# EDGAR Filing Document

**Accession Number:** 0000859796
**File Stem:** 0001003715-26-000150
**Filing Date:** 2026-1
**Character Count:** 40805
**Document Hash:** e84e116c580a0991c0880ee84c79de7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-26-000150.hdr.sgml**: 20260115

**ACCESSION NUMBER**: 0001003715-26-000150

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260115

**DATE AS OF CHANGE**: 20260115

**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:** 26535265

**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, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **JAPANESE EQUITY SECURITIES** |  |  |
| **Banks ‒ 7.4%** |  |  |
| Daishi Hokuetsu Financial Group, Inc. | 1098000 | $11383229 |
| The 77 Bank Ltd. | 85100 | 3933896 |
| The Musashino Bank, Ltd. | 269300 | 8053219 |
| The Shiga Bank Ltd. | 41900 | 1824481 |
|  |  | **25194825** |
| **Chemicals ‒ 10.1%** |  |  |
| Daicel Corporation | 416500 | 3505838 |
| Nihon Tokushu Toryo Co., Ltd. | 143200 | 2057701 |
| Nippon Soda Co., Ltd. | 72000 | 1641341 |
| Osaka Soda Co., Ltd. | 96800 | 1365545 |
| Sakai Chemical Industry Co., Ltd. | 230200 | 4569654 |
| Sakata INX Corporation | 1398000 | 20929940 |
|  |  | **34070019** |
| **Construction - 5.7%** |  |  |
| Kumagai Gumi Co., Ltd. | 470000 | 4707073 |
| MIRAIT ONE Corporation | 79400 | 1699703 |
| Taikisha Ltd. | 191700 | 3958842 |
| Yondenko Corporation | 924600 | 8934277 |
|  |  | **19299895** |
| **Electric Appliances ‒ 4.2%** |  |  |
| AOI Electronics Co., Ltd. | 33800 | 491746 |
| Daihen Corporation | 55200 | 3082278 |
| Horiba, Ltd. | 14300 | 1323642 |
| Idec Corporation | 167200 | 2867234 |
| Nisshinbo Holdings, Inc. | 246100 | 1995086 |
| Oki Electric Industry Co., Ltd. | 120500 | 1498486 |
| Ulvac, Inc. | 66300 | 2844916 |
|  |  | **14103388** |
| **Financing Business ‒ 2.8%** |  |  |
| Credit Saison Co., Ltd. | 130000 | 3269043 |
| Mizuho Leasing Co., Ltd. | 716100 | 6282182 |
|  |  | **9551225** |

---

**JAPAN SMALLER CAPITALIZATION FUND, INC.**

**SCHEDULE OF INVESTMENTS - (Continued)**

**NOVEMBER 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Food ‒ 2.8%** |  |  |
| Morinaga & Co., Ltd. | 104400 | $1784958 |
| Nichirei Corporation | 144900 | 1806553 |
| Nippn Corporation | 65700 | 1008860 |
| S Foods, Inc. | 85400 | 1449172 |
| S&B Foods, Inc. | 89900 | 2058032 |
| Yoshimura Food Holdings KK<sup>(a)</sup> | 285600 | 1373455 |
|  |  | **9481030** |
| **Glass and Ceramics Products ‒ 4.4%** |  |  |
| Asia Pile Holdings Corporation | 609000 | 5896379 |
| Maruwa Co., Ltd. | 5000 | 1516345 |
| Nichiha Corporation | 74900 | 1462843 |
| Noritake Co., Ltd. | 78500 | 2749624 |
| Sumitomo Osaka Cement Co., Ltd. | 132400 | 3263264 |
|  |  | **14888455** |
| **Information and Communication ‒ 9.0%** |  |  |
| Cover Corporation<sup>(a)</sup> | 198800 | 2125931 |
| DAIKO XTECH Ltd. | 336700 | 2287572 |
| Future Corporation | 365700 | 4807621 |
| GMO internet group, Inc. | 224500 | 5766142 |
| JBCC Holdings, Inc. | 186700 | 1890133 |
| Plus Alpha Consulting Co., Ltd. | 368000 | 5561297 |
| Toei Animation Co., Ltd. | 37000 | 681171 |
| Tsuzuki Denki Co., Ltd. | 115600 | 2402088 |
| Vision, Inc. | 578600 | 4820277 |
|  |  | **30342232** |
| **Iron and Steel ‒ 0.2%** |  |  |
| Nichia Steel Works, Ltd. | 267100 | 610602 |
|  |  | **610602** |
| **Land Transportation ‒ 1.3%** |  |  |
| Hamakyorex Co., Ltd. | 208200 | 2278448 |
| Maruzen Showa Unyu Co., Ltd. | 47000 | 2194025 |
|  |  | **4472473** |
| **Machinery ‒ 6.0%** |  |  |
| Miura Co., Ltd. | 246600 | 4839939 |
| Sansei Technologies, Inc. | 380500 | 6013345 |
| THK Co., Ltd. | 242100 | 6199583 |
| TPR Co., Ltd. | 371000 | 3055140 |
|  |  | **20108007** |

