# EDGAR Filing Document

**Accession Number:** 0000859796
**File Stem:** 0001003715-25-001011
**Filing Date:** 2025-10
**Character Count:** 33979
**Document Hash:** 51b591e01ca0dfbd27fdb1e5ba4ab5cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-25-001011.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001003715-25-001011

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**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:** 251432578

**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

## 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:** 2025-08-31

**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:** $344268484.73

**Total Liabilities:** $7237040.08

**Net Assets:** $337031444.65

**Cash Not Reported:** $9926392.88

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 3.38%                | 1.65%                | 8.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2712342.38              | $7338625.75                                |
| Month 2  | $6839344.71              | $-1242057.95                               |
| Month 3  | $9133899.61              | $16766251.08                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NISSHINBO HOLDINGS INC /JPY/      | NISSHINBO HOLDINGS INC /JPY/       | CUSIP: J57333106<br>LEI: 353800YAM89GL5GPHB47 | Long             | EC               | CORP              | JP        |    192700 | NS      | $1524180.79   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SANSEI TECHNOLOGIES INC /JPY/     | SANSEI TECHNOLOGIES INC /JPY/      | CUSIP: J68295104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    377400 | NS      | $5518039.62   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MEIKO ELECTRONICS CO LTD /JPY/    | MEIKO ELECTRONICS CO LTD /JPY/     | CUSIP: J4187E106<br>LEI: 529900LGRXWX2ACMWR86 | Long             | EC               | CORP              | JP        |     34000 | NS      | $2268055.27   | 0.67%             |  |  |  | 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        |    127200 | NS      | $1861547.89   | 0.55%             |  |  |  | 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        |    296500 | NS      | $4956803.49   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ORGANO CORP /JPY/                 | ORGANO CORP /JPY/                  | CUSIP: J61697108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10000 | NS      | $767136.34    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RELO HOLDINGS INC /JPY/           | RELO HOLDINGS INC /JPY/            | CUSIP: J6436W118<br>LEI: 353800T595XRZDA8IB59 | Long             | EC               | CORP              | JP        |    186500 | NS      | $2215250.83   | 0.66%             |  |  |  | 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        |    236100 | NS      | $5054349.60   | 1.50%             |  |  |  | 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        |    532800 | NS      | $4544267.92   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SANGETSU CORPORATION /JPY/        | SANGETSU CORPORATION /JPY/         | CUSIP: J67177105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    283600 | NS      | $5945735.48   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIHA CORP /JPY/                | NICHIHA CORP /JPY/                 | CUSIP: J53892105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74900 | NS      | $1483622.63   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KEIYO BANK LTD/THE /JPY/          | KEIYO BANK LTD/THE /JPY/           | CUSIP: J05754106<br>LEI: 353800HBJ702X2J5OX58 | Long             | EC               | CORP              | JP        |    270600 | NS      | $2232436.19   | 0.66%             |  |  |  | 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      | $3669079.71   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL AUTOMOTIVE PRODU /JPY/    | CENTRAL AUTOMOTIVE PRODUCTS /JPY/  | CUSIP: J05418108<br>LEI: 353800X9460YZVHWB065 | Long             | EC               | CORP              | JP        |    337100 | NS      | $4306968.21   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HORIBA LTD /JPY/                  | HORIBA LTD /JPY/                   | CUSIP: J22428106<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |     19400 | NS      | $1465795.38   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| THK CO LTD /JPY/                  | THK CO LTD /JPY/                   | CUSIP: J83345108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    172600 | NS      | $4710049.69   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KYORITSU MAINTENANCE CO  /JPY/    | KYORITSU MAINTENANCE CO LTD /JPY/  | CUSIP: J37856101<br>LEI: 353800IO2MFHL1NA0986 | Long             | EC               | CORP              | JP        |    161700 | NS      | $3691660.20   | 1.10%             |  |  |  | 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      | $1706165.68   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIKOKU ELECTRIC POWER C /JPY/    | SHIKOKU ELECTRIC POWER CO /JPY/    | CUSIP: J72079106<br>LEI: 353800KWK6U7ZCIWXS64 | Long             | EC               | CORP              | JP        |   1137800 | NS      | $10746017.97  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ADEKA CORPORATION /JPY/           | ADEKA CORPORATION /JPY/            | CUSIP: J0011Q109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    112600 | NS      | $2533135.93   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIHEN CORP /JPY/                 | DAIHEN CORP /JPY/                  | CUSIP: J09114109<br>LEI: 353800VGTLA3QRNG5478 | Long             | EC               | CORP              | JP        |     60000 | NS      | $3210128.65   | 0.95%             |  |  |  | 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        |     40700 | NS      | $953018.86    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KYOKUTO KAIHATSU KOGYO /JPY/      | KYOKUTO KAIHATSU KOGYO /JPY/       | CUSIP: J3775L100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    232900 | NS      | $4369153.90   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| 77 BANK LTD/THE /JPY/             | 77 BANK LTD/THE /JPY/              | CUSIP: J71348106<br>LEI: 549300U6CT3EHB9XS980 | Long             | EC               | CORP              | JP        |     10000 | NS      | $388605.27    | 0.12%             |  |  |  | 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      | $6043819.35   | 1.79%             |  |  |  | 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        |    109500 | NS      | $2940422.71   | 0.87%             |  |  |  | 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      | $2437443.33   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DAICEL CORP /JPY/__               | DAICEL CORP /JPY/__                | CUSIP: J08484149<br>LEI: 353800ZG4XF6D7NZGS72 | Long             | EC               | CORP              | JP        |    360000 | NS      | $3351031.24   | 0.99%             |  |  |  | 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        |    579000 | NS      | $4898897.28   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARM CARE CORP /JPY/             | CHARM CARE CORP /JPY/              | CUSIP: J0625A102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    167800 | NS      | $1208443.26   | 0.36%             |  |  |  | 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        |    224400 | NS      | $2092628.14   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO LEASING CO  /JPY/          | MIZUHO LEASING CO LTD /JPY/        | CUSIP: J2308V106<br>LEI: 353800O6EEA5GK30Z659 | Long             | EC               | CORP              | JP        |    747300 | NS      | $6506001.63   | 1.93%             |  |  |  | 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      | $1884735.55   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TSUMURA & CO /JPY/                | TSUMURA & CO /JPY/                 | CUSIP: J93407120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    164200 | NS      | $3957744.20   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DAISHI HOKUETSU FINANCIA /JPY/    | DAISHI HOKUETSU FINANCIAL GR /JPY/ | CUSIP: J10795102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    429000 | NS      | $11622217.68  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MORITA HOLDINGS CORPORATION /JPY/ | MORITA HOLDINGS CORPORATION /JPY/  | CUSIP: J46604104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    344000 | NS      | $5181893.68   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPN CORP /JPY/                  | NIPPN CORP /JPY/                   | CUSIP: J5179A101<br>LEI: 353800V7HRZ1HQGJCW63 | Long             | EC               | CORP              | JP        |     77200 | NS      | $1192866.38   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| KASUMIGASEKI CAPITAL CO  /JPY/    | KASUMIGASEKI CAPITAL CO LTD /JPY/  | CUSIP: J3087N109<br>LEI: 353800K2AQIR06QHCT28 | Long             | EC               | CORP              | JP        |      4000 | NS      | $252127.15    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SAKAI CHEMICAL INDUSTRY  /JPY/    | SAKAI CHEMICAL INDUSTRY CO /JPY/   | CUSIP: J66489121<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    201700 | NS      | $4061184.40   | 1.20%             |  |  |  | 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      | $1743810.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MORINAGA & CO LTD /JPY/           | MORINAGA & CO LTD /JPY/            | CUSIP: J46367108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     99400 | NS      | $1807887.82   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| RIKEN TECHNOS CORP /JPY/          | RIKEN TECHNOS CORP /JPY/           | CUSIP: J65070112<br>LEI: 353800S7OXXKLNDX3U70 | Long             | EC               | CORP              | JP        |    251400 | NS      | $2015854.60   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE CORP /JPY/                   | LIFE CORP /JPY/                    | CUSIP: J38828109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    230200 | NS      | $3856253.49   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIKISHA LTD /JPY/                | TAIKISHA LTD /JPY/                 | CUSIP: J79389102<br>LEI: 3538005OOQOUE7DBWV52 | Long             | EC               | CORP              | JP        |    188600 | NS      | $3746067.66   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIREI CORP /JPY/               | NICHIREI CORP /JPY/                | CUSIP: J49764145<br>LEI: 529900MX3GPXXKO0MT06 | Long             | EC               | CORP              | JP        |    129600 | NS      | $1497047.17   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SAISON CO LTD /JPY/        | CREDIT SAISON CO LTD /JPY/         | CUSIP: J7007M109<br>LEI: 529900SV58ZWTGRH3A66 | Long             | EC               | CORP              | JP        |     80000 | NS      | $2057314.