# EDGAR Filing Document

**Accession Number:** 0000859796
**File Stem:** 0001752724-25-171808
**Filing Date:** 2025-7
**Character Count:** 47204
**Document Hash:** 919531ebbe9d35929812c1cf149a3636
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-171808.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001752724-25-171808

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JAPAN SMALLER CAPITALIZATION FUND INC
- **CENTRAL INDEX KEY:** 0000859796

**ORGANIZATION NAME:**
- **EIN:** 133553469
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05992
- **FILM NUMBER:** 251133260

**BUSINESS ADDRESS:**
- **STREET 1:** WORLDWIDE PLAZA
- **STREET 2:** 309 WEST 49TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 8008330018

**MAIL ADDRESS:**
- **STREET 1:** WORLDWIDE PLAZA
- **STREET 2:** 309 WEST 49TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAPAN OTC EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Nport-Ex

#### JAPAN SMALLER CAPITALIZATION FUND, INC.

#### SCHEDULE OF INVESTMENTS <br>

#### MAY 31, 2025<br>
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value**  |
| **JAPANESE EQUITY SECURITIES**<br>|  |  |
| **Banks — 6.6%**<br>|  |  |
| Daishi Hokuetsu Financial Group, Inc. | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;$8880507  |
| North Pacific Bank, Ltd. | &nbsp;&nbsp;&nbsp;354900 | &nbsp;&nbsp;&nbsp;&nbsp;1405813  |
| The Keiyo Bank, Ltd. | &nbsp;&nbsp;&nbsp;598400 | &nbsp;&nbsp;&nbsp;&nbsp;4001787  |
| &nbsp;&nbsp;The Musashino Bank, Ltd. | &nbsp;&nbsp;&nbsp;252900 | &nbsp;&nbsp;&nbsp;&nbsp;5728189  |
|  |  | &nbsp;&nbsp;&nbsp;**20016296** |
| **Chemicals — 12.5%**<br>|  |  |
| ADEKA Corporation | &nbsp;&nbsp;&nbsp;295100 | &nbsp;&nbsp;&nbsp;&nbsp;5464929  |
| Daicel Corporation | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;3081790  |
| &nbsp;&nbsp;Nihon Tokushu Toryo Co., Ltd. | &nbsp;&nbsp;&nbsp;120700 | &nbsp;&nbsp;&nbsp;&nbsp;1522252  |
| Nippon Soda Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880916  |
| Osaka Soda Co., Ltd. | &nbsp;&nbsp;&nbsp;145500 | &nbsp;&nbsp;&nbsp;&nbsp;1631134  |
| Riken Technos Corporation | &nbsp;&nbsp;&nbsp;251400 | &nbsp;&nbsp;&nbsp;&nbsp;1890514  |
| Sakai Chemical Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;187700 | &nbsp;&nbsp;&nbsp;&nbsp;3419356  |
| Sakata INX Corporation | &nbsp;&nbsp;&nbsp;1398000 | &nbsp;&nbsp;&nbsp;18698189  |
| Soken Chemical & Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;102300 | &nbsp;&nbsp;&nbsp;&nbsp;1113484  |
|  |  | &nbsp;&nbsp;&nbsp;**37702564** |
| **Construction — 5.2%**<br>|  |  |
| Dai-Dan Co., Ltd. | &nbsp;&nbsp;&nbsp;107600 | &nbsp;&nbsp;&nbsp;&nbsp;3131335  |
| MIRAIT ONE Corporation | &nbsp;&nbsp;&nbsp;&nbsp;91600 | &nbsp;&nbsp;&nbsp;&nbsp;1622302  |
| Taikisha, Ltd. | &nbsp;&nbsp;&nbsp;166300 | &nbsp;&nbsp;&nbsp;&nbsp;2816082  |
| The Nippon Road Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301715  |
| Yondenko Corporation | &nbsp;&nbsp;&nbsp;869400 | &nbsp;&nbsp;&nbsp;&nbsp;7840583  |
|  |  | &nbsp;&nbsp;&nbsp;**15712017** |
| **Electric Appliances — 4.9%**<br>|  |  |
| AOI Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310926  |
| Daihen Corporation | &nbsp;&nbsp;&nbsp;&nbsp;67100 | &nbsp;&nbsp;&nbsp;&nbsp;2844128  |
| Horiba, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;1391578  |
| Idec Corporation | &nbsp;&nbsp;&nbsp;112200 | &nbsp;&nbsp;&nbsp;&nbsp;1798781  |
| Meiko Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;105600 | &nbsp;&nbsp;&nbsp;&nbsp;4248907  |
| Nippon Avionics Co., Ltd. | &nbsp;&nbsp;&nbsp;111500 | &nbsp;&nbsp;&nbsp;&nbsp;2718852  |
| &nbsp;&nbsp;Ulvac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43100 | &nbsp;&nbsp;&nbsp;&nbsp;1505435  |
|  |  | &nbsp;&nbsp;&nbsp;**14818607**  |

