Newsletters

Japan Smaller Capitalization Fund, Inc.
6/30/2008

PORTFOLIO STRATEGY

Japan Smaller Capitalization Fund, Inc. ("JOF") is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide shareholders with long-term capital appreciation primarily through investments in smaller capitalization Japanese equity securities traded on the Tokyo, Osaka and Nagoya Stock Exchanges, JASDAQ, Mothers, Hercules, Centrex, and other indices or markets determined by Nomura Asset Management U.S.A. Inc. to be appropriate indices or markets for smaller capitalization companies in Japan.

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Korea Equity Fund, Inc.
6/30/2008

PORTFOLIO STRATEGY

Korea Equity Fund, Inc. ("KEF") is a non-diversified, closed-end management investment company. The Fund seeks long-term capital appreciation through investments primarily in equity securities of Korean companies. Under normal circumstances, the Fund will invest at least 80% of its total assets in such securities. KEF's shares are listed on the New York Stock Exchange and the Osaka Securities Exchange.

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