# EDGAR Filing Document

**Accession Number:** 0000859796
**File Stem:** 0001003715-26-001547
**Filing Date:** 2026-4
**Character Count:** 32073
**Document Hash:** 5e6ef49b8bc8fadb7be77ffe9e32a6f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-26-001547.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001003715-26-001547

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**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:** 26904646

**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:** 2026-02-28

**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:** $397056450.59

**Total Liabilities:** $5686484.40

**Net Assets:** $391369966.19

**Cash Not Reported:** $9749117.31

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 3.80%                | 4.23%                | 8.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1824657.14              | $4979261.61                                |
| Month 2  | $3045240.67              | $17657977.64                               |
| Month 3  | $6399886.65              | $27774933.53                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NICHIRIN CO LTD /JPY/             | NICHIRIN CO LTD /JPY/                     | CUSIP: J4983T109<br>LEI: 353800HY7V19A1YROF75 | Long             | EC               | CORP              | JP        |     51700 | NS      | $1449223.13   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HAMAKYOREX CO LTD /JPY/           | HAMAKYOREX CO LTD /JPY/                   | CUSIP: J1825T107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    226800 | NS      | $2849622.30   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GMO INTERNET GROUP INC /JPY/      | GMO INTERNET GROUP INC /JPY/              | CUSIP: J1822R104<br>LEI: 529900BFZEY3BESHBW90 | Long             | EC               | CORP              | JP        |    190500 | NS      | $3658039.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| RELO HOLDINGS INC /JPY/           | RELO HOLDINGS INC /JPY/                   | CUSIP: J6436W118<br>LEI: 353800T595XRZDA8IB59 | Long             | EC               | CORP              | JP        |    230000 | NS      | $2838250.84   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL AUTOMOTIVE PRODU /JPY/    | CENTRAL AUTOMOTIVE PRODUCTS /JPY/         | CUSIP: J05418108<br>LEI: 353800X9460YZVHWB065 | Long             | EC               | CORP              | JP        |    260700 | NS      | $3791696.30   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZEN WATCH CO LTD /JPY/        | CITIZEN WATCH CO LTD /JPY/                | CUSIP: J0793Q103<br>LEI: 529900DUZBKERKGQ2628 | Long             | EC               | CORP              | JP        |    812800 | NS      | $9962430.88   | 2.55%             |  |  |  | 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      | $4262106.68   | 1.09%             |  |  |  | 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      | $2332037.16   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ASKUL CORP /JPY/                  | ASKUL CORP /JPY/                          | CUSIP: J03325107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    354100 | NS      | $2956221.69   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO HOLDINGS CORPORATION /JPY/    | GEO HOLDINGS CORPORATION /JPY/            | CUSIP: J17768102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    367000 | NS      | $4230229.06   | 1.08%             |  |  |  | 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        |     71600 | NS      | $1117065.51   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FERROTEC CORP /JPY/               | FERROTEC CORP /JPY/                       | CUSIP: J1347N109<br>LEI: 3538005N4KWZD4R07U97 | Long             | EC               | CORP              | JP        |     32100 | NS      | $1306006.73   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| H I S CO LTD /JPY/                | H I S CO LTD /JPY/                        | CUSIP: J20087102<br>LEI: 353800XDWLF35XVQNM38 | Long             | EC               | CORP              | JP        |    112100 | NS      | $919352.88    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HORIBA LTD /JPY/                  | HORIBA LTD /JPY/                          | CUSIP: J22428106<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |     14300 | NS      | $1928197.98   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEC CORP /JPY/                   | IDEC CORP /JPY/                           | CUSIP: J23274111<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    208200 | NS      | $4408784.24   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| KANADEN CORP /JPY/                | KANADEN CORP /JPY/                        | CUSIP: J29524105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    417800 | NS      | $6322880.67   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| G TEKT CORP /JPY/                 | G TEKT CORP /JPY/                         | CUSIP: J32653107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    236700 | NS      | $3134767.90   | 0.80%             |  |  |  | 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      | $3147240.11   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KUMAGAI GUMI CO LTD /JPY/         | KUMAGAI GUMI CO LTD /JPY/                 | CUSIP: J36705150<br>LEI: 529900M993KYZI2Q1Q47 | Long             | EC               | CORP              | JP        |    500000 | NS      | $6471247.80   | 1.65%             |  |  |  | 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      | $6183719.37   | 1.58%             |  |  |  | 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      | $5303539.96   | 1.36%             |  |  |  | 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        |     20000 | NS      | $1175076.09   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUWA CO LTD /JPY/               | MARUWA CO LTD /JPY/                       | CUSIP: J40573107<br>LEI: 3538009BXGIG8PFXNI29 | Long             | EC               | CORP              | JP        |     15000 | NS      | $5889476.21   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SAISON CO LTD /JPY/        | CREDIT SAISON CO LTD /JPY/                | CUSIP: J7007M109<br>LEI: 529900SV58ZWTGRH3A66 | Long             | EC               | CORP              | JP        |    139700 | NS      | $4271333.65   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MIURA CO LTD /JPY/                | MIURA CO LTD /JPY/                        | CUSIP: J45593100<br>LEI: 3538005VS7UNWU9PHX56 | Long             | EC               | CORP              | JP        |    220800 | NS      | $4562421.91   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ULVAC INC /JPY/                   | ULVAC INC /JPY/                           | CUSIP: J94048105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     34100 | NS      | $2289719.69   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MORINAGA & CO LTD /JPY/           | MORINAGA & CO LTD /JPY/                   | CUSIP: J46367108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    157600 | NS      | $2917733.14   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MORITA HOLDINGS CORPORATION /JPY/ | MORITA HOLDINGS CORPORATION /JPY/         | CUSIP: J46604104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    267300 | NS      | $5124213.36   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MUSASHINO BANK LTD/THE /JPY/      | MUSASHINO BANK LTD/THE /JPY/              | CUSIP: J46883104<br>LEI: 353800L8RJMVN2OOS612 | Long             | EC               | CORP              | JP        |    282400 | NS      | $11797200.06  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIHA CORP /JPY/                | NICHIHA CORP /JPY/                        | CUSIP: J53892105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74900 | NS      | $1782819.16   | 0.46%             |  |  |  | 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      | $2335056.86   | 0.60%             |  |  |  | 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        |     83100 | NS      | $2228246.04   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPN CORP /JPY/                  | NIPPN CORP /JPY/                          | CUSIP: J5179A101<br>LEI: 353800V7HRZ1HQGJCW63 | Long             | EC               | CORP              | JP        |     93700 | NS      | $1721210.32   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIREI CORP /JPY/               | NICHIREI CORP /JPY/                       | CUSIP: J49764145<br>LEI: 529900MX3GPXXKO0MT06 | Long             | EC               | CORP              | JP        |    162900 | NS      | $2217402.21   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NISHIMATSU CONSTRUCTION  /JPY/    | NISHIMATSU CONSTRUCTION CO /JPY/          | CUSIP: J56730120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     53700 | NS      | $2364073.04   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NORITAKE CO LTD /JPY/             | NORITAKE CO LTD /JPY/                     | CUSIP: J59052118<br>LEI: 529900EN4XJGJXV4A581 | Long             | EC               | CORP              | JP        |     96000 | NS      | $4305622.30   | 1.10%             |  |  |  | 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      | $11661885.63  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| HI-LEX CORP /JPY/                 | HI-LEX CORP /JPY/                         | CUSIP: J20749107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     80100 | NS      | $2055425.28   | 0.53%             |  |  |  | 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        |     14800 | NS      | $430985.10    | 0.11%             |  |  |  | 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        |    192400 | NS      | $3981752.36   | 1.02%             |  |  |  | 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        |     50000 | NS      | $754124.62    | 0.19%             |  |  |  | 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        |    112500 | NS      | $3333733.78   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NABTESCO CORP /JPY/               | NABTESCO CORP /JPY/                       | CUSIP: J4707Q100<br>LEI: 529900DVHQXYRTGW7739 | Long             | EC               | CORP              | JP        |     89700 | NS      | $2921320.52   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ROHTO PHARMACEUTICAL CO  /JPY/    | ROHTO PHARMACEUTICAL CO LTD /JPY/         | CUSIP: J65371106<br>LEI: 353800Q1CW5OS81OUM12 | Long             | EC               | CORP              | JP        |    131700 | NS      | $2060620.86   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RYODEN CORP /JPY/                 | RYODEN CORP /JPY/                         | CUSIP: J65715120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    399200 | NS      | $9514810.19   | 2.43%             |  |  |  | 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        |    110000 | NS      | $3259650.81   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SAKAI CHEMICAL INDUSTRY  /JPY/    | SAKAI CHEMICAL INDUSTRY CO /JPY/          | CUSIP: J66489121<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    246400 | NS      | $6551721.93   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SAKATA INX CORP /JPY/             | SAKATA INX CORP /JPY/                     | CUSIP: J66661125<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1456700 | NS      | $25013333.33  | 6.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SANGETSU CORPORATION /JPY/        | SANGETSU CORPORATION /JPY/                | CUSIP: J67177105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    370600 | NS      | $7966445.62   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SANSEI TECHNOLOGIES INC /JPY/     | SANSEI TECHNOLOGIES INC /JPY/             | CUSIP: J68295104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    361900 | NS      | $6156299.86   | 1.57%             |  |  |  | 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      | $6132743.87   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| STEP CO LTD /JPY/                 | STEP CO LTD /JPY/                         | CUSIP: J7674N109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    196500 | NS      | $3229360.88   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| 77 BANK LTD/THE /JPY/             | 77 BANK LTD/THE /JPY/                     | CUSIP: J71348106<br>LEI: 549300U6CT3EHB9XS980 | Long             | EC               | CORP              | JP        |      9800 | NS      | $617668.43    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIGA BANK LTD/THE /JPY/          | SHIGA BANK LTD/THE /JPY/                  | CUSIP: J71692107<br>LEI: 3538002NUIQ8JFEJNS94 | Long             | EC               | CORP              | JP        |     51700 | NS      | $2994509.05   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIKOKU ELECTRIC POWER C /JPY/    | SHIKOKU ELECTRIC POWER CO /JPY/           | CUSIP: J72079106<br>LEI: 353800KWK6U7ZCIWXS64 | Long             | EC               | CORP              | JP        |    104800 | NS      | $1189177.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| YONDENKO CORP /JPY/               | YONDENKO CORP /JPY/                       | CUSIP: J72036106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    924600 | NS      | $12511646.32  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SWCC CORP /JPY/                   | SWCC CORP /JPY/                           | CUSIP: J7863E100<br>LEI: 353800A7RNYOC4KL4T49 | Long             | EC               | CORP              | JP        |    109500 | NS      | $10839500.24  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| S FOODS INC /JPY/                 | S FOODS INC /JPY/                         | CUSIP: J7T34B109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74300 | NS      | $1523370.17   | 0.39%             |  |  |  | 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      | $3937855.52   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THK CO LTD /JPY/                  | THK CO LTD /JPY/                          | CUSIP: J83345108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    181300 | NS      | $6548057.66   | 1.67%             |  |  |  | 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        |    108500 | NS      | $2367083.13   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIKISHA LTD /JPY/                | TAIKISHA LTD /JPY/                        | CUSIP: J79389102<br>LEI: 3538005OOQOUE7DBWV52 | Long             | EC               | CORP              | JP        |    199400 | NS      | $5014544.29   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TPR CO LTD /JPY/                  | TPR CO LTD /JPY/                          | CUSIP: J82528100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    309900 | NS      | $2799673.23   | 0.72%             |  |  |  | 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        |    449200 | NS      | $3728583.05   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYOTOKEIBA CO LTD /JPY/         | TOKYOTOKEIBA CO LTD /JPY/                 | CUSIP: J88462106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     80000 | NS      | $3060067.28   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TSUMURA & CO /JPY/                | TSUMURA & CO /JPY/                        | CUSIP: J93407120<br>LEI: 3538005RS3M1OVJLC663 | Long             | EC               | CORP              | JP        |    164200 | NS      | $4408124.30   | 1.13%             |  |  |  | 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      | $3092295.37   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO LEASING CO  /JPY/          | MIZUHO LEASING CO LTD /JPY/               | CUSIP: J2308V106<br>LEI: 353800O6EEA5GK30Z659 | Long             | EC               | CORP              | JP        |    653900 | NS      | $6405978.54   | 1.64%             |  |  |  | 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        |    654200 | NS      | $6618496.24   | 1.69%             |  |  |  | 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        |    193600 | NS      | $2441164.82   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| KOSHIDAKA HOLDINGS CO LT /JPY/    | KOSHIDAKA HOLDINGS CO LTD /JPY/           | CUSIP: J36577104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    152500 | NS      | $1143200.38   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| JINUSHI CO LTD /JPY/              | JINUSHI CO LTD /JPY/                      | CUSIP: J52776101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    219500 | NS      | $4802771.10   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| YAMABIKO CORP /JPY/               | YAMABIKO CORP /JPY/                       | CUSIP: J95558102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    163800 | NS      | $4030062.47   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RESTAR CORP /JPY/                 | RESTAR CORP /JPY/                         | CUSIP: J6450H104<br>LEI: 353800609PNM9E4ZNY15 | Long             | EC               | CORP              | JP        |    235800 | NS      | $4759058.15   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRAIT ONE CORP /JPY/             | MIRAIT ONE CORP /JPY/                     | CUSIP: J4307G106<br>LEI: 353800RI3EZVEIDAEL62 | Long             | EC               | CORP              | JP        |    128700 | NS      | $3349539.64   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARM CARE CORP /JPY/             | CHARM CARE CORP /JPY/                     | CUSIP: J0625A102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    100800 | NS      | $940347.91    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WORLD CO LTD /JPY/                | WORLD CO LTD /JPY/                        | CUSIP: J95171120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    206800 | NS      | $2187581.61   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DAISHI HOKUETSU FINANCIA /JPY/    | DAISHI HOKUETSU FINANCIAL GR /JPY/        | CUSIP: J10795102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1114300 | NS      | $14571752.68  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGMAXYZ HOLDINGS INC /JPY/       | SIGMAXYZ HOLDINGS INC /JPY/               | CUSIP: J7550V100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    712700 | NS      | $3351733.46   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BUYSELL TECHNOLOGIES CO  /JPY/    | BUYSELL TECHNOLOGIES CO LTD /JPY/         | CUSIP: J04863106<br>LEI: 353800QCRDO2G02AM851 | Long             | EC               | CORP              | JP        |    285000 | NS      | $10773666.51  | 2.75%             |  |  |  | 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      | $5281563.35   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| COVER CORP /JPY/                  | COVER CORP /JPY/                          | CUSIP: J0R95K102<br>LEI: 52990035OHMHKGU4UZ13 | Long             | EC               | CORP              | JP        |    198800 | NS      | $2222687.81   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTS RESEARCH INSTITUT /JPY/    | QUANTS RESEARCH INSTITUTE HO /JPY/        | CUSIP: J3971G103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    347000 | NS      | $1687477.17   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYO KIRABOSHI FINANCIA /JPY/    | TOKYO KIRABOSHI FINANCIAL GROUP INC /JPY/ | CUSIP: J9370A100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28300 | NS      | $2121480.06   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NS GROUP INC /JPY/                | NS GROUP INC /JPY/                        | CUSIP: J5928M109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    148000 | NS      | $1649027.71   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MACNICA FUJI ELECTRONICS /JPY/    | MACNICA FUJI ELECTRONICS HOL /JPY/        | CUSIP: J3923S106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     92300 | NS      | $1637242.03   | 0.42%             |  |  |  | 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        |    531600 | NS      | $5895880.83   | 1.51%             |  |  |  | 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        |    609100 | NS      | $5151446.42   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

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

**Signature:** Thomas Perugini

**Name of Signer:** Thomas Perugini

**Title:** Treasurer, Principal Financial Officer