Japan Smaller Capitalization Fund (JOF) NPORT-P Japan Smaller Capitalization Fund, Inc. (Nov 2022 report)

JAPAN SMALLER CAPITALIZATION FUND, INC.

SCHEDULE OF INVESTMENTS

November 30, 2022 (unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.6%
JAPAN — 98.6%
Banks — 10.7%
Daishi Hokuetsu Financial Group, Inc.		65,100	$	1,223,619
Okinawa Financial Group, Inc.		155,800		2,398,214
The Akita Bank, Ltd.		407,400		4,925,596
The Bank of Saga Ltd.		60,900		703,945
The Gunma Bank, Ltd.		182,300		590,281
The Hyakugo Bank, Ltd.		188,900		474,674
The Keiyo Bank, Ltd.		977,600		3,825,193
The Musashino Bank, Ltd.		222,500		3,007,987
The San-in Godo Bank, Ltd.		208,300		1,129,099
The Taiko Bank, Ltd.		324,000		2,754,180
The Yamanashi Chuo Bank, Ltd.		262,500		1,965,664
				22,998,452
Chemicals — 13.9%
Adeka Corporation		59,100		955,546
Aica Kogyo Company, Limited		139,600		3,242,316
C.I. Takiron Corporation		308,200		1,124,066
Fujikura Kasei Co., Ltd.		1,608,900		4,724,415
Fuso Chemical Co., Ltd.		93,600		2,368,812
Nichireki Co., Ltd.		57,000		529,957
Sakai Chemical Industry Co., Ltd.		74,600		1,006,378
Sakata Inx Corporation		740,900		5,877,837
Sekisui Jushi Corporation		410,900		5,336,670
Shikoku Chemicals Corporation		236,900		2,297,820
Soken Chemical & Engineering Co., Ltd.		27,600		347,564
T&K Toka Co., Ltd.		76,300		548,893
Yushiro Chemical Industry Co., Ltd.		267,500		1,590,193
				29,950,467
Construction — 10.2%
EXEO Group, Inc.		315,600		4,819,479
Kandenko Co., Ltd.		837,300		5,217,909
MIRAIT ONE Corporation		202,600		2,202,221
Taihei Dengyo Kaisha, Ltd.		53,100		1,198,977
Toenec Corporation		79,700		1,956,952
Totetsu Kogyo Co., Ltd.		162,000		2,968,188
Yondenko Corporation		94,500		1,203,597
Yurtec Corporation		480,500		2,480,378
				22,047,701
Electric Appliances — 2.0%
AOI Electronics Co., Ltd.		78,100		1,091,163
Foster Electric Company, Limited		122,900		847,951
JVCkenwood Corporation		366,000		972,251
Mabuchi Motor Co., Ltd.		49,200		1,458,851
				4,370,216
Financing Business — 1.0%
Mizuho Leasing Company, Limited		60,900		1,445,055
Ricoh Leasing Company, Ltd.		24,800		649,891
				2,094,946
Food — 3.0%
Nichirei Corporation		208,600		4,164,961
S Foods, Inc.		103,500		2,164,594
				6,329,555
Glass and Ceramics Products — 1.7%
Asia Pile Holdings Corporation		584,300		2,248,518
Nichiha Corporation		66,900		1,355,916
				3,604,434