---

<sup>See notes to financial statements</sup><br>

<br> 1<br>

------

#### JAPAN SMALLER CAPITALIZATION FUND, INC. <br>

#### SCHEDULE OF INVESTMENTS (Continued) <br>

#### MAY 31, 2025 <br>
(Unaudited) <br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value**  |
| **Financing Business — 1.7%**<br>|  |  |
| Mizuho Leasing Co., Ltd. | &nbsp;&nbsp;&nbsp;690500 | &nbsp;&nbsp;&nbsp;$5139830  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5139830**  |
| **Food — 2.5%**<br>|  |  |
| Morinaga & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66400 | &nbsp;&nbsp;&nbsp;&nbsp;1099757  |
| Nichirei Corporation | &nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp;1510083  |
| &nbsp;&nbsp;Nippn Corporation | &nbsp;&nbsp;&nbsp;&nbsp;77200 | &nbsp;&nbsp;&nbsp;&nbsp;1168042  |
| S Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92800 | &nbsp;&nbsp;&nbsp;&nbsp;1682825  |
| Yoshimura Food Holdings KK<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;285600 | &nbsp;&nbsp;&nbsp;&nbsp;2010988  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7471695**  |
| **Glass and Ceramics Products — 2.6%**<br>|  |  |
| &nbsp;&nbsp;Asia Pile Holdings Corporation | &nbsp;&nbsp;&nbsp;479600 | &nbsp;&nbsp;&nbsp;&nbsp;3140773  |
| &nbsp;&nbsp;Nichiha Corporation | &nbsp;&nbsp;&nbsp;&nbsp;67100 | &nbsp;&nbsp;&nbsp;&nbsp;1426718  |
| Noritake Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786625  |
| Sumitomo Osaka Cement Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;89200 | &nbsp;&nbsp;&nbsp;&nbsp;2381142  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7735258**  |
| **Information and Communication — 8.9%**<br>|  |  |
| DAIKO XTECH, Ltd. | &nbsp;&nbsp;&nbsp;252500 | &nbsp;&nbsp;&nbsp;&nbsp;1847988  |
| Future Corporation | &nbsp;&nbsp;&nbsp;516900 | &nbsp;&nbsp;&nbsp;&nbsp;7720331  |
| GMO internet group, Inc. | &nbsp;&nbsp;&nbsp;224500 | &nbsp;&nbsp;&nbsp;&nbsp;5464936  |
| Plus Alpha Consulting Co., Ltd. | &nbsp;&nbsp;&nbsp;281900 | &nbsp;&nbsp;&nbsp;&nbsp;4050051  |
| &nbsp;&nbsp;Systena Corporation | &nbsp;&nbsp;&nbsp;741000 | &nbsp;&nbsp;&nbsp;&nbsp;2045911  |
| Tsuzuki Denki Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;94500 | &nbsp;&nbsp;&nbsp;&nbsp;1820510  |
| Vision, Inc. | &nbsp;&nbsp;&nbsp;473300 | &nbsp;&nbsp;&nbsp;&nbsp;3920362  |
|  |  | &nbsp;&nbsp;&nbsp;**26870089**  |
| **Iron and Steel — 1.7%**<br>|  |  |
| Kyoei Steel, Ltd. | &nbsp;&nbsp;&nbsp;200400 | &nbsp;&nbsp;&nbsp;&nbsp;2705365  |
| Nichia Steel Works, Ltd. | &nbsp;&nbsp;&nbsp;1117600 | &nbsp;&nbsp;&nbsp;&nbsp;2349170  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5054535**  |
| **Land Transportation — 0.7%**<br>|  |  |
| Hamakyorex Co., Ltd. | &nbsp;&nbsp;&nbsp;119800 | &nbsp;&nbsp;&nbsp;&nbsp;1068767  |
| Maruzen Showa Unyu Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25900 | &nbsp;&nbsp;&nbsp;&nbsp;1140930  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2209697**  |

