# EDGAR Filing Document

**Accession Number:** 0000859796
**File Stem:** 0001752724-23-002163
**Filing Date:** 2023-1
**Character Count:** 43460
**Document Hash:** 671c0bf52e6c1a93b8ab030e5c014628
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-002163.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001752724-23-002163

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JAPAN SMALLER CAPITALIZATION FUND INC
- **CENTRAL INDEX KEY:** 0000859796
- **IRS NUMBER:** 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:** 23530695

**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

#### November 30, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Fair Value</u>** |
|  **COMMON STOCKS — 98.6%** | | |
|  **JAPAN — 98.6%** | | |
|  **Banks — 10.7%** | | |
|  Daishi Hokuetsu Financial Group, Inc. | 65100 | $1223619 |
|  Okinawa Financial Group, Inc. | 155800 | 2398214 |
|  The Akita Bank, Ltd. | 407400 | 4925596 |
|  The Bank of Saga Ltd. | 60900 | 703945 |
|  The Gunma Bank, Ltd. | 182300 | 590281 |
|  The Hyakugo Bank, Ltd. | 188900 | 474674 |
|  The Keiyo Bank, Ltd. | 977600 | 3825193 |
|  The Musashino Bank, Ltd. | 222500 | 3007987 |
|  The San-in Godo Bank, Ltd. | 208300 | 1129099 |
|  The Taiko Bank, Ltd. | 324000 | 2754180 |
|  The Yamanashi Chuo Bank, Ltd. | 262500 | 1965664 |
|  |  | **22998452** |
|  **Chemicals — 13.9%** |  |  |
|  Adeka Corporation | 59100 | 955546 |
|  Aica Kogyo Company, Limited | 139600 | 3242316 |
|  C.I. Takiron Corporation | 308200 | 1124066 |
|  Fujikura Kasei Co., Ltd. | 1608900 | 4724415 |
|  Fuso Chemical Co., Ltd. | 93600 | 2368812 |
|  Nichireki Co., Ltd. | 57000 | 529957 |
|  Sakai Chemical Industry Co., Ltd. | 74600 | 1006378 |
|  Sakata Inx Corporation | 740900 | 5877837 |
|  Sekisui Jushi Corporation | 410900 | 5336670 |
|  Shikoku Chemicals Corporation | 236900 | 2297820 |
|  Soken Chemical & Engineering Co., Ltd. | 27600 | 347564 |
|  T&K Toka Co., Ltd. | 76300 | 548893 |
|  Yushiro Chemical Industry Co., Ltd. | 267500 | 1590193 |
|  |  | **29950467** |
|  **Construction — 10.2%** |  |  |
|  EXEO Group, Inc. | 315600 | 4819479 |
|  Kandenko Co., Ltd. | 837300 | 5217909 |
|  MIRAIT ONE Corporation | 202600 | 2202221 |
|  Taihei Dengyo Kaisha, Ltd. | 53100 | 1198977 |
|  Toenec Corporation | 79700 | 1956952 |
|  Totetsu Kogyo Co., Ltd. | 162000 | 2968188 |
|  Yondenko Corporation | 94500 | 1203597 |
|  Yurtec Corporation | 480500 | 2480378 |
|  |  | **22047701** |
|  **Electric Appliances — 2.0%** |  |  |
|  AOI Electronics Co., Ltd. | 78100 | 1091163 |
|  Foster Electric Company, Limited | 122900 | 847951 |
|  JVCkenwood Corporation | 366000 | 972251 |
|  Mabuchi Motor Co., Ltd. | 49200 | 1458851 |
|  |  | **4370216** |
|  **Financing Business — 1.0%** |  |  |
|  Mizuho Leasing Company, Limited | 60900 | 1445055 |
|  Ricoh Leasing Company, Ltd. | 24800 | 649891 |
|  |  | **2094946** |
|  **Food — 3.0%** |  |  |
|  Nichirei Corporation | 208600 | 4164961 |
|  S Foods, Inc. | 103500 | 2164594 |
|  |  | **6329555** |
|  **Glass and Ceramics Products — 1.7%** |  |  |
|  Asia Pile Holdings Corporation | 584300 | 2248518 |
|  Nichiha Corporation | 66900 | 1355916 |
|  |  | **3604434** |

