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