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMAKYOREX CO LTD /JPY/           | HAMAKYOREX CO LTD /JPY/            | CUSIP: J1825T107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    187700 | NS      | $1925423.05   | 0.57%             |  |  |  | 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        |    295600 | NS      | $5261684.02   | 1.56%             |  |  |  | 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        |    594900 | NS      | $7224161.73   | 2.14%             |  |  |  | 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      | $1581927.71   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BUYSELL TECHNOLOGIES CO  /JPY/    | BUYSELL TECHNOLOGIES CO LTD /JPY/  | CUSIP: J04863106<br>LEI: 353800QCRDO2G02AM851 | Long             | EC               | CORP              | JP        |    289500 | NS      | $6897079.84   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUZEN CO LTD /JPY/              | MARUZEN CO LTD /JPY/               | CUSIP: J40734105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     80400 | NS      | $1926403.92   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ULVAC INC /JPY/                   | ULVAC INC /JPY/                    | CUSIP: J94048105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     44600 | NS      | $1830934.59   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| WACOM CO LTD /JPY/                | WACOM CO LTD /JPY/                 | CUSIP: J9467Z109<br>LEI: 353800R3B771OQOQPT02 | Long             | EC               | CORP              | JP        |    160000 | NS      | $796133.69    | 0.24%             |  |  |  | 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      | $1952467.50   | 0.58%             |  |  |  | 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        |     70800 | NS      | $1427469.88   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| YONDENKO CORP /JPY/               | YONDENKO CORP /JPY/                | CUSIP: J72036106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    879400 | NS      | $8242691.44   | 2.45%             |  |  |  | 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      | $1177835.41   | 0.35%             |  |  |  | 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        |     12400 | NS      | $374760.06    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| QOL HOLDINGS CO LTD /JPY/         | QOL HOLDINGS CO LTD /JPY/          | CUSIP: J64663107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    168600 | NS      | $2348074.33   | 0.70%             |  |  |  | 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        |    283700 | NS      | $5517193.52   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MUSASHINO BANK LTD/THE /JPY/      | MUSASHINO BANK LTD/THE /JPY/       | CUSIP: J46883104<br>LEI: 353800L8RJMVN2OOS612 | Long             | EC               | CORP              | JP        |    258000 | NS      | $6787625.08   | 2.01%             |  |  |  | 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        |    379800 | NS      | $979812.13    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SWCC CORP /JPY/                   | SWCC CORP /JPY/                    | CUSIP: J7863E100<br>LEI: 353800A7RNYOC4KL4T49 | Long             | EC               | CORP              | JP        |     77400 | NS      | $4341270.17   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SOKEN CHEMICAL & ENGINEE /JPY/    | SOKEN CHEMICAL & ENGINEERING /JPY/ | CUSIP: J76085109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     99500 | NS      | $1143935.06   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TSUZUKI DENKI CO LTD /JPY/        | TSUZUKI DENKI CO LTD /JPY/         | CUSIP: J9358G103<br>LEI: 3538008A8ICJLVI54474 | Long             | EC               | CORP              | JP        |    109600 | NS      | $2383581.78   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIKO XTECH LTD /JPY/             | DAIKO XTECH LTD /JPY/              | CUSIP: J10122109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    324900 | NS      | $2381848.07   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTURE ARCHITECT INC /JPY/        | FUTURE ARCHITECT INC /JPY/         | CUSIP: J16832107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    459300 | NS      | $7153212.17   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSTENA CORPORATION /JPY/         | SYSTENA CORPORATION /JPY/          | CUSIP: J7864T106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    863000 | NS      | $2919549.38   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| JINUSHI CO LTD /JPY/              | JINUSHI CO LTD /JPY/               | CUSIP: J52776101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    121000 | NS      | $2545027.57   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NORITAKE CO LTD /JPY/             | NORITAKE CO LTD /JPY/              | CUSIP: J59052118<br>LEI: 529900EN4XJGJXV4A581 | Long             | EC               | CORP              | JP        |     44200 | NS      | $1359907.43   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTH PACIFIC BANK LTD /JPY/      | NORTH PACIFIC BANK LTD /JPY/       | CUSIP: J22260111<br>LEI: 549300A1ZLTL4KX3DZ92 | Long             | EC               | CORP              | JP        |    304300 | NS      | $1449935.33   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MACNICA FUJI ELECTRONICS /JPY/    | MACNICA FUJI ELECTRONICS HOL /JPY/ | CUSIP: J3923S106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    358600 | NS      | $4952688.04   | 1.47%             |  |  |  | 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      | $21525260.36  | 6.39%             |  |  |  | No            |                  1 | On Loan: No      |
