JAPAN SMALLER CAPITALIZATION FUND, INC.

SCHEDULE OF INVESTMENTS

MAY 31, 2025

(Unaudited)

			Shares			Fair Value
JAPANESE EQUITY SECURITIES
Banks — 6.6%
Daishi Hokuetsu Financial Group, Inc.			385,000			$8,880,507
North Pacific Bank, Ltd.			354,900			1,405,813
The Keiyo Bank, Ltd.			598,400			4,001,787
The Musashino Bank, Ltd.			252,900			5,728,189
						20,016,296
Chemicals — 12.5%
ADEKA Corporation			295,100			5,464,929
Daicel Corporation			360,000			3,081,790
Nihon Tokushu Toryo Co., Ltd.			120,700			1,522,252
Nippon Soda Co., Ltd.			42,900			880,916
Osaka Soda Co., Ltd.			145,500			1,631,134
Riken Technos Corporation			251,400			1,890,514
Sakai Chemical Industry Co., Ltd.			187,700			3,419,356
Sakata INX Corporation			1,398,000			18,698,189
Soken Chemical & Engineering Co., Ltd.			102,300			1,113,484
						37,702,564
Construction — 5.2%
Dai-Dan Co., Ltd.			107,600			3,131,335
MIRAIT ONE Corporation			91,600			1,622,302
Taikisha, Ltd.			166,300			2,816,082
The Nippon Road Co., Ltd.			17,300			301,715
Yondenko Corporation			869,400			7,840,583
						15,712,017
Electric Appliances — 4.9%
AOI Electronics Co., Ltd.			24,900			310,926
Daihen Corporation			67,100			2,844,128
Horiba, Ltd.			19,400			1,391,578
Idec Corporation			112,200			1,798,781
Meiko Electronics Co., Ltd.			105,600			4,248,907
Nippon Avionics Co., Ltd.			111,500			2,718,852
Ulvac, Inc.			43,100			1,505,435
						14,818,607

See notes to financial statements

 

1

 

JAPAN SMALLER CAPITALIZATION FUND, INC.

SCHEDULE OF INVESTMENTS(Continued)

MAY 31, 2025

(Unaudited)

			Shares			Fair Value
Financing Business — 1.7%
Mizuho Leasing Co., Ltd.			690,500			$5,139,830
						5,139,830
Food — 2.5%
Morinaga & Co., Ltd.			66,400			1,099,757
Nichirei Corporation			117,000			1,510,083
Nippn Corporation			77,200			1,168,042
S Foods, Inc.			92,800			1,682,825
Yoshimura Food Holdings KK(a)			285,600			2,010,988
						7,471,695
Glass and Ceramics Products — 2.6%
Asia Pile Holdings Corporation			479,600			3,140,773
Nichiha Corporation			67,100			1,426,718
Noritake Co., Ltd.			30,400			786,625
Sumitomo Osaka Cement Co., Ltd.			89,200			2,381,142
						7,735,258
Information and Communication — 8.9%
DAIKO XTECH, Ltd.			252,500			1,847,988
Future Corporation			516,900			7,720,331
GMO internet group, Inc.			224,500			5,464,936
Plus Alpha Consulting Co., Ltd.			281,900			4,050,051
Systena Corporation			741,000			2,045,911
Tsuzuki Denki Co., Ltd.			94,500			1,820,510
Vision, Inc.			473,300			3,920,362
						26,870,089
Iron and Steel — 1.7%
Kyoei Steel, Ltd.			200,400			2,705,365
Nichia Steel Works, Ltd.			1,117,600			2,349,170
						5,054,535
Land Transportation — 0.7%
Hamakyorex Co., Ltd.			119,800			1,068,767
Maruzen Showa Unyu Co., Ltd.			25,900			1,140,930
						2,209,697

See notes to financial statements

 

2

 

JAPAN SMALLER CAPITALIZATION FUND, INC.