---

<sup>See notes to financial statements</sup><br>

<br> 2<br>

------

#### JAPAN SMALLER CAPITALIZATION FUND, INC. <br>

#### SCHEDULE OF INVESTMENTS (Continued) <br>

#### MAY 31, 2025 <br>
(Unaudited) <br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value**  |
| **Machinery — 4.6%**<br>|  |  |
| Miura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;188300 | &nbsp;&nbsp;&nbsp;$3973698  |
| Organo Corporation | &nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp;1638626  |
| Sansei Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;2779466  |
| THK Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;2827409  |
| &nbsp;&nbsp;TPR Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;202400 | &nbsp;&nbsp;&nbsp;&nbsp;2771680  |
|  |  | &nbsp;&nbsp;&nbsp;**13990879**  |
| **Metal Products — 1.5%**<br>|  |  |
| Maruzen Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;2067222  |
| &nbsp;&nbsp;Mitsui Mining & Smelting Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;2403746  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4470968**  |
| **Other Products — 5.9%**<br>|  |  |
| Komatsu Wall Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;252700 | &nbsp;&nbsp;&nbsp;&nbsp;3868949  |
| Kosaido Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;390600 | &nbsp;&nbsp;&nbsp;&nbsp;1241032  |
| &nbsp;&nbsp;Nishikawa Rubber Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;515200 | &nbsp;&nbsp;&nbsp;&nbsp;8749286  |
| &nbsp;&nbsp;The Pack Corporation | &nbsp;&nbsp;&nbsp;&nbsp;176100 | &nbsp;&nbsp;&nbsp;&nbsp;3842071  |
|  |  | &nbsp;&nbsp;&nbsp;**17701338**  |
| **Pharmaceutical — 1.3%**<br>|  |  |
| Tsumura & Co. | &nbsp;&nbsp;&nbsp;&nbsp;161400 | &nbsp;&nbsp;&nbsp;&nbsp;3821424  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3821424**  |
| **Precision Instruments — 0.1%**<br>|  |  |
| Nakanishi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324008  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**324008**  |
| **Real Estate — 0.9%**<br>|  |  |
| &nbsp;&nbsp;JINUSHI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117300 | &nbsp;&nbsp;&nbsp;&nbsp;1735698  |
| &nbsp;&nbsp;Kasumigaseki Capital Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913139  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2648837**  |

---

<sup>See notes to financial statements</sup><br>

<br> 3<br>

------

#### JAPAN SMALLER CAPITALIZATION FUND, INC. <br>

#### SCHEDULE OF INVESTMENTS (Continued) <br>

#### MAY 31, 2025 <br>
(Unaudited) <br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value**  |
| **Retail Trade — 5.7%**<br>|  |  |
| ASKUL Corporation | &nbsp;&nbsp;&nbsp;261800 | &nbsp;&nbsp;&nbsp;$2818686  |
| Create SD Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;122900 | &nbsp;&nbsp;&nbsp;&nbsp;2698429  |
| &nbsp;&nbsp;Geo Holdings Corporation | &nbsp;&nbsp;&nbsp;287700 | &nbsp;&nbsp;&nbsp;&nbsp;3271178  |
| JM Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;253700 | &nbsp;&nbsp;&nbsp;&nbsp;4303132  |
| Komehyo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;65800 | &nbsp;&nbsp;&nbsp;&nbsp;1308240  |
| Life Corporation | &nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;2940354  |
|  |  | &nbsp;&nbsp;&nbsp;**17340019**  |
| **Services — 5.4%**<br>|  |  |
| Charm Care Corporation KK | &nbsp;&nbsp;&nbsp;&nbsp;91700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832711  |
| Kyoritsu Maintenance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77200 | &nbsp;&nbsp;&nbsp;&nbsp;1864796  |
| M&A Research Institute Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;184400 | &nbsp;&nbsp;&nbsp;&nbsp;1826730  |
| Nishio Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55200 | &nbsp;&nbsp;&nbsp;&nbsp;1518335  |
| Relo Group, Inc. | &nbsp;&nbsp;&nbsp;186500 | &nbsp;&nbsp;&nbsp;&nbsp;2227262  |
| Step Co., Ltd. | &nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;3121372  |
| &nbsp;&nbsp;TRYT, Inc. | &nbsp;&nbsp;&nbsp;1263500 | &nbsp;&nbsp;&nbsp;&nbsp;4890968  |
|  |  | &nbsp;&nbsp;&nbsp;**16282174**  |
| **Textiles and Apparel — 2.7%**<br>|  |  |
| Goldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42500 | &nbsp;&nbsp;&nbsp;&nbsp;2441502  |
| &nbsp;&nbsp;Sanyo Shokai, Ltd. | &nbsp;&nbsp;&nbsp;212700 | &nbsp;&nbsp;&nbsp;&nbsp;4262853  |
| &nbsp;&nbsp;World Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76700 | &nbsp;&nbsp;&nbsp;&nbsp;1338725  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8043080**  |
| **Transportation Equipment — 6.7%**<br>|  |  |
| HI-LEX Corporation | &nbsp;&nbsp;&nbsp;275800 | &nbsp;&nbsp;&nbsp;&nbsp;3128221  |
| Kyokuto Kaihatsu Kogyo Co., Ltd. | &nbsp;&nbsp;&nbsp;248800 | &nbsp;&nbsp;&nbsp;&nbsp;4428864  |
| Morita Holdings Corporation | &nbsp;&nbsp;&nbsp;378500 | &nbsp;&nbsp;&nbsp;&nbsp;5577066  |
| Nichirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76900 | &nbsp;&nbsp;&nbsp;&nbsp;1891158  |
| Nippon Seiki Co., Ltd. | &nbsp;&nbsp;&nbsp;535600 | &nbsp;&nbsp;&nbsp;&nbsp;5231528  |
|  |  | &nbsp;&nbsp;&nbsp;**20256837**  |
| **Utilities — 3.7%**<br>|  |  |
| &nbsp;&nbsp;Shikoku Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;11215193  |
|  |  | &nbsp;&nbsp;&nbsp;**11215193**  |