---

**JAPAN SMALLER CAPITALIZATION FUND, INC.**

**SCHEDULE OF INVESTMENTS - (Continued)**

**NOVEMBER 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Metal Products - 3.1%** |  |  |
| Maruzen Co., Ltd. | 56000 | $1290942 |
| SWCC Corporation | 133900 | 9140166 |
|  |  | **10431108** |
| **Other Products ‒ 3.0%** |  |  |
| Komatsu Wall Industry Co., Ltd. | 315400 | 5352095 |
| Kosaido Holdings Co., Ltd. | 390600 | 1163058 |
| Nishikawa Rubber Co., Ltd. | 29100 | 573000 |
| The Pack Corporation | 364400 | 3042792 |
|  |  | **10130945** |
| **Pharmaceutical ‒ 1.2%** |  |  |
| Tsumura & Co. | 164200 | 4110126 |
|  |  | **4110126** |
| **Precision Instruments ‒ 1.2%** |  |  |
| Citizen Watch Co., Ltd. | 483400 | 3996218 |
|  |  | **3996218** |
| **Real Estate ‒ 1.2%** |  |  |
| JINUSHI Co., Ltd. | 205000 | 3951270 |
|  |  | **3951270** |
| **Retail Trade ‒ 6.1%** |  |  |
| ASKUL Corporation | 354100 | 3242487 |
| Geo Holdings Corporation | 327000 | 3538757 |
| JM Holdings Co., Ltd. | 584000 | 6061947 |
| Komehyo Holdings Co., Ltd. | 91100 | 1628734 |
| Life Corporation | 187500 | 3042455 |
| Qol Holdings Co., Ltd. | 193600 | 2912089 |
|  |  | **20426469** |
| **Services ‒ 5.6%** |  |  |
| Charm Care Corporation KK | 254600 | 2111273 |
| Kyoritsu Maintenance Co., Ltd. | 183800 | 3353160 |
| M&A Research Institute Holdings, Inc. | 288300 | 2217195 |
| Relo Group, Inc. | 212600 | 2334768 |
| SIGMAXYZ Holdings, Inc. | 634000 | 3300624 |
| Step Co., Ltd. | 200600 | 3211347 |
| Tokyotokeiba Co., Ltd. | 66300 | 2339276 |
|  |  | **18867643** |