SCHEDULE OF INVESTMENTS(Continued)

MAY 31, 2025

(Unaudited)

			Shares			Fair Value
Machinery — 4.6%
Miura Co., Ltd.			188,300			$3,973,698
Organo Corporation			30,400			1,638,626
Sansei Technologies, Inc.			260,000			2,779,466
THK Co., Ltd.			103,000			2,827,409
TPR Co., Ltd.			202,400			2,771,680
						13,990,879
Metal Products — 1.5%
Maruzen Co., Ltd.			86,000			2,067,222
Mitsui Mining & Smelting Co., Ltd.			70,000			2,403,746
						4,470,968
Other Products — 5.9%
Komatsu Wall Industry Co., Ltd.			252,700			3,868,949
Kosaido Holdings Co., Ltd.			390,600			1,241,032
Nishikawa Rubber Co., Ltd.			515,200			8,749,286
The Pack Corporation			176,100			3,842,071
						17,701,338
Pharmaceutical — 1.3%
Tsumura & Co.			161,400			3,821,424
						3,821,424
Precision Instruments — 0.1%
Nakanishi, Inc.			24,100			324,008
						324,008
Real Estate — 0.9%
JINUSHI Co., Ltd.			117,300			1,735,698
Kasumigaseki Capital Co., Ltd.			9,700			913,139
						2,648,837

See notes to financial statements

 

3

 

JAPAN SMALLER CAPITALIZATION FUND, INC.

SCHEDULE OF INVESTMENTS(Continued)

MAY 31, 2025

(Unaudited)

			Shares			Fair Value
Retail Trade — 5.7%
ASKUL Corporation			261,800			$2,818,686
Create SD Holdings Co., Ltd.			122,900			2,698,429
Geo Holdings Corporation			287,700			3,271,178
JM Holdings Co., Ltd.			253,700			4,303,132
Komehyo Holdings Co., Ltd.			65,800			1,308,240
Life Corporation			209,000			2,940,354
						17,340,019
Services — 5.4%
Charm Care Corporation KK			91,700			832,711
Kyoritsu Maintenance Co., Ltd.			77,200			1,864,796
M&A Research Institute Holdings, Inc.(a)			184,400			1,826,730
Nishio Holdings Co., Ltd.			55,200			1,518,335
Relo Group, Inc.			186,500			2,227,262
Step Co., Ltd.			200,600			3,121,372
TRYT, Inc.			1,263,500			4,890,968
						16,282,174
Textiles and Apparel — 2.7%
Goldwin, Inc.			42,500			2,441,502
Sanyo Shokai, Ltd.			212,700			4,262,853
World Co., Ltd.			76,700			1,338,725
						8,043,080
Transportation Equipment — 6.7%
HI-LEX Corporation			275,800			3,128,221
Kyokuto Kaihatsu Kogyo Co., Ltd.			248,800			4,428,864
Morita Holdings Corporation			378,500			5,577,066
Nichirin Co., Ltd.			76,900			1,891,158
Nippon Seiki Co., Ltd.			535,600			5,231,528
						20,256,837
Utilities — 3.7%
Shikoku Electric Power Co., Inc.			1,380,000			11,215,193
						11,215,193

See notes to financial statements

 

4

 

JAPAN SMALLER CAPITALIZATION FUND, INC.

SCHEDULE OF INVESTMENTS(Continued)

MAY 31, 2025

(Unaudited)

			Shares			Fair Value
Wholesale Trade — 12.3%
Central Automotive Products, Ltd.			329,900			$4,059,955
Daiwabo Holdings Co., Ltd.			171,500			2,900,569
Kanaden Corporation			458,100			5,793,384
Macnica Holdings, Inc.			442,500			5,895,395
Restar Corporation			228,200			3,929,188
RYODEN Corporation			399,200			7,599,062
Sangetsu Corporation			232,600			4,627,796
Tachibana Eletech Co., Ltd.			122,800			2,178,284
						36,983,633
TOTAL INVESTMENTS — 98.1% (cost $252,328,063)						$ 295,808,978
TOTAL FOREIGN CURRENCY — 0.7% (cost $2,283,251)(b)						$2,284,513
TOTAL INVESTMENTS AND FOREIGN CURRENCY — 98.8% (cost $254,611,314)						$ 298,093,491
TOTAL OTHER ASSETS AND LIABILITTIES — 1.2%						$3,507,759
TOTAL NET ASSETS — 100.0%						$ 301,601,250

(a)
Non-income producing security.

(b)
Japanese Yen - Interest bearing account.

See notes to financial statements

 

5

 

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

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

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

 

6