---

<sup>See notes to financial statements</sup><br>

<br> 4<br>

------

#### JAPAN SMALLER CAPITALIZATION FUND, INC. <br>

#### SCHEDULE OF INVESTMENTS (Continued) <br>

#### MAY 31, 2025 <br>
(Unaudited) <br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value**  |
| **Wholesale Trade — 12.3%**<br>|  |  |
| &nbsp;&nbsp;Central Automotive Products, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;329900 | &nbsp;&nbsp;&nbsp;$4059955  |
| &nbsp;&nbsp;Daiwabo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;171500 | &nbsp;&nbsp;&nbsp;&nbsp;2900569  |
| Kanaden Corporation | &nbsp;&nbsp;&nbsp;&nbsp;458100 | &nbsp;&nbsp;&nbsp;&nbsp;5793384  |
| &nbsp;&nbsp;Macnica Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;442500 | &nbsp;&nbsp;&nbsp;&nbsp;5895395  |
| &nbsp;&nbsp;Restar Corporation | &nbsp;&nbsp;&nbsp;&nbsp;228200 | &nbsp;&nbsp;&nbsp;&nbsp;3929188  |
| RYODEN Corporation | &nbsp;&nbsp;&nbsp;&nbsp;399200 | &nbsp;&nbsp;&nbsp;&nbsp;7599062  |
| Sangetsu Corporation | &nbsp;&nbsp;&nbsp;&nbsp;232600 | &nbsp;&nbsp;&nbsp;&nbsp;4627796  |
| Tachibana Eletech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;122800 | &nbsp;&nbsp;&nbsp;&nbsp;2178284  |
|  |  | &nbsp;&nbsp;&nbsp;**36983633**  |
| **TOTAL INVESTMENTS — 98.1% (cost $252,328,063)** | **TOTAL INVESTMENTS — 98.1% (cost $252,328,063)** | &nbsp;&nbsp;**$295808978**  |
| **TOTAL FOREIGN CURRENCY — 0.7% (cost $2,283,251)<sup>(b)</sup>** | **TOTAL FOREIGN CURRENCY — 0.7% (cost $2,283,251)<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**$2284513**  |
| **TOTAL INVESTMENTS AND FOREIGN CURRENCY — 98.8%** <br>**(cost $254,611,314)** | **TOTAL INVESTMENTS AND FOREIGN CURRENCY — 98.8%** <br>**(cost $254,611,314)** | &nbsp;&nbsp;**$298093491**  |
| **TOTAL OTHER ASSETS AND LIABILITTIES — 1.2%** | **TOTAL OTHER ASSETS AND LIABILITTIES — 1.2%** | &nbsp;&nbsp;&nbsp;**$3507759**  |
| **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;**$301601250** |

---

(a)<br> Non-income producing security.<br>

(b)<br> Japanese Yen - Interest bearing account.

<sup>See notes to financial statements</sup><br>

<br> 5<br>

------

#### JAPAN SMALLER CAPITALIZATION FUND, INC.

#### Notes to Schedule of Investments (Unaudited)

#### Valuation of Securities
Investments traded in the over-the-counter market are fair valued at the last reported sales price as of the close of business on the day the securities are being valued or, if none is available, at the mean of the bid and offer price at the close of business on such day or, if none is available, the last reported sales price. Portfolio securities which are traded on stock exchanges are fair valued at the last sales price on the principal market on which securities are traded or, lacking any sales, at the last available bid price. Securities and other assets, including futures contracts and related options, that cannot be fair valued using one of the previously mentioned methods are stated at fair value as determined in good faith by or under the direction of the Board of Directors of the Fund.

#### Fair Value Measurements
Fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

The three-tier hierarchy of inputs is summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

At May 31, 2025, all of the Fund's investments were determined to be Level 1 securities.

During the quarter ended May 31, 2025, the Fund did not hold any instrument which used significant unobservable inputs (Level 3) in determining fair value.

<br> 6<br>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Japan Smaller Capitalization Fund, Inc.

- **b. Investment Company Act file number:** 811-05992

- **c. CIK number of Registrant:** 0000859796

- **d. LEI of Registrant:** 5493000KJSHWEB3YKZ37

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 309 West 49th St.