---

**JAPAN SMALLER CAPITALIZATION FUND, INC.**

**SCHEDULE OF INVESTMENTS - (Continued)**

**NOVEMBER 30, 2025**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Textiles and Apparel ‒ 2.2%** |  |  |
| Goldwin, Inc. | 44300 | $837123 |
| Sanyo Shokai, Ltd. | 220800 | 4786015 |
| World Co., Ltd. | 103400 | 2006224 |
|  |  | **7629362** |
| **Transportation Equipment ‒ 6.2%** |  |  |
| HI-LEX Corporation | 47000 | 917939 |
| Kyokuto Kaihatsu Kogyo Co., Ltd. | 236500 | 4249473 |
| Morita Holdings Corporation | 330900 | 5579097 |
| Nichirin Co., Ltd. | 74900 | 1800977 |
| Nippon Seiki Co., Ltd. | 637300 | 8533246 |
|  |  | **21080732** |
| **Utilities ‒ 1.4%** |  |  |
| Shikoku Electric Power Co., Inc. | 301800 | 3020609 |
| Tohoku Electric Power Co., Inc. | 235600 | 1737223 |
|  |  | **4757832** |
| **Wholesale Trade ‒ 13.1%** |  |  |
| BuySell Technologies Co., Ltd. | 372500 | 10006323 |
| Central Automotive Products, Ltd. | 337100 | 4075464 |
| Kanaden Corporation | 438500 | 5865761 |
| Macnica Holdings, Inc. | 227800 | 3384215 |
| Restar Corporation | 228200 | 4034580 |
| RYODEN Corporation | 399200 | 8371786 |
| Sangetsu Corporation | 305500 | 6142670 |
| Tachibana Eletech Co., Ltd. | 125300 | 2388615 |
|  |  | **44269414** |
| **TOTAL INVESTMENTS ‒ 98.2% (cost $277,028,315)** |  | $**331773270** |
| **TOTAL FOREIGN CURRENCY ‒ 1.1% (cost $3,599,971)<sup>(b)</sup>** |  | $**3601411** |
| **TOTAL INVESTMENTS AND FOREIGN CURRENCY ‒ 99.3% (cost $280,628,286)** |  | $**335374681** |
| **TOTAL OTHER ASSETS AND LIABILITTIES ‒ 0.7%** |  | $**2348779** |
| **TOTAL NET ASSETS ‒ 100.0%** |  | $**337723460** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Japanese Yen - Interest bearing account.

**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. |
| • | 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.)

---

| | |
|:---|:---|
| • | Level 3 **‒** significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
|  | At November 30, 2025, all of the Fund's investments were determined to be Level 1 securities. |

---

During the quarter ended November 30, 2025, 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:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**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:** $342311208.47

**Total Liabilities:** $4533841.81

**Net Assets:** $337777366.66

**Cash Not Reported:** $5595867.26

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.76%               | -0.87%               | 4.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10770010.75             | $-8456797.54                               |
| Month 2  | $3817175.29              | $-18630654.71                              |
| Month 3  | $3492495.59              | $15604651.68                               |