---

------

---

| | | |
|:---|:---|:---|
|  **Information and Communication — 3.4%** | | |
|  OBIC Co., Ltd. | 6500 | 1012672 |
|  Okinawa Cellular Telephone Company | 150800 | 2982762 |
|  Otsuka Corporation | 102700 | 3369631 |
|  |  | **7365065** |
|  **Iron and Steel — 2.7%** |  |  |
|  Chubu Steel Plate Co., Ltd. | 20500 | 195455 |
|  Godo Steel, Ltd. **(a)** | 42500 | 580662 |
|  Kyoei Steel Ltd. | 206900 | 1920678 |
|  Nichia Steel Works, Ltd. | 1860800 | 3166239 |
|  |  | **5863034** |
|  **Machinery — 2.5%** |  |  |
|  Miura Co., Ltd. | 47500 | 1111749 |
|  Nitto Kohki Co., Ltd. | 377100 | 4131490 |
|  |  | **5243239** |
|  **Metal Products — 1.8%** |  |  |
|  Maruzen Co., Ltd. | 70300 | 908497 |
|  Rinnai Corporation | 18100 | 1322885 |
|  Shinpo Co., Ltd. | 2300 | 18742 |
|  Topre Corporation | 186700 | 1687585 |
|  |  | **3937709** |
|  **Other Products — 3.6%** |  |  |
|  Komatsu Wall Industry Co., Ltd. | 25600 | 338184 |
|  Nishikawa Rubber Co., Ltd. | 304500 | 2573116 |
|  Pigeon Corporation | 46300 | 679450 |
|  The Pack Corporation | 174100 | 3151137 |
|  The Yokohama Rubber Co., Ltd. | 63400 | 1026435 |
|  |  | **7768322** |
|  **Pharmaceutical — 1.3%** |  |  |
|  Nippon Shinyaku Co., Ltd. | 48400 | 2811186 |
|  |  | **2811186** |
|  **Precision Instruments — 1.2%** |  |  |
|  Nakanishi Inc. | 124400 | 2557932 |
|  |  | **2557932** |
|  **Real Estate — 0.8%** |  |  |
|  Starts Corporation Inc. | 88100 | 1738154 |
|  |  | **1738154** |

---

------

---

| | | |
|:---|:---|:---|
|  **Retail Trade — 12.5%** | | |
|  Amiyaki Tei Co., Ltd. | 56400 | 1174283 |
|  Cosmos Pharmaceutical Corporation | 16200 | 1623664 |
|  Create SD Holdings Co., Ltd. | 191500 | 4214004 |
|  Izumi Co., Ltd. | 191300 | 4140930 |
|  JM Holdings Co., Ltd. | 465400 | 5877435 |
|  PAL GROUP Holdings Co., Ltd. | 113800 | 1978029 |
|  San-A Co., Ltd. | 46000 | 1439925 |
|  Seria Co., Ltd. | 287500 | 5185052 |
|  Yossix Holdings Co., Ltd. | 86900 | 1318302 |
|  |  | **26951624** |
|  **Services — 3.9%** |  |  |
|  Kanamoto Co., Ltd. | 182900 | 2947988 |
|  Matching Service Japan Co., Ltd. | 36700 | 282987 |
|  Nishio Rent All Co., Ltd. | 145300 | 3223441 |
|  Step Co., Ltd. | 152600 | 1966594 |
|  |  | **8421010** |
|  **Transportation and Warehousing — 4.4%** |  |  |
|  Kamigumi Co., Ltd. | 73300 | 1472999 |
|  Meiko Trans Co., Ltd. | 275100 | 2196297 |
|  SG Holdings Co., Ltd. | 82600 | 1263151 |
|  Trancom Co., Ltd. | 80800 | 4594436 |
|  |  | **9526883** |
|  **Transportation Equipment — 6.2%** |  |  |
|  Hi-Lex Corporation | 447800 | 3575070 |
|  Kyokuto Kaihatsu Kogyo Co., Ltd. | 164900 | 1613660 |
|  Morita Holdings Corporation | 270300 | 2456832 |
|  Nichirin Co., Ltd. | 106900 | 1449023 |
|  Nippon Seiki Co., Ltd. | 389000 | 2320846 |
|  Tokai Rika Co., Ltd. | 172000 | 1916531 |
|  |  | **13331962** |
|  **Utilities — 4.3%** |  |  |
|  Keiyo Gas Co., Ltd. | 31200 | 535811 |
|  Kyushu Electric Power Company | 736700 | 3797614 |
|  Shikoku Electric Power Company | 760000 | 4108698 |
|  The Okinawa Electric Power Company | 104390 | 789942 |
|  |  | **9232065** |