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 800-833-0018

**Item A.2. Information about the Series.**

- **a. Name of Series:** Japan Smaller Capitalization Fund, Inc.

- **c. LEI of Series:** 5493000KJSHWEB3YKZ37

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $302928526.07

**Total Liabilities:** $1327576.09

**Net Assets:** $301600949.98

**Cash Not Reported:** $2259328.61

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 3.59%                | 5.31%                | 3.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1012749.92              | $5433319.30                                |
| Month 2  | $-1743632.20             | $16796620.58                               |
| Month 3  | $588730.25               | $8758362.23                                |

### Schedule of Portfolio Investments

| Name                              | Title                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SANSEI TECHNOLOGIES INC /JPY/     | SANSEI TECHNOLOGIES INC /JPY/      | CUSIP: J68295104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    256600 | NS      | $2743118.97   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MEIKO ELECTRONICS CO LTD /JPY/    | MEIKO ELECTRONICS CO LTD /JPY/     | CUSIP: J4187E106<br>LEI: 529900LGRXWX2ACMWR86 | Long             | EC               | CORP              | JP        |    105600 | NS      | $4248907.39   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NIHON TOKUSHU TORYO CO L /JPY/    | NIHON TOKUSHU TORYO CO LTD /JPY/   | CUSIP: J51054104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    114700 | NS      | $1446580.65   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PLUS ALPHA CONSULTING CO /JPY/    | PLUS ALPHA CONSULTING CO LTD /JPY/ | CUSIP: J63934103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    281900 | NS      | $4050051.34   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ORGANO CORP /JPY/                 | ORGANO CORP /JPY/                  | CUSIP: J61697108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30400 | NS      | $1638626.43   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| RELO HOLDINGS INC /JPY/           | RELO HOLDINGS INC /JPY/            | CUSIP: J6436W118<br>LEI: 353800T595XRZDA8IB59 | Long             | EC               | CORP              | JP        |    186500 | NS      | $2227261.53   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NISHIKAWA RUBBER CO LTD /JPY/     | NISHIKAWA RUBBER CO LTD /JPY/      | CUSIP: J5671T103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    515200 | NS      | $8749286.16   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VISION INC/TOKYO JAPAN /JPY/      | VISION INC/TOKYO JAPAN /JPY/       | CUSIP: J9458U101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    473300 | NS      | $3920362.12   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SANGETSU CORPORATION /JPY/        | SANGETSU CORPORATION /JPY/         | CUSIP: J67177105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    232600 | NS      | $4627796.05   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIHA CORP /JPY/                | NICHIHA CORP /JPY/                 | CUSIP: J53892105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     67100 | NS      | $1426718.70   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KEIYO BANK LTD/THE /JPY/          | KEIYO BANK LTD/THE /JPY/           | CUSIP: J05754106<br>LEI: 353800HBJ702X2J5OX58 | Long             | EC               | CORP              | JP        |    598400 | NS      | $4001787.03   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWABO HOLDINGS CO LTD /JPY/     | DAIWABO HOLDINGS CO LTD /JPY/      | CUSIP: J1R29Q108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    171500 | NS      | $2900568.85   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL AUTOMOTIVE PRODU /JPY/    | CENTRAL AUTOMOTIVE PRODUCTS /JPY/  | CUSIP: J05418108<br>LEI: 353800X9460YZVHWB065 | Long             | EC               | CORP              | JP        |    329900 | NS      | $4059955.60   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HORIBA LTD /JPY/                  | HORIBA LTD /JPY/                   | CUSIP: J22428106<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |     19400 | NS      | $1391578.22   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| THK CO LTD /JPY/                  | THK CO LTD /JPY/                   | CUSIP: J83345108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    103000 | NS      | $2827408.95   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| KYORITSU MAINTENANCE CO  /JPY/    | KYORITSU MAINTENANCE CO LTD /JPY/  | CUSIP: J37856101<br>LEI: 353800IO2MFHL1NA0986 | Long             | EC               | CORP              | JP        |     77200 | NS      | $1864796.39   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| S FOODS INC /JPY/                 | S FOODS INC /JPY/                  | CUSIP: J7T34B109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     92800 | NS      | $1682824.84   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON ROAD CO LTD /JPY/          | NIPPON ROAD CO LTD /JPY/           | CUSIP: J55397103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     34200 | NS      | $596453.69    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIKOKU ELECTRIC POWER C /JPY/    | SHIKOKU ELECTRIC POWER CO /JPY/    | CUSIP: J72079106<br>LEI: 353800KWK6U7ZCIWXS64 | Long             | EC               | CORP              | JP        |   1380000 | NS      | $11215192.51  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ADEKA CORPORATION /JPY/           | ADEKA CORPORATION /JPY/            | CUSIP: J0011Q109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    295100 | NS      | $5464928.55   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIHEN CORP /JPY/                 | DAIHEN CORP /JPY/                  | CUSIP: J09114109<br>LEI: 353800VGTLA3QRNG5478 | Long             | EC               | CORP              | JP        |     67100 | NS      | $2844127.64   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CREATE SD HOLDINGS CO /JPY/       | CREATE SD HOLDINGS CO /JPY/        | CUSIP: J09178104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    122900 | NS      | $2698428.72   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| KYOEI STEEL LTD /JPY/             | KYOEI STEEL LTD /JPY/              | CUSIP: J3784P100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    200400 | NS      | $2705365.24   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| KYOKUTO KAIHATSU KOGYO /JPY/      | KYOKUTO KAIHATSU KOGYO /JPY/       | CUSIP: J3775L100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    243800 | NS      | $4339859.87   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GMO INTERNET GROUP INC /JPY/      | GMO INTERNET GROUP INC /JPY/       | CUSIP: J1822R104<br>LEI: 529900BFZEY3BESHBW90 | Long             | EC               | CORP              | JP        |    224500 | NS      | $5464935.83   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO OSAKA CEMENT CO /JPY/    | SUMITOMO OSAKA CEMENT CO LTD /JPY/ | CUSIP: J77734101<br>LEI: 5299001WJ26J6HQN5D67 | Long             | EC               | CORP              | JP        |     89200 | NS      | $2381141.87   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TACHIBANA ELETECH CO LTD /JPY/    | TACHIBANA ELETECH CO LTD /JPY/     | CUSIP: J78744109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    122800 | NS      | $2178283.73   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DAICEL CORP /JPY/__               | DAICEL CORP /JPY/__                | CUSIP: J08484149<br>LEI: 353800ZG4XF6D7NZGS72 | Long             | EC               | CORP              | JP        |    360000 | NS      | $3081789.80   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ASIA PILE HOLDINGS CORP /JPY/     | ASIA PILE HOLDINGS CORP /JPY/      | CUSIP: J28007102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    479600 | NS      | $3140772.81   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARM CARE CORP /JPY/             | CHARM CARE CORP /JPY/              | CUSIP: J0625A102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     84300 | NS      | $765513.01    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| M&A RESEARCH INSTITUTE H /JPY/    | M&A RESEARCH INSTITUTE HOLDI /JPY/ | CUSIP: J3971G103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    184400 | NS      | $1826730.49   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO LEASING CO LTD /JPY/       | MIZUHO LEASING CO LTD /JPY/        | CUSIP: J2308V106<br>LEI: 353800O6EEA5GK30Z659 | Long             | EC               | CORP              | JP        |    690500 | NS      | $5139830.04   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| OSAKA SODA CO LTD /JPY/           | OSAKA SODA CO LTD /JPY/            | CUSIP: J62707104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    145500 | NS      | $1631134.24   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TSUMURA & CO /JPY/                | TSUMURA & CO /JPY/                 | CUSIP: J93407120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    161400 | NS      | $3821423.52   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DAISHI HOKUETSU FINANCIA /JPY/    | DAISHI HOKUETSU FINANCIAL GR /JPY/ | CUSIP: J10795102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    385000 | NS      | $8880506.42   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MORITA HOLDINGS CORPORATION /JPY/ | MORITA HOLDINGS CORPORATION /JPY/  | CUSIP: J46604104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    378500 | NS      | $5577065.56   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPN CORP /JPY/                  | NIPPN CORP /JPY/                   | CUSIP: J5179A101<br>LEI: 353800V7HRZ1HQGJCW63 | Long             | EC               | CORP              | JP        |     77200 | NS      | $1168041.62   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| KASUMIGASEKI CAPITAL CO  /JPY/    | KASUMIGASEKI CAPITAL CO LTD /JPY/  | CUSIP: J3087N109<br>LEI: 353800K2AQIR06QHCT28 | Long             | EC               | CORP              | JP        |      9700 | NS      | $913139.09    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SAKAI CHEMICAL INDUSTRY  /JPY/    | SAKAI CHEMICAL INDUSTRY CO /JPY/   | CUSIP: J66489121<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    187700 | NS      | $3419356.23   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| YOSHIMURA FOOD HOLDINGS  /JPY/    | YOSHIMURA FOOD HOLDINGS KK /JPY/   | CUSIP: J97977102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    285600 | NS      | $2010988.55   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MORINAGA & CO LTD /JPY/           | MORINAGA & CO LTD /JPY/            | CUSIP: J46367108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     66400 | NS      | $1099757.20   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| RIKEN TECHNOS CORP /JPY/          | RIKEN TECHNOS CORP /JPY/           | CUSIP: J65070112<br>LEI: 353800S7OXXKLNDX3U70 | Long             | EC               | CORP              | JP        |    251400 | NS      | $1890514.05   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE CORP /JPY/                   | LIFE CORP /JPY/                    | CUSIP: J38828109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    209000 | NS      | $2940353.80   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIKISHA LTD /JPY/                | TAIKISHA LTD /JPY/                 | CUSIP: J79389102<br>LEI: 3538005OOQOUE7DBWV52 | Long             | EC               | CORP              | JP        |    166300 | NS      | $2816082.55   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIREI CORP /JPY/               | NICHIREI CORP /JPY/                | CUSIP: J49764145<br>LEI: 529900MX3GPXXKO0MT06 | Long             | EC               | CORP              | JP        |    117000 | NS      | $1510083.25   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMAKYOREX CO LTD /JPY/           | HAMAKYOREX CO LTD /JPY/            | CUSIP: J1825T107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    119800 | NS      | $1068767.26   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| KOMATSU WALL INDUSTRY CO /JPY/    | KOMATSU WALL INDUSTRY CO LTD /JPY/ | CUSIP: J35867100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    248700 | NS      | $3807706.56   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON SEIKI CO LTD /JPY/         | NIPPON SEIKI CO LTD /JPY/          | CUSIP: J55483101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    535600 | NS      | $5231528.27   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| WORLD CO LTD /JPY/                | WORLD CO LTD /JPY/                 | CUSIP: J95171120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     76700 | NS      | $1338724.94   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUZEN CO LTD /JPY/              | MARUZEN CO LTD /JPY/               | CUSIP: J40734105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     86000 | NS      | $2067221.64   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ULVAC INC /JPY/                   | ULVAC INC /JPY/                    | CUSIP: J94048105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     43100 | NS      | $1505435.31   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NISHIO HOLDINGS CO LTD /JPY/      | NISHIO HOLDINGS CO LTD /JPY/       | CUSIP: J56902109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     55200 | NS      | $1518335.07   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIRIN CO LTD /JPY/             | NICHIRIN CO LTD /JPY/              | CUSIP: J4983T109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     76900 | NS      | $1891158.52   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| KOMEHYO HOLDINGS CO LTD /JPY/     | KOMEHYO HOLDINGS CO LTD /JPY/      | CUSIP: J3589F109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     65800 | NS      | $1308240.03   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| YONDENKO CORP /JPY/               | YONDENKO CORP /JPY/                | CUSIP: J72036106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    869400 | NS      | $7840582.73   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| KOSAIDO CO LTD /JPY/              | KOSAIDO CO LTD /JPY/               | CUSIP: J3S44L105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    390600 | NS      | $1241032.26   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON AVIONICS CO LTD /JPY/      | NIPPON AVIONICS CO LTD /JPY/       | CUSIP: J52000106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    111500 | NS      | $2718851.89   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| JM HOLDINGS CO LTD /JPY/          | JM HOLDINGS CO LTD /JPY/           | CUSIP: J2789W102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    253700 | NS      | $4303132.15   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MUSASHINO BANK LTD/THE /JPY/      | MUSASHINO BANK LTD/THE /JPY/       | CUSIP: J46883104<br>LEI: 353800L8RJMVN2OOS612 | Long             | EC               | CORP              | JP        |    252900 | NS      | $5728189.39   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIA STEEL WORKS LTD /JPY/      | NICHIA STEEL WORKS LTD /JPY/       | CUSIP: J49248107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1119400 | NS      | $2352953.17   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TRYT INC /JPY/                    | TRYT INC /JPY/                     | CUSIP: J9299G105<br>LEI: 254900QWMRIE75VYID77 | Long             | EC               | CORP              | JP        |   1263500 | NS      | $4890967.74   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SOKEN CHEMICAL & ENGINEE /JPY/    | SOKEN CHEMICAL & ENGINEERING /JPY/ | CUSIP: J76085109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    104200 | NS      | $1134164.41   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TSUZUKI DENKI CO LTD /JPY/        | TSUZUKI DENKI CO LTD /JPY/         | CUSIP: J9358G103<br>LEI: 3538008A8ICJLVI54474 | Long             | EC               | CORP              | JP        |     94500 | NS      | $1820509.89   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIKO XTECH LTD /JPY/             | DAIKO XTECH LTD /JPY/              | CUSIP: J10122109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    252500 | NS      | $1847988.21   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTURE ARCHITECT INC /JPY/        | FUTURE ARCHITECT INC /JPY/         | CUSIP: J16832107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    516900 | NS      | $7720330.91   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSTENA CORPORATION /JPY/         | SYSTENA CORPORATION /JPY/          | CUSIP: J7864T106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    741000 | NS      | $2045910.51   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| JINUSHI CO LTD /JPY/              | JINUSHI CO LTD /JPY/               | CUSIP: J52776101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    117300 | NS      | $1735698.23   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NORITAKE CO LTD /JPY/             | NORITAKE CO LTD /JPY/              | CUSIP: J59052118<br>LEI: 529900EN4XJGJXV4A581 | Long             | EC               | CORP              | JP        |     30400 | NS      | $786625.04    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTH PACIFIC BANK LTD /JPY/      | NORTH PACIFIC BANK LTD /JPY/       | CUSIP: J22260111<br>LEI: 549300A1ZLTL4KX3DZ92 | Long             | EC               | CORP              | JP        |    354900 | NS      | $1405812.70   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MACNICA FUJI ELECTRONICS /JPY/    | MACNICA FUJI ELECTRONICS HOL /JPY/ | CUSIP: J3923S106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    442500 | NS      | $5895395.42   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SAKATA INX CORP /JPY/             | SAKATA INX CORP /JPY/              | CUSIP: J66661125<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1398000 | NS      | $18698189.39  | 6.20%             |  |  |  | No            |                  1 | On Loan: No      |