### 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        |    246100 | NS      | $1995085.97   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SANSEI TECHNOLOGIES INC /JPY/     | SANSEI TECHNOLOGIES INC /JPY/      | CUSIP: J68295104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    380500 | NS      | $6013344.86   | 1.78%             |  |  |  | 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        |    143200 | NS      | $2057700.51   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZEN WATCH CO LTD /JPY/        | CITIZEN WATCH CO LTD /JPY/         | CUSIP: J0793Q103<br>LEI: 529900DUZBKERKGQ2628 | Long             | EC               | CORP              | JP        |    471400 | NS      | $3897015.34   | 1.15%             |  |  |  | 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        |    368000 | NS      | $5561297.35   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| RELO HOLDINGS INC /JPY/           | RELO HOLDINGS INC /JPY/            | CUSIP: J6436W118<br>LEI: 353800T595XRZDA8IB59 | Long             | EC               | CORP              | JP        |    212600 | NS      | $2334767.71   | 0.69%             |  |  |  | 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        |     29100 | NS      | $572999.71    | 0.17%             |  |  |  | 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        |    578600 | NS      | $4820277.27   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SANGETSU CORPORATION /JPY/        | SANGETSU CORPORATION /JPY/         | CUSIP: J67177105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    303400 | NS      | $6100445.04   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIHA CORP /JPY/                | NICHIHA CORP /JPY/                 | CUSIP: J53892105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74900 | NS      | $1462843.79   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL AUTOMOTIVE PRODU /JPY/    | CENTRAL AUTOMOTIVE PRODUCTS /JPY/  | CUSIP: J05418108<br>LEI: 353800X9460YZVHWB065 | Long             | EC               | CORP              | JP        |    337100 | NS      | $4075463.77   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HORIBA LTD /JPY/                  | HORIBA LTD /JPY/                   | CUSIP: J22428106<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |     14300 | NS      | $1323641.66   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| THK CO LTD /JPY/                  | THK CO LTD /JPY/                   | CUSIP: J83345108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    242100 | NS      | $6199583.13   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KYORITSU MAINTENANCE CO  /JPY/    | KYORITSU MAINTENANCE CO LTD /JPY/  | CUSIP: J37856101<br>LEI: 353800IO2MFHL1NA0986 | Long             | EC               | CORP              | JP        |    183800 | NS      | $3353159.80   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| S FOODS INC /JPY/                 | S FOODS INC /JPY/                  | CUSIP: J7T34B109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     85400 | NS      | $1449172.35   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIKOKU ELECTRIC POWER C /JPY/    | SHIKOKU ELECTRIC POWER CO /JPY/    | CUSIP: J72079106<br>LEI: 353800KWK6U7ZCIWXS64 | Long             | EC               | CORP              | JP        |    301800 | NS      | $3020608.97   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIHEN CORP /JPY/                 | DAIHEN CORP /JPY/                  | CUSIP: J09114109<br>LEI: 353800VGTLA3QRNG5478 | Long             | EC               | CORP              | JP        |     48700 | NS      | $2719328.91   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KYOKUTO KAIHATSU KOGYO /JPY/      | KYOKUTO KAIHATSU KOGYO /JPY/       | CUSIP: J3775L100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    236500 | NS      | $4249473.31   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| 77 BANK LTD/THE /JPY/             | 77 BANK LTD/THE /JPY/              | CUSIP: J71348106<br>LEI: 549300U6CT3EHB9XS980 | Long             | EC               | CORP              | JP        |     85100 | NS      | $3933896.20   | 1.16%             |  |  |  | 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      | $5766141.58   | 1.71%             |  |  |  | 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        |    132400 | NS      | $3263263.86   | 0.97%             |  |  |  | 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        |    125300 | NS      | $2388615.25   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DAICEL CORP /JPY/__               | DAICEL CORP /JPY/__                | CUSIP: J08484149<br>LEI: 353800ZG4XF6D7NZGS72 | Long             | EC               | CORP              | JP        |    416500 | NS      | $3505838.38   | 1.04%             |  |  |  | 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        |    609000 | NS      | $5896378.83   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| KUMAGAI GUMI CO LTD /JPY/         | KUMAGAI GUMI CO LTD /JPY/          | CUSIP: J36705150<br>LEI: 529900M993KYZI2Q1Q47 | Long             | EC               | CORP              | JP        |    470000 | NS      | $4707072.65   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARM CARE CORP /JPY/             | CHARM CARE CORP /JPY/              | CUSIP: J0625A102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    254600 | NS      | $2111273.33   | 0.63%             |  |  |  | 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        |    288300 | NS      | $2217195.27   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO LEASING CO  /JPY/          | MIZUHO LEASING CO LTD /JPY/        | CUSIP: J2308V106<br>LEI: 353800O6EEA5GK30Z659 | Long             | EC               | CORP              | JP        |    716100 | NS      | $6282182.31   | 1.86%             |  |  |  | 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        |    124600 | NS      | $1757716.52   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TSUMURA & CO /JPY/                | TSUMURA & CO /JPY/                 | CUSIP: J93407120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    164200 | NS      | $4110125.83   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DAISHI HOKUETSU FINANCIA /JPY/    | DAISHI HOKUETSU FINANCIAL GR /JPY/ | CUSIP: J10795102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1098000 | NS      | $11383229.28  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MORITA HOLDINGS CORPORATION /JPY/ | MORITA HOLDINGS CORPORATION /JPY/  | CUSIP: J46604104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    330900 | NS      | $5579097.11   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPN CORP /JPY/                  | NIPPN CORP /JPY/                   | CUSIP: J5179A101<br>LEI: 353800V7HRZ1HQGJCW63 | Long             | EC               | CORP              | JP        |     65700 | NS      | $1008859.86   | 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        |    226300 | NS      | $4492235.78   | 1.33%             |  |  |  | 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      | $1373455.