---

------

---

| | | |
|:---|:---|:---|
|  **Wholesale Trade — 7.5%** | | |
|  Central Automotive Products, Ltd. | 65400 | 1120325 |
|  Kanaden Corporation | 361500 | 2862724 |
|  Kohsoku Corporation | 187500 | 2380012 |
|  Paltac Corporation | 112400 | 3482112 |
|  Ryoden Corporation | 260900 | 3158110 |
|  Sugimoto & Co., Ltd. | 130800 | 1936387 |
|  Nagase & Co., Ltd. | 76800 | 1113251 |
|  |  | **16052921** |
|  **TOTAL INVESTMENTS — 98.6% (cost $270,223,446)** |  | $**212196877** |
|  **FOREIGN CURRENCY — 0.6% (cost $1,226,156) (b)** |  | $**1221038** |
|  **TOTAL INVESTMENTS AND FOREIGN CURRENCY — 99.2% (cost $271,449,602)** |  | $**213417915** |
|  **OTHER ASSETS AND LIABILITIES — 0.8%** |  | **1825828** |
|  **NET ASSETS — 100.0%** |  | $**215243743** |

---

(a) Non-income producing security.

(b) Japanese Yen - Interest bearing account.

------

#### 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.

• 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)

At November 30, 2022, all of the Fund's investments were determined to be Level 1 securities.

During the quarter ended November 30, 2022, the Fund did not hold any instrument which used significant unobservable inputs (Level 3) in determining fair value.

------

## 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:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**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:** $215647159.18

