<SEC-DOCUMENT>0001752724-21-086193.txt : 20210427
<SEC-HEADER>0001752724-21-086193.hdr.sgml : 20210427
<ACCEPTANCE-DATETIME>20210427154712
ACCESSION NUMBER:		0001752724-21-086193
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210228
FILED AS OF DATE:		20210427
PERIOD START:           	20210228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		IRS NUMBER:				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:		21858771

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regFileNumber>811-05992</regFileNumber>
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      <regLei>5493000KJSHWEB3YKZ37</regLei>
      <regStreet1>309 West 49th St.</regStreet1>
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      <repPdEnd>2021-02-28</repPdEnd>
      <repPdDate>2021-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>1200932.40</totLiabs>
      <netAssets>289783825.82</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
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        <name>Yossix Co. Ltd.</name>
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      <invstOrSec>
        <name>Kanamoto Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Kanamoto Co. Ltd. </title>
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        <name>Shinpo Co. Ltd.</name>
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        <name>Mabuchi Motor Co. Ltd.</name>
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        <name>Elematec Corporation</name>
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        <name>Sprix Ltd. </name>
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        <name>Star Micronics Co. Ltd. </name>
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        <title>Star Micronics Co. Ltd.  </title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kandenko Co. Ltd.</name>
        <lei>35380080NSN7GCYZ3X14</lei>
        <title>Kandenko Co. Ltd. </title>
        <cusip>J29653102</cusip>
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          <isin value="JP3230600003"/>
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        <balance>546400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mory Industries Inc.</name>
        <lei>N/A</lei>
        <title>Mory Industries Inc. </title>
        <cusip>J46711115</cusip>
        <identifiers>
          <isin value="JP3924000007"/>
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        <balance>57400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NAFCO Co. Ltd. </name>
        <lei>353800W3ZKFS2LI6AC19</lei>
        <title>NAFCO Co. Ltd.  </title>
        <cusip>J4712U104</cusip>
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          <isin value="JP3651160008"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Adeka Corporation</name>
        <lei>N/A</lei>
        <title>Adeka Corporation </title>
        <cusip>J0011Q109</cusip>
        <identifiers>
          <isin value="JP3114800000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Paltac Corporation</name>
        <lei>N/A</lei>
        <title>Paltac Corporation </title>
        <cusip>J6349W106</cusip>
        <identifiers>
          <isin value="JP3782200004"/>
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        <balance>50400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Create SD Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Create SD Holdings Co. Ltd. </title>
        <cusip>J09178104</cusip>
        <identifiers>
          <isin value="JP3269940007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kyoei Steel Ltd.</name>
        <lei>N/A</lei>
        <title>Kyoei Steel Ltd. </title>
        <cusip>J3784P100</cusip>
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          <isin value="JP3247400009"/>
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        <balance>118900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NS Solutions Corporation</name>
        <lei>N/A</lei>
        <title>NS Solutions Corporation </title>
        <cusip>J59332106</cusip>
        <identifiers>
          <isin value="JP3379900008"/>
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        <balance>64600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Starts Corporation Inc.</name>
        <lei>N/A</lei>
        <title>Starts Corporation Inc. </title>
        <cusip>J76702109</cusip>
        <identifiers>
          <isin value="JP3399200009"/>
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        <balance>54100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="106.64500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oiles Corporation</name>
        <lei>N/A</lei>
        <title>Oiles Corporation </title>
        <cusip>J60235108</cusip>
        <identifiers>
          <isin value="JP3174200000"/>
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        <balance>80.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Asia Pile Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Asia Pile Holdings Corporation </title>
        <cusip>J28007102</cusip>
        <identifiers>
          <isin value="JP3389640008"/>
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        <balance>627500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SG Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>SG Holdings Co. Ltd. </title>
        <cusip>J7134P108</cusip>
        <identifiers>
          <isin value="JP3162770006"/>
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        <balance>28000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Neturen Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Neturen Co. Ltd. </title>
        <cusip>J48904106</cusip>
        <identifiers>
          <isin value="JP3288200003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Daikokutenbussan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Daikokutenbussan Co. Ltd. </title>
        <cusip>J1012U107</cusip>
        <identifiers>
          <isin value="JP3483050005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Piolax Inc.</name>
        <lei>N/A</lei>
        <title>Piolax Inc. </title>
        <cusip>J63815104</cusip>
        <identifiers>
          <isin value="JP3780400002"/>
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        <balance>363200.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morita Holdings Corporation </name>
        <lei>N/A</lei>
        <title>Morita Holdings Corporation  </title>
        <cusip>J46604104</cusip>
        <identifiers>
          <isin value="JP3925600003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nichirei Corporation</name>
        <lei>529900MX3GPXXKO0MT06</lei>
        <title>Nichirei Corporation </title>
        <cusip>J49764145</cusip>
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          <isin value="JP3665200006"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amiyaki Tei Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Amiyaki Tei Co. Ltd.  </title>
        <cusip>J01407105</cusip>
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          <isin value="JP3124450002"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tokai Rika Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Tokai Rika Co. Ltd. </title>
        <cusip>J85968105</cusip>
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          <isin value="JP3566600007"/>
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        <invCountry>JP</invCountry>
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        <name>C. Uyemura &amp; Co. Ltd. </name>
        <lei>N/A</lei>
        <title>C. Uyemura &amp; Co. Ltd.  </title>
        <cusip>J0845U102</cusip>
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          <isin value="JP3155350006"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Aica Kogyo Company Limited</name>