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MORINAGA & CO LTD /JPY/           | MORINAGA & CO LTD /JPY/            | CUSIP: J46367108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    104400 | NS      | $1784958.22   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE CORP /JPY/                   | LIFE CORP /JPY/                    | CUSIP: J38828109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    196300 | NS      | $3185247.65   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIKISHA LTD /JPY/                | TAIKISHA LTD /JPY/                 | CUSIP: J79389102<br>LEI: 3538005OOQOUE7DBWV52 | Long             | EC               | CORP              | JP        |    191700 | NS      | $3958841.61   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIREI CORP /JPY/               | NICHIREI CORP /JPY/                | CUSIP: J49764145<br>LEI: 529900MX3GPXXKO0MT06 | Long             | EC               | CORP              | JP        |    144900 | NS      | $1806552.68   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SAISON CO LTD /JPY/        | CREDIT SAISON CO LTD /JPY/         | CUSIP: J7007M109<br>LEI: 529900SV58ZWTGRH3A66 | Long             | EC               | CORP              | JP        |    119300 | NS      | $2999975.03   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| TOEI ANIMATION CO LTD /JPY/       | TOEI ANIMATION CO LTD /JPY/        | CUSIP: J84453109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30000 | NS      | $552300.45    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMAKYOREX CO LTD /JPY/           | HAMAKYOREX CO LTD /JPY/            | CUSIP: J1825T107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    208200 | NS      | $2278447.80   | 0.67%             |  |  |  | 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        |    315400 | NS      | $5352095.54   | 1.58%             |  |  |  | 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        |    637300 | NS      | $8533245.61   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WORLD CO LTD /JPY/                | WORLD CO LTD /JPY/                 | CUSIP: J95171120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    100000 | NS      | $1940255.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BUYSELL TECHNOLOGIES CO  /JPY/    | BUYSELL TECHNOLOGIES CO LTD /JPY/  | CUSIP: J04863106<br>LEI: 353800QCRDO2G02AM851 | Long             | EC               | CORP              | JP        |    372500 | NS      | $10006323.44  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUZEN CO LTD /JPY/              | MARUZEN CO LTD /JPY/               | CUSIP: J40734105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     56000 | NS      | $1290942.27   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ULVAC INC /JPY/                   | ULVAC INC /JPY/                    | CUSIP: J94048105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     66300 | NS      | $2844915.95   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TOHOKU ELECTRIC POWER CO /JPY/    | TOHOKU ELECTRIC POWER CO INC /JPY/ | CUSIP: J85108108<br>LEI: 353800KTF7EYIIYHY088 | Long             | EC               | CORP              | JP        |    235600 | NS      | $1737222.81   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OKI ELECTRIC INDUSTRY CO /JPY/    | OKI ELECTRIC INDUSTRY CO LTD /JPY/ | CUSIP: J60772100<br>LEI: 529900VJ2Q0182B3J852 | Long             | EC               | CORP              | JP        |    115200 | NS      | $1432577.08   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIRIN CO LTD /JPY/             | NICHIRIN CO LTD /JPY/              | CUSIP: J4983T109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74900 | NS      | $1800976.53   | 0.53%             |  |  |  | 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        |     91100 | NS      | $1628733.71   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| YONDENKO CORP /JPY/               | YONDENKO CORP /JPY/                | CUSIP: J72036106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    924600 | NS      | $8934277.21   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| S & B FOODS INC /JPY/             | S & B FOODS INC /JPY/              | CUSIP: J69843100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     86900 | NS      | $1989354.21   | 0.59%             |  |  |  | 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      | $1163058.30   | 0.34%             |  |  |  | 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        |    186900 | NS      | $2811309.19   | 0.83%             |  |  |  | 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        |    584000 | NS      | $6061947.30   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MUSASHINO BANK LTD/THE /JPY/      | MUSASHINO BANK LTD/THE /JPY/       | CUSIP: J46883104<br>LEI: 353800L8RJMVN2OOS612 | Long             | EC               | CORP              | JP        |    269300 | NS      | $8053219.35   | 2.38%             |  |  |  | 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        |    267100 | NS      | $610602.25    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SWCC CORP /JPY/                   | SWCC CORP /JPY/                    | CUSIP: J7863E100<br>LEI: 353800A7RNYOC4KL4T49 | Long             | EC               | CORP              | JP        |    133900 | NS      | $9140165.85   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TSUZUKI DENKI CO LTD /JPY/        | TSUZUKI DENKI CO LTD /JPY/         | CUSIP: J9358G103<br>LEI: 3538008A8ICJLVI54474 | Long             | EC               | CORP              | JP        |    115600 | NS      | $2402087.54   | 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        |    336700 | NS      | $2287572.12   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTURE ARCHITECT INC /JPY/        | FUTURE ARCHITECT INC /JPY/         | CUSIP: J16832107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    365700 | NS      | $4807620.79   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JINUSHI CO LTD /JPY/              | JINUSHI CO LTD /JPY/               | CUSIP: J52776101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    199800 | NS      | $3851042.17   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NORITAKE CO LTD /JPY/             | NORITAKE CO LTD /JPY/              | CUSIP: J59052118<br>LEI: 529900EN4XJGJXV4A581 | Long             | EC               | CORP              | JP        |     77100 | NS      | $2700585.92   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MACNICA FUJI ELECTRONICS /JPY/    | MACNICA FUJI ELECTRONICS HOL /JPY/ | CUSIP: J3923S106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    243700 | NS      | $3620427.11   | 1.07%             |  |  |  | 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      | $20929939.49  | 6.20%             |  |  |  | No            |                  1 | On Loan: No      |
| COVER CORP /JPY/                  | COVER CORP /JPY/                   | CUSIP: J0R95K102<br>LEI: 52990035OHMHKGU4UZ13 | Long             | EC               | CORP              | JP        |    198800 | NS      | $2125930.91   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| RESTAR CORP /JPY/                 | RESTAR CORP /JPY/                  | CUSIP: J6450H104<br>LEI: 353800609PNM9E4ZNY15 | Long             | EC               | CORP              | JP        |    228200 | NS      | $4034580.09   | 1.19%             |  |  |  | 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        |     45800 | NS      | $2138007.88   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUWA CO LTD /JPY/               | MARUWA CO LTD /JPY/                | CUSIP: J40573107<br>LEI: 3538009BXGIG8PFXNI29 | Long             | EC               | CORP              | JP        |      5000 | NS      | $1516344.89   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RYODEN CORP /JPY/                 | RYODEN CORP /JPY/                  | CUSIP: J65715120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    399200 | NS      | $8371786.25   | 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        |    364400 | NS      | $3042791.92   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDWIN INC /JPY/                 | GOLDWIN INC /JPY/                  | CUSIP: J17472101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     44300 | NS      | $837122.91    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KANADEN CORP /JPY/                | KANADEN CORP /JPY/                 | CUSIP: J29524105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    438500 | NS      | $5865760.57   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO HOLDINGS CORPORATION /JPY/    | GEO HOLDINGS CORPORATION /JPY/     | CUSIP: J17768102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    327000 | NS      | $3538757.08   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYOTOKEIBA CO LTD /JPY/         | TOKYOTOKEIBA CO LTD /JPY/          | CUSIP: J88462106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     63800 | NS      | $2251067.78   | 0.67%             |  |  |  | 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      | $3211346.97   | 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        |     72000 | NS      | $1641340.89   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MIURA CO LTD /JPY/                | MIURA CO LTD /JPY/                 | CUSIP: J45593100<br>LEI: 3538005VS7UNWU9PHX56 | Long             | EC               | CORP              | JP        |    246600 | NS      | $4839938.53   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TPR CO LTD /JPY/                  | TPR CO LTD /JPY/                   | CUSIP: J82528100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    371000 | NS      | $3055140.40   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| JBCC HOLDINGS INC /JPY/           | JBCC HOLDINGS INC /JPY/            | CUSIP: J2814F108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    186700 | NS      | $1890133.51   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEC CORP /JPY/                   | IDEC CORP /JPY/                    | CUSIP: J23274111<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    167200 | NS      | $2867234.02   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SANYO SHOKAI LTD /JPY/            | SANYO SHOKAI LTD /JPY/             | CUSIP: J69198109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    220800 | NS      | $4786014.79   | 1.42%             |  |  |  | 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        |     33800 | NS      | $491746.55    | 0.15%             |  |  |  | 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      | $917939.36    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIGA BANK LTD/THE /JPY/          | SHIGA BANK LTD/THE /JPY/           | CUSIP: J71692107<br>LEI: 3538002NUIQ8JFEJNS94 | Long             | EC               | CORP              | JP        |     41900 | NS      | $1824480.52   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ASKUL CORP /JPY/                  | ASKUL CORP /JPY/                   | CUSIP: J03325107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    354100 | NS      | $3242487.11   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGMAXYZ HOLDINGS INC /JPY/       | SIGMAXYZ HOLDINGS INC /JPY/        | CUSIP: J7550V100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    611800 | NS      | $3185050.43   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRAIT ONE CORP /JPY/             | MIRAIT ONE CORP /JPY/              | CUSIP: J4307G106<br>LEI: 353800RI3EZVEIDAEL62 | Long             | EC               | CORP              | JP        |     76500 | NS      | $1637623.67   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

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

**Signature:** Thomas Perugini

**Name of Signer:** Thomas Perugini

**Title:** Treasurer, Principal Financial Officer