| |
3,668,881
|
Ryoden Corporation
|
| |
639,300
|
| |
10,374,249
|
SIIX Corporation
|
| |
50,300
|
| |
585,447
|
Sugimoto & Co., Ltd.
|
| |
67,600
|
| |
1,639,942
|
| | | |
23,740,625
|
||
| | | | |||
TOTAL INVESTMENTS - 99.5% (cost $296,839,858)
|
| |
$296,623,050
|
|||
FOREIGN CURRENCY - 0.4% (cost $1,015,875)(b)
|
| |
$1,014,160
|
|||
TOTAL INVESTMENTS AND FOREIGN CURRENCY - 99.9% (cost $297,855,733)
|
| |
$297,637,210
|
|||
OTHER ASSETS AND LIABILITIES - 0.1%
|
| |
$350,532
|
|||
NET ASSETS - 100.0%
|
| |
$297,987,742
|
ASSETS:
|
| | |
Investments in Japanese equity securities, at fair value (cost-$296,839,858)
|
| |
$296,623,050
|
Foreign currency, at fair value (cost-$1,015,875)
|
| |
1,014,160
|
Receivable for investments sold
|
| |
746,623
|
Receivable for dividends
|
| |
324,537
|
Prepaid expenses
|
| |
82,057
|
Cash
|
| |
141,936
|
Total Assets
|
| |
298,932,363
|
| | ||
LIABILITIES:
|
| | |
Payable for investments purchased
|
| |
537,877
|
Accrued management fee
|
| |
222,314
|
Accrued audit and tax fees
|
| |
73,025
|
Accrued custody fee
|
| |
46,860
|
Accrued directors' fees and expenses
|
| |
8,808
|
Other accrued expenses
|
| |
55,737
|
Total Liabilities
|
| |
944,621
|
| | ||
NET ASSETS:
|
| | |
Capital stock (28,333,893 shares of capital stock outstanding,
100,000,000 shares authorized, par value $0.10 each)
|
| |
2,833,389
|
Paid-in capital
|
| |
286,055,217
|
Total distributable gain
|
| |
9,099,136
|
Net Assets
|
| |
$297,987,742
|
Net asset value per share
|
| |
$10.52
|
INCOME:
|
| | |
Dividend income (net of $343,876 withholding taxes)
|
| |
$3,094,884
|
Interest income
|
| |
4
|
Total Income
|
| |
$3,094,888
|
| | ||
EXPENSES:
|
| | |
Management fee
|
| |
1,331,751
|
Custodian fee
|
| |
142,680
|
Directors' fees and expenses
|
| |
114,059
|
Audit and tax fees
|
| |
61,787
|
Legal fees
|
| |
59,474
|
Other expenses
|
| |
56,125
|
Total Expenses
|
| |
1,765,876
|
INVESTMENT INCOME-NET
|
| |
1,329,012
|
| | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
|||
Realized gain (loss) on investments and foreign currency transactions:
|
| | |
Net realized gain on investments
|
| |
6,615,065
|
Net realized loss on foreign currency transactions
|
| |
(130,329)
|
Net realized gain on investments and foreign currency transactions
|
| |
6,484,736
|
Net change in unrealized appreciation on investments
|
| |
9,510,399
|
Net change in unrealized depreciation on foreign currency transactions and translation
|
| |
(9,098,329)
|
Net realized and unrealized gain on investments and foreign currency transactions and translation
|
| |
6,896,806
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
| |
$8,225,818
|
| |
For the Six
Months Ended
August 31, 2021
(Unaudited)
|
| |
For the
Year Ended
February 28,
2021
|
|
FROM OPERATIONS:
|
| | | | ||
Net investment income
|
| |
$1,329,012
|
| |
$2,704,601
|
Net realized gain on investments
|
| |
6,615,065
|
| |
5,536,228
|
Net realized gain (loss) on foreign currency transactions
|
| |
(130,329)
|
| |
179,434
|
Net change in unrealized appreciation on investments
|
| |
9,510,399
|
| |
39,639,184
|
Net change in unrealized appreciation (depreciation) on foreign currency transactions and translation
|
| |
(9,098,329)
|
| |
564,780
|
Net increase in net assets resulting from operations
|
| |
8,225,818
|
| |
48,624,227
|
| | | | |||
FROM DISTRIBUTIONS TO SHAREHOLDERS:
|
| | ||||
Distribution to shareholders
|
| |
-
|
| |
(9,749,693)
|
Decrease in net assets derived from distributions to shareholders
|
| |
-
|
| |
(9,749,693)
|
| | | | |||
NET ASSETS:
|
| | | | ||
Beginning of period
|
| |
289,761,924
|
| |
250,887,390
|
End of period
|
| |
$297,987,742
|
| |
$289,761,924
|
1.
|
Significant Accounting Policies
|
2.
|
Management Agreement and Transactions With Affiliated Persons
|
3.
|
Purchases and Sales of Investments
|
4.
|
Federal Income Tax
|
5.
|
Fair Value Measurements
|
•
|
Level 1 - quoted prices in active markets for identical investments
|
•
|
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
|
•
|
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
|
6.