**Total Liabilities:** $403412.79

**Net Assets:** $215243746.39

**Cash Not Reported:** $964546.24

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -6.54%               | -1.29%               | 9.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1182567.89             | $-14501707.35                              |
| Month 2  | $-2799284.32             | $525254.19                                 |
| Month 3  | $691362.11               | $18853327.91                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| San-A Co. Ltd.                        | San-A Co. Ltd.                        | CUSIP: J6694V109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     46000 | NS      | $1439925.33   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Yossix Holdings Co. Ltd.              | Yossix Holdings Co. Ltd.              | CUSIP: J98021108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     86900 | NS      | $1318302.04   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanamoto Co. Ltd.                     | Kanamoto Co. Ltd.                     | CUSIP: J29557105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    182900 | NS      | $2947987.94   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinpo Co. Ltd.                       | Shinpo Co. Ltd.                       | CUSIP: J73853103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2300 | NS      | $18742.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mabuchi Motor Co. Ltd.                | Mabuchi Motor Co. Ltd.                | CUSIP: J39186101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     49200 | NS      | $1458850.56   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuso Chemical Co. Ltd.                | Fuso Chemical Co. Ltd.                | CUSIP: J16601106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     93600 | NS      | $2368812.15   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Pigeon Corporation                    | Pigeon Corporation                    | CUSIP: J63739106<br>LEI: 2549006T3HT0TI9IRV62 | Long             | EC               | CORP              | JP        |     46300 | NS      | $679450.05    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PAL GROUP Holdings Co. Ltd.           | PAL GROUP Holdings Co. Ltd.           | CUSIP: J63535108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    113800 | NS      | $1978029.22   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Nishikawa Rubber Co. Ltd.             | Nishikawa Rubber Co. Ltd.             | CUSIP: J5671T103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    304500 | NS      | $2573116.27   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Shinyaku Co. Ltd.              | Nippon Shinyaku Co. Ltd.              | CUSIP: J55784102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48400 | NS      | $2811185.70   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nichiha Corporation                   | Nichiha Corporation                   | CUSIP: J53892105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     66900 | NS      | $1355915.57   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| The Keiyo Bank Ltd.                   | The Keiyo Bank Ltd.                   | CUSIP: J05754106<br>LEI: 353800HBJ702X2J5OX58 | Long             | EC               | CORP              | JP        |    977600 | NS      | $3825192.95   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kandenko Co. Ltd.                     | Kandenko Co. Ltd.                     | CUSIP: J29653102<br>LEI: 35380080NSN7GCYZ3X14 | Long             | EC               | CORP              | JP        |    837300 | NS      | $5217908.60   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Automotive Products Ltd.      | Central Automotive Products Ltd.      | CUSIP: J05418108<br>LEI: 353800X9460YZVHWB065 | Long             | EC               | CORP              | JP        |     65400 | NS      | $1120324.51   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| C.I. Takiron Corporation              | C.I. Takiron Corporation              | CUSIP: J81453110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    308200 | NS      | $1124066.48   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of Saga Ltd.                 | The Bank of Saga Ltd.                 | CUSIP: J04116109<br>LEI: 353800F5W4TG8U8OOA26 | Long             | EC               | CORP              | JP        |     60900 | NS      | $703945.15    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| S Foods Inc.                          | S Foods Inc.                          | CUSIP: J7T34B109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    103500 | NS      | $2164594.18   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shikoku Electric Power Company        | Shikoku Electric Power Company        | CUSIP: J72079106<br>LEI: 353800KWK6U7ZCIWXS64 | Long             | EC               | CORP              | JP        |    760000 | NS      | $4108697.99   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeka Corporation                     | Adeka Corporation                     | CUSIP: J0011Q109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     59100 | NS      | $955545.82    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Paltac Corporation                    | Paltac Corporation                    | CUSIP: J6349W106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    112400 | NS      | $3482112.22   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Create SD Holdings Co. Ltd.           | Create SD Holdings Co. Ltd.           | CUSIP: J09178104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    191500 | NS      | $4214003.66   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyoei Steel Ltd.                      | Kyoei Steel Ltd.                      | CUSIP: J3784P100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    206900 | NS      | $1920678.47   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyokuto Kaihatsu Kogyo Co. Ltd.       | Kyokuto Kaihatsu Kogyo Co. Ltd.       | CUSIP: J3775L100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    164900 | NS      | $1613660.48   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| The San-in Godo Bank Ltd.             | The San-in Godo Bank Ltd.             | CUSIP: J67220103<br>LEI: 353800I3C5900CEME762 | Long             | EC               | CORP              | JP        |    208300 | NS      | $1129098.61   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Starts Corporation Inc.               | Starts Corporation Inc.               | CUSIP: J76702109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     88100 | NS      | $1738154.14   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Pile Holdings Corporation        | Asia Pile Holdings Corporation        | CUSIP: J28007102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    584300 | NS      | $2248517.79   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Leasing Company Limited        | Mizuho Leasing Company Limited        | CUSIP: J2308V106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     60900 | NS      | $1445055.10   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SG Holdings Co. Ltd.                  | SG Holdings Co. Ltd.                  | CUSIP: J7134P108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     82600 | NS      | $1263151.09   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| JVCkenwood Corporation                | JVCkenwood Corporation                | CUSIP: J29697109<br>LEI: 529900GGYCEJXM5Y6961 | Long             | EC               | CORP              | JP        |    366000 | NS      | $972251.14    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Daishi Hokuetsu Financial Group Inc.  | Daishi Hokuetsu Financial Group Inc.  | CUSIP: J10795102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     65100 | NS      | $1223619.20   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Morita Holdings Corporation           | Morita Holdings Corporation           | CUSIP: J46604104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    270300 | NS      | $2456831.68   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Okinawa Financial Group Inc.          | Okinawa Financial Group Inc.          | CUSIP: J60816105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    155800 | NS      | $2398213.73   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sakai Chemical Industry Co. Ltd.      | Sakai Chemical Industry Co. Ltd.      | CUSIP: J66489121<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74600 | NS      | $1006378.29   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nichirei Corporation                  | Nichirei Corporation                  | CUSIP: J49764145<br>LEI: 529900MX3GPXXKO0MT06 | Long             | EC               | CORP              | JP        |    208600 | NS      | $4164961.05   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| The Gunma Bank Ltd.                   | The Gunma Bank Ltd.                   | CUSIP: J17766106<br>LEI: 54930054A69VC4I5BP89 | Long             | EC               | CORP              | JP        |    182300 | NS      | $590281.08    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Amiyaki Tei Co. Ltd.                  | Amiyaki Tei Co. Ltd.                  | CUSIP: J01407105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     56400 | NS      | $1174282.95   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokai Rika Co. Ltd.                   | Tokai Rika Co. Ltd.                   | CUSIP: J85968105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    172000 | NS      | $1916530.85   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Aica Kogyo Company Limited            | Aica Kogyo Company Limited            | CUSIP: J00252106<br>LEI: 353800I589BKZAOJD116 | Long             | EC               | CORP              | JP        |    139600 | NS      | $3242316.11   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OBIC Co. Ltd.                         | OBIC Co. Ltd.                         | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6500 | NS      | $1012671.86   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Wall Industry Co. Ltd.        | Komatsu Wall Industry Co. Ltd.        | CUSIP: J35867100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     25600 | NS      | $338184.30    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Seiki Co. Ltd.                 | Nippon Seiki Co. Ltd.                 | CUSIP: J55483101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    389000 | NS      | $2320845.75   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EXEO Group Inc.                       | EXEO Group Inc.                       | CUSIP: J38232104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    315600 | NS      | $4819479.48   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Izumi Co. Ltd.                        | Izumi Co. Ltd.                        | CUSIP: J25725110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    191300 | NS      | $4140930.47   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Maruzen Co. Ltd.                      | Maruzen Co. Ltd.                      | CUSIP: J40734105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     70300 | NS      | $908496.97    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Trancom Co. Ltd.                      | Trancom Co. Ltd.                      | CUSIP: J9297N102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     80800 | NS      | $4594435.87   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kamigumi Co. Ltd.                     | Kamigumi Co. Ltd.                     | CUSIP: J29438165<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     73300 | NS      | $1472999.25   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Nishio Rent All Co. Ltd.              | Nishio Rent All Co. Ltd.              | CUSIP: J56902109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    145300 | NS      | $3223441.15   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohsoku Corporation                   | Kohsoku Corporation                   | CUSIP: J34803106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    187500 | NS      | $2380012.21   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nichirin Co. Ltd.                     | Nichirin Co. Ltd.                     | CUSIP: J4983T109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    106900 | NS      | $1449023.23   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Totetsu Kogyo Co. Ltd.                | Totetsu Kogyo Co. Ltd.                | CUSIP: J90182106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    162000 | NS      | $2968187.53   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hyakugo Bank Ltd.                 | The Hyakugo Bank Ltd.                 | CUSIP: J22890107<br>LEI: 549300BYCCERC5EKUX15 | Long             | EC               | CORP              | JP        |    188900 | NS      | $474674.23    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nichireki Co. Ltd.                    | Nichireki Co. Ltd.                    | CUSIP: J4982L107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57000 | NS      | $529956.56    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyushu Electric Power Company         | Kyushu Electric Power Company         | CUSIP: J38468104<br>LEI: 549300BYNZPLKQVQH430 | Long             | EC               | CORP              | JP        |    736700 | NS      | $3797613.53   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Foster Electric Company Limited       | Foster Electric Company Limited       | CUSIP: J13650106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    122900 | NS      | $847951.32    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Yondenko Corporation                  | Yondenko Corporation                  | CUSIP: J72036106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     94500 | NS      | $1203596.94   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Keiyo Gas Co. Ltd.                    | Keiyo Gas Co. Ltd.                    | CUSIP: J32362105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31200 | NS      | $535810.75    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Seria Co. Ltd.                        | Seria Co. Ltd.                        | CUSIP: J7113X106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    287500 | NS      | $5185052.23   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Yurtec Corporation                    | Yurtec Corporation                    | CUSIP: J85087104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    480500 | NS      | $2480378.36   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Godo Steel Ltd.                       | Godo Steel Ltd.                       | CUSIP: J17388117<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     42500 | NS      | $580661.95    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JM Holdings Co. Ltd.                  | JM Holdings Co. Ltd.                  | CUSIP: J2789W102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    465400 | NS      | $5877435.47   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| The Musashino Bank Ltd.               | The Musashino Bank Ltd.               | CUSIP: J46883104<br>LEI: 353800L8RJMVN2OOS612 | Long             | EC               | CORP              | JP        |    222500 | NS      | $3007987.22   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Nichia Steel Works Ltd.               | Nichia Steel Works Ltd.               | CUSIP: J49248107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1860800 | NS      | $3166239.01   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nagase & Co. Ltd.                     | Nagase & Co. Ltd.                     | CUSIP: J47270103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     76800 | NS      | $1113251.25   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| The Yokohama Rubber Co. Ltd.          | The Yokohama Rubber Co. Ltd.          | CUSIP: J97536171<br>LEI: 52990036XNWY2FMYWB76 | Long             | EC               | CORP              | JP        |     63400 | NS      | $1026435.01   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Topre Corporation                     | Topre Corporation                     | CUSIP: J89365100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    186700 | NS      | $1687585.17   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Soken Chemical & Engineering Co. Ltd. | Soken Chemical & Engineering Co. Ltd. | CUSIP: J76085109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27600 | NS      | $347563.63    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ricoh Leasing Company Ltd.            | Ricoh Leasing Company Ltd.            | CUSIP: J64694102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     24800 | NS      | $649890.51    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| The Akita Bank Ltd.                   | The Akita Bank Ltd.                   | CUSIP: J01092105<br>LEI: 353800N5LZ62LYDUOK89 | Long             | EC               | CORP              | JP        |    407400 | NS      | $4925595.72   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui Jushi Corporation             | Sekisui Jushi Corporation             | CUSIP: J70789110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    410900 | NS      | $5336670.14   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| The Yamanashi Chuo Bank Ltd.          | The Yamanashi Chuo Bank Ltd.          | CUSIP: J96128103<br>LEI: 353800DUD9B4IAIADJ68 | Long             | EC               | CORP              | JP        |    262500 | NS      | $1965663.93   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Meiko Trans Co. Ltd.                  | Meiko Trans Co. Ltd.                  | CUSIP: J41938101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    275100 | NS      | $2196296.80   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Okinawa Electric Power Company    | The Okinawa Electric Power Company    | CUSIP: J60815107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    104390 | NS      | $789941.92    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sakata Inx Corporation                | Sakata Inx Corporation                | CUSIP: J66661125<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    740900 | NS      | $5877836.81   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| The Taiko Bank Ltd.                   | The Taiko Bank Ltd.                   | CUSIP: J79475109<br>LEI: 3538003H3GIODN7ZSJ40 | Long             | EC               | CORP              | JP        |    324000 | NS      | $2754180.28   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Corporation                    | Otsuka Corporation                    | CUSIP: J6243L115<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |    102700 | NS      | $3369630.61   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nitto Kohki Co. Ltd.                  | Nitto Kohki Co. Ltd.                  | CUSIP: J58676107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    377100 | NS      | $4131490.11   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryoden Corporation                    | Ryoden Corporation                    | CUSIP: J65715120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    260900 | NS      | $3158110.35   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| The Pack Corporation                  | The Pack Corporation                  | CUSIP: J63492102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    174100 | NS      | $3151136.88   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmos Pharmaceutical Corporation     | Cosmos Pharmaceutical Corporation     | CUSIP: J08959108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16200 | NS      | $1623663.71   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanaden Corporation                   | Kanaden Corporation                   | CUSIP: J29524105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    361500 | NS      | $2862723.91   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Taihei Dengyo Kaisha Ltd.             | Taihei Dengyo Kaisha Ltd.             | CUSIP: J79088100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     53100 | NS      | $1198976.92   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Step Co. Ltd.                         | Step Co. Ltd.                         | CUSIP: J7674N109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    152600 | NS      | $1966593.67   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Okinawa Cellular Telephone Company    | Okinawa Cellular Telephone Company    | CUSIP: J60805108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    150800 | NS      | $2982761.96   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nakanishi Inc.                        | Nakanishi Inc.                        | CUSIP: J4800J102<br>LEI: 353800EXA7IQ42YKF224 | Long             | EC               | CORP              | JP        |    124400 | NS      | $2557932.30   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Miura Co. Ltd.                        | Miura Co. Ltd.                        | CUSIP: J45593100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47500 | NS      | $1111749.29   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Toenec Corporation                    | Toenec Corporation                    | CUSIP: J85624112<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     79700 | NS      | $1956951.57   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubu Steel Plate Co. Ltd.            | Chubu Steel Plate Co. Ltd.            | CUSIP: J06720106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20500 | NS      | $195455.36    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Matching Service Japan Co. Ltd.       | Matching Service Japan Co. Ltd.       | CUSIP: J40832107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     36700 | NS      | $282986.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Yushiro Chemical Industry Co. Ltd.    | Yushiro Chemical Industry Co. Ltd.    | CUSIP: J98548100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    267500 | NS      | $1590192.77   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| T&K Toka Co. Ltd.                     | T&K Toka Co. Ltd.                     | CUSIP: J83582106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     76300 | NS      | $548893.28    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AOI Electronics Co. Ltd.              | AOI Electronics Co. Ltd.              | CUSIP: J01586106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     78100 | NS      | $1091162.72   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sugimoto & Co. Ltd.                   | Sugimoto & Co. Ltd.                   | CUSIP: J7682N109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    130800 | NS      | $1936386.55   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hi-Lex Corporation                    | Hi-Lex Corporation                    | CUSIP: J20749107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    447800 | NS      | $3575069.82   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Shikoku Chemicals Corporation         | Shikoku Chemicals Corporation         | CUSIP: J71993117<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    236900 | NS      | $2297820.30   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Kasei Co. Ltd.               | Fujikura Kasei Co. Ltd.               | CUSIP: J14742100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1608900 | NS      | $4724414.69   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rinnai Corporation                    | Rinnai Corporation                    | CUSIP: J65199101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18100 | NS      | $1322884.73   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRAIT ONE Corporation                | MIRAIT ONE Corporation                | CUSIP: J4307G106<br>LEI: 353800RI3EZVEIDAEL62 | Long             | EC               | CORP              | JP        |    202600 | NS      | $2202221.34   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

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

**Signature:** Amy J. Robles

**Name of Signer:** Amy J. Robles

**Title:** Treasurer, Principal Financial Officer