Information and Communication — 3.4%
OBIC Co., Ltd.	6,500	1,012,672
Okinawa Cellular Telephone Company	150,800	2,982,762
Otsuka Corporation	102,700	3,369,631
		7,365,065
Iron and Steel — 2.7%
Chubu Steel Plate Co., Ltd.	20,500	195,455
Godo Steel, Ltd.  (a)	42,500	580,662
Kyoei Steel Ltd.	206,900	1,920,678
Nichia Steel Works, Ltd.	1,860,800	3,166,239
		5,863,034
Machinery — 2.5%
Miura Co., Ltd.	47,500	1,111,749
Nitto Kohki Co., Ltd.	377,100	4,131,490
		5,243,239
Metal Products — 1.8%
Maruzen Co., Ltd.	70,300	908,497
Rinnai Corporation	18,100	1,322,885
Shinpo Co., Ltd.	2,300	18,742
Topre Corporation	186,700	1,687,585
		3,937,709
Other Products — 3.6%
Komatsu Wall Industry Co., Ltd.	25,600	338,184
Nishikawa Rubber Co., Ltd.	304,500	2,573,116
Pigeon Corporation	46,300	679,450
The Pack Corporation	174,100	3,151,137
The Yokohama Rubber Co., Ltd.	63,400	1,026,435
		7,768,322
Pharmaceutical — 1.3%
Nippon Shinyaku Co., Ltd.	48,400	2,811,186
		2,811,186
Precision Instruments — 1.2%
Nakanishi Inc.	124,400	2,557,932
		2,557,932
Real Estate — 0.8%
Starts Corporation Inc.	88,100	1,738,154
		1,738,154

Retail Trade — 12.5%
Amiyaki Tei Co., Ltd.	56,400	1,174,283
Cosmos Pharmaceutical Corporation	16,200	1,623,664
Create SD Holdings Co., Ltd.	191,500	4,214,004
Izumi Co., Ltd.	191,300	4,140,930
JM Holdings Co., Ltd.	465,400	5,877,435
PAL GROUP Holdings Co., Ltd.	113,800	1,978,029
San-A Co., Ltd.	46,000	1,439,925
Seria Co., Ltd.	287,500	5,185,052
Yossix Holdings Co., Ltd.	86,900	1,318,302
		26,951,624
Services — 3.9%
Kanamoto Co., Ltd.	182,900	2,947,988
Matching Service Japan Co., Ltd.	36,700	282,987
Nishio Rent All Co., Ltd.	145,300	3,223,441
Step Co., Ltd.	152,600	1,966,594
		8,421,010
Transportation and Warehousing — 4.4%
Kamigumi Co., Ltd.	73,300	1,472,999
Meiko Trans Co., Ltd.	275,100	2,196,297
SG Holdings Co., Ltd.	82,600	1,263,151
Trancom Co., Ltd.	80,800	4,594,436
		9,526,883
Transportation Equipment — 6.2%
Hi-Lex Corporation	447,800	3,575,070
Kyokuto Kaihatsu Kogyo Co., Ltd.	164,900	1,613,660
Morita Holdings Corporation	270,300	2,456,832
Nichirin Co., Ltd.	106,900	1,449,023
Nippon Seiki Co., Ltd.	389,000	2,320,846
Tokai Rika Co., Ltd.	172,000	1,916,531
		13,331,962
Utilities — 4.3%
Keiyo Gas Co., Ltd.	31,200	535,811
Kyushu Electric Power Company	736,700	3,797,614
Shikoku Electric Power Company	760,000	4,108,698
The Okinawa Electric Power Company	104,390	789,942
		9,232,065

Wholesale Trade — 7.5%
Central Automotive Products, Ltd.	65,400		1,120,325
Kanaden Corporation	361,500		2,862,724
Kohsoku Corporation	187,500		2,380,012
Paltac Corporation	112,400		3,482,112
Ryoden Corporation	260,900		3,158,110
Sugimoto & Co., Ltd.	130,800		1,936,387
Nagase & Co., Ltd.	76,800		1,113,251
			16,052,921
TOTAL INVESTMENTS — 98.6% (cost $270,223,446)		$	212,196,877
FOREIGN CURRENCY — 0.6% (cost $1,226,156) (b)		$	1,221,038
TOTAL INVESTMENTS AND FOREIGN CURRENCY — 99.2% (cost $271,449,602)		$	213,417,915
OTHER ASSETS AND LIABILITIES — 0.8%			1,825,828
NET ASSETS — 100.0%		$	215,243,743

(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.