|
Subsequent Events
|
| |
For the Six
Months Ended
August 31,
2021
(Unaudited)
|
| |
For the Year Ended
|
|||||||||||||
| |
February 28,
|
| |
February 29,
|
| |
February 28,
|
||||||||||
| |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
||||
Net asset value, beginning of period
|
| |
$10.23
|
| |
$8.85
|
| |
$10.17
|
| |
$14.01
|
| |
$12.09
|
| |
$10.50
|
Investment Operations:
|
| | | | | | | | | | | | ||||||
Net investment income (1)
|
| |
0.05
|
| |
0.10
|
| |
0.11
|
| |
0.09
|
| |
0.09
|
| |
0.12
|
Net realized and unrealized gain (loss) on
investments and foreign currency
|
| |
0.24
|
| |
1.63
|
| |
(0.69)
|
| |
(2.22)
|
| |
3.71
|
| |
2.41
|
Total from investment operations
|
| |
0.29
|
| |
1.73
|
| |
(0.58)
|
| |
(2.13)
|
| |
3.80
|
| |
2.53
|
Less Distributions:
|
| | | | | | | | | | | | ||||||
Distributions from ordinary income
|
| |
-
|
| |
(0.13)
|
| |
(0.27)
|
| |
(0.09)
|
| |
(0.55)
|
| |
(0.35)
|
Distributions from capital gains
|
| |
-
|
| |
(0.22)
|
| |
(0.47)
|
| |
(1.62)
|
| |
(1.33)
|
| |
(0.59)
|
Total from distributions
|
| |
-
|
| |
(0.35)
|
| |
(0.74)
|
| |
(1.71)
|
| |
(1.88)
|
| |
(0.94)
|
Net asset value, end of period
|
| |
$10.52
|
| |
$10.23
|
| |
$8.85
|
| |
$10.17
|
| |
$14.01
|
| |
$12.09
|
Market value, end of period
|
| |
$9.16
|
| |
$8.99
|
| |
$8.03
|
| |
$8.92
|
| |
$12.48
|
| |
$10.60
|
Total investment return (2)
|
| |
1.9%
|
| |
16.3%
|
| |
(2.6%)
|
| |
(13.8%)
|
| |
36.0%
|
| |
24.9%
|
Ratio/Supplemental Data:
|
| | | | | | | | | | | | ||||||
Net assets, end of period (000)
|
| |
$297,988
|
| |
$289,762
|
| |
$250,887
|
| |
$288,109
|
| |
$397,087
|
| |
$342,513
|
Ratio of expenses to average net assets
|
| |
1.20%(3)
|
| |
1.23%
|
| |
1.21%
|
| |
1.13%
|
| |
1.05%
|
| |
1.09%
|
Ratio of net income to average net assets
|
| |
0.90%(3)
|
| |
0.99%
|
| |
1.09%
|
| |
0.67%
|
| |
0.66%
|
| |
0.99%
|
Portfolio turnover rate
|
| |
19%
|
| |
38%
|
| |
30%
|
| |
24%
|
| |
50%
|
| |
20%
|
(1)
|
Based on average shares outstanding.
|
(2)
|
Based on market value per share, adjusted for reinvestment of income dividends, ordinary income distributions, long-term capital gain distributions, and capital share transactions. Total return does not reflect sales commissions.
|
(3)
|
Annualized.
|
Item 2.
|
Code of Ethics.
|
Item 3.
|
Audit Committee Financial Expert.
|
Item 4.
|
Principal Accountant Fees and Services.
|
Item 5.
|
Audit Committee of Listed Registrants
|
Item 6.
|
Investments.
|
(a)
|
The Registrant's investments in securities of unaffiliated issuers as of August 31, 2021 are included in the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not applicable.
|
Item 7.
|
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
|
Item 8.
|
Portfolio Managers of Closed-End Management Investment Companies.
|
(a)
|
Not applicable to this semi-annual report.
|
(b)
|
No change.
|
Item 9.
|
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
|
(a)
|
Not applicable.
|
(b)
|
Not applicable.
|
Item 10.
|
Submission of Matters to a Vote of Security Holders.
|
Item 11.
|
Controls and Procedures.
|
(a)
|
The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
|
(b)
|
There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
Item 12.
|
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
|
(a)
|
Not applicable.
|
(b)
|
Not applicable.
|
Item 13.
|
Exhibits.
|
|
(a) (1)
|
| |
Not applicable to this semi-annual report.
|
|
|
(a) (2)
|
| |
Certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). See EX-99.CERT attached hereto.
|
|
|
(a) (3)
|
| |
Not applicable.
|
|
|
(a) (4)
|
| |
Not applicable.
|
|
|
(b)
|
| |
Certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). See EX-99.906 CERT attached hereto.
|
|
|
By:
|
| |
/s/ Yuichi Nomoto
|
| | | |
|
Yuichi Nomoto
|
| ||||||
|
Principal Executive Officer
|
|
|
By:
|
| |
/s/ Yuichi Nomoto
|
| | | |
|
Yuichi Nomoto
|
| ||||||
|
Principal Executive Officer
|
|
|
By:
|
| |
/s/ Amy J. Robles
|
| | | |
|
Amy J. Robles
|
| ||||||
|
Principal Financial Officer
|
|