SHIOZUMI JAPAN OPPORTUNITIES FUND (SJOF)



	JAPANESE

FUND INFORMATION

Shiozumi Japan Opportunities Fund (SJOF)

The Fund was established on 8th August, 1990 as a Unit Trust in Bermuda. The manager of the Fund is Shiozumi Investment Management (Bermuda) Ltd. The Fund is listed on the Irish Stock Exchange and is quoted in the Financial Times.

The Fund is usually valued as at the close of business in Bermuda on Each Dealing Day (normally the 15th day and the last Business Day in each month).

As of Nov 30, 2008
	Oct. 08	Nov. 08	% Chg. M o M (US $)	% Chg. 2008 (US $)	% Chg. Since Inception (US $)
SJOF NAV	$9.830	$11.558	+17.58%	-35.53%	+15.58%
TOPIX	867.12	834.82	-0.59%	-33.65%	-31.55%
TSE2	1,968.76	1,946.53	+2.09%	-30.32%	+2.07%
JASDAQ	1,077.76	1,086.78	+4.12%	-26.35%	-28.98%
TSE Mothers	299.24	313.76	+8.27%	-53.01%	N/A

As of Nov 30, 2008
* % of Asset
Market Capitalization Indication		Top 10 sectors
TSE1	39.53%	1. Services	49.34%
TSE2	10.56%	2. Retail/Wholesale	27.73%
Jasdaq	6.74%	3. Telecoms	20.19%
Others	40.44%
Total	97.27%

	Monthly Report Nov 08		Quarterly Report Jul-Sep08
	Prospectus May 07

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