| COVER CORP /JPY/                  | COVER CORP /JPY/                   | CUSIP: J0R95K102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    100000 | NS      | $1445783.13   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| RESTAR CORP /JPY/                 | RESTAR CORP /JPY/                  | CUSIP: J6450H104<br>LEI: 353800609PNM9E4ZNY15 | Long             | EC               | CORP              | JP        |    228200 | NS      | $4060409.77   | 1.20%             |  |  |  | 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        |     40200 | NS      | $1994813.15   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| RYODEN CORP /JPY/                 | RYODEN CORP /JPY/                  | CUSIP: J65715120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    399200 | NS      | $8369314.55   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PACK CORP/THE /JPY/               | PACK CORP/THE /JPY/                | CUSIP: J63492102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    528300 | NS      | $4250565.65   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDWIN INC /JPY/                 | GOLDWIN INC /JPY/                  | CUSIP: J17472101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48000 | NS      | $2373698.18   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KANADEN CORP /JPY/                | KANADEN CORP /JPY/                 | CUSIP: J29524105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    458100 | NS      | $6096150.70   | 1.81%             |  |  |  | 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      | $3250847.46   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYOTOKEIBA CO LTD /JPY/         | TOKYOTOKEIBA CO LTD /JPY/          | CUSIP: J88462106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     60400 | NS      | $2183132.53   | 0.65%             |  |  |  | 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      | $3192449.80   | 0.95%             |  |  |  | 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        |     68700 | NS      | $1648407.19   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MIURA CO LTD /JPY/                | MIURA CO LTD /JPY/                 | CUSIP: J45593100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    246600 | NS      | $4768842.15   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TPR CO LTD /JPY/                  | TPR CO LTD /JPY/                   | CUSIP: J82528100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    218800 | NS      | $3534220.95   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JBCC HOLDINGS INC /JPY/           | JBCC HOLDINGS INC /JPY/            | CUSIP: J2814F108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     98200 | NS      | $919100.13    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEC CORP /JPY/                   | IDEC CORP /JPY/                    | CUSIP: J23274111<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    135700 | NS      | $2259357.43   | 0.67%             |  |  |  | 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        |     26200 | NS      | $1032591.38   | 0.31%             |  |  |  | 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      | $4546171.13   | 1.35%             |  |  |  | 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        |     26700 | NS      | $418919.75    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HI-LEX CORP /JPY/                 | HI-LEX CORP /JPY/                  | CUSIP: J20749107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47000 | NS      | $913702.27    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ASKUL CORP /JPY/                  | ASKUL CORP /JPY/                   | CUSIP: J03325107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    329500 | NS      | $3397947.72   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRAIT ONE CORP /JPY/             | MIRAIT ONE CORP /JPY/              | CUSIP: J4307G106<br>LEI: 353800RI3EZVEIDAEL62 | Long             | EC               | CORP              | JP        |     91600 | NS      | $1774824.04   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUI MINING & SMELTING /JPY/    | MITSUI MINING & SMELTING CO /JPY/  | CUSIP: J44948131<br>LEI: 35380021EYAHSQM25559 | Long             | EC               | CORP              | JP        |     50000 | NS      | $3582125.11   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Thomas Perugini

**Name of Signer:** Thomas Perugini

**Title:** Treasurer, Principal Financial Officer