| RESTAR CORP /JPY/                 | RESTAR CORP /JPY/                  | CUSIP: J6450H104<br>LEI: 353800609PNM9E4ZNY15 | Long             | EC               | CORP              | JP        |    228200 | NS      | $3929187.65   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUZEN SHOWA UNYU CO LT /JPY/    | MARUZEN SHOWA UNYU CO LTD /JPY/    | CUSIP: J40777104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     25900 | NS      | $1140929.59   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| RYODEN CORP /JPY/                 | RYODEN CORP /JPY/                  | CUSIP: J65715120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    394200 | NS      | $7503883.45   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PACK CORP/THE /JPY/               | PACK CORP/THE /JPY/                | CUSIP: J63492102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    176100 | NS      | $3842070.76   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDWIN INC /JPY/                 | GOLDWIN INC /JPY/                  | CUSIP: J17472101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     42500 | NS      | $2441501.91   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KANADEN CORP /JPY/                | KANADEN CORP /JPY/                 | CUSIP: J29524105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    458100 | NS      | $5793383.98   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO HOLDINGS CORPORATION /JPY/    | GEO HOLDINGS CORPORATION /JPY/     | CUSIP: J17768102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    287700 | NS      | $3271177.94   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| STEP CO LTD /JPY/                 | STEP CO LTD /JPY/                  | CUSIP: J7674N109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    200600 | NS      | $3121372.18   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NAKANISHI INC /JPY/               | NAKANISHI INC /JPY/                | CUSIP: J4800J102<br>LEI: 353800EXA7IQ42YKF224 | Long             | EC               | CORP              | JP        |     24100 | NS      | $324008.32    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON SODA CO LTD /JPY/          | NIPPON SODA CO LTD /JPY/           | CUSIP: J55870109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     42900 | NS      | $880915.71    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MIURA CO LTD /JPY/                | MIURA CO LTD /JPY/                 | CUSIP: J45593100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    188300 | NS      | $3973698.23   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TPR CO LTD /JPY/                  | TPR CO LTD /JPY/                   | CUSIP: J82528100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    202400 | NS      | $2771679.50   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEC CORP /JPY/                   | IDEC CORP /JPY/                    | CUSIP: J23274111<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    112200 | NS      | $1798780.44   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DAI-DAN CO LTD /JPY/              | DAI-DAN CO LTD /JPY/               | CUSIP: J62234109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    107600 | NS      | $3131335.41   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SANYO SHOKAI LTD /JPY/            | SANYO SHOKAI LTD /JPY/             | CUSIP: J69198109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    212700 | NS      | $4262853.28   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AOI ELECTRONICS CO LTD /JPY/      | AOI ELECTRONICS CO LTD /JPY/       | CUSIP: J01586106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     24900 | NS      | $310926.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HI-LEX CORP /JPY/                 | HI-LEX CORP /JPY/                  | CUSIP: J20749107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    277000 | NS      | $3141831.43   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ASKUL CORP /JPY/                  | ASKUL CORP /JPY/                   | CUSIP: J03325107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    261800 | NS      | $2818686.09   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRAIT ONE CORP /JPY/             | MIRAIT ONE CORP /JPY/              | CUSIP: J4307G106<br>LEI: 353800RI3EZVEIDAEL62 | Long             | EC               | CORP              | JP        |     91600 | NS      | $1622301.77   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUI MINING & SMELTING /JPY/    | MITSUI MINING & SMELTING CO /JPY/  | CUSIP: J44948131<br>LEI: 35380021EYAHSQM25559 | Long             | EC               | CORP              | JP        |     70000 | NS      | $2403746.10   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Japan Smaller Capitalization Fund, Inc.

**Signature:** Thomas Perugini

**Name of Signer:** Thomas Perugini

**Title:** Treasurer, Principal Financial Officer