        <lei>N/A</lei>
        <title>Aica Kogyo Company Limited </title>
        <cusip>J00252106</cusip>
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          <isin value="JP3100800006"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OBIC Co. Ltd.</name>
        <lei>N/A</lei>
        <title>OBIC Co. Ltd. </title>
        <cusip>J5946V107</cusip>
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          <isin value="JP3173400007"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shinko Electric Industries Co. Ltd.</name>
        <lei>549300627MZ4832XWF51</lei>
        <title>Shinko Electric Industries Co. Ltd. </title>
        <cusip>J73197105</cusip>
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          <isin value="JP3375800004"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Komatsu Wall Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Komatsu Wall Industry Co. Ltd. </title>
        <cusip>J35867100</cusip>
        <identifiers>
          <isin value="JP3303200004"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Nippon Seiki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nippon Seiki Co. Ltd. </title>
        <cusip>J55483101</cusip>
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          <isin value="JP3720600000"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Kyowa Exeo Corporation</name>
        <lei>N/A</lei>
        <title>Kyowa Exeo Corporation </title>
        <cusip>J38232104</cusip>
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          <isin value="JP3254200003"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tokai Tokyo Financial Holdings Inc.</name>
        <lei>3538009U6UOURH99YH12</lei>
        <title>Tokai Tokyo Financial Holdings Inc. </title>
        <cusip>J8609T104</cusip>
        <identifiers>
          <isin value="JP3577600004"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Izumi Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Izumi Co. Ltd. </title>
        <cusip>J25725110</cusip>
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          <isin value="JP3138400001"/>
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        <balance>205400.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maruzen Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Maruzen Co. Ltd. </title>
        <cusip>J40734105</cusip>
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          <isin value="JP3875610002"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trancom Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Trancom Co. Ltd.  </title>
        <cusip>J9297N102</cusip>
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          <isin value="JP3635650009"/>
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        <balance>4800.00000000</balance>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EPS Holdings Inc.</name>
        <lei>3538009HSGQCR7NJVF31</lei>
        <title>EPS Holdings Inc. </title>
        <cusip>J2159X102</cusip>
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          <isin value="JP3130770005"/>
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        <balance>44900.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nishio Rent All Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nishio Rent All Co. Ltd. </title>
        <cusip>J56902109</cusip>
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          <isin value="JP3657500009"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kohsoku Corporation</name>
        <lei>N/A</lei>
        <title>Kohsoku Corporation </title>
        <cusip>J34803106</cusip>
        <identifiers>
          <isin value="JP3288900008"/>
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        <balance>269800.00000000</balance>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nichirin Co. Ltd.  </name>
        <lei>N/A</lei>
        <title>Nichirin Co. Ltd.   </title>
        <cusip>J4983T109</cusip>
        <identifiers>
          <isin value="JP3665000000"/>
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        <balance>81600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fukuoka Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Fukuoka Financial Group Inc. </title>
        <cusip>J17129107</cusip>
        <identifiers>
          <isin value="JP3805010000"/>
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        <balance>103600.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Totetsu Kogyo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Totetsu Kogyo Co. Ltd. </title>
        <cusip>J90182106</cusip>
        <identifiers>
          <isin value="JP3595400007"/>
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        <balance>94800.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Foster Electric Company Limited</name>
        <lei>N/A</lei>
        <title>Foster Electric Company Limited </title>
        <cusip>J13650106</cusip>
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          <isin value="JP3802800007"/>
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        <balance>20200.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yondenko Corporation</name>
        <lei>N/A</lei>
        <title>Yondenko Corporation </title>
        <cusip>J72036106</cusip>
        <identifiers>
          <isin value="JP3962600007"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Keiyo Gas Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Keiyo Gas Co. Ltd.  </title>
        <cusip>J32362105</cusip>
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          <isin value="JP3281400006"/>
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        <balance>36500.00000000</balance>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Makino Milling Machine Co. Ltd.</name>
        <lei>353800JAOIGQ7V5T9078</lei>
        <title>Makino Milling Machine Co. Ltd. </title>
        <cusip>J39530100</cusip>
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          <isin value="JP3862800004"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fuji Seal International Inc.</name>
        <lei>N/A</lei>
        <title>Fuji Seal International Inc. </title>
        <cusip>J15183106</cusip>
        <identifiers>
          <isin value="JP3813800004"/>
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        <balance>17900.00000000</balance>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIIX Corporation</name>
        <lei>N/A</lei>
        <title>SIIX Corporation </title>
        <cusip>J75511105</cusip>
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          <isin value="JP3346700002"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kusuri No Aoki Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Kusuri No Aoki Holdings Co. Ltd. </title>
        <cusip>J37526100</cusip>
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          <isin value="JP3266190002"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Seria Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Seria Co. Ltd. </title>
        <cusip>J7113X106</cusip>
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          <isin value="JP3423520000"/>
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        <balance>143700.00000000</balance>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yurtec Corporation</name>
        <lei>N/A</lei>
        <title>Yurtec Corporation </title>
        <cusip>J85087104</cusip>
        <identifiers>
          <isin value="JP3946200007"/>
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        <balance>260000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nihon M&amp;A Center Inc.</name>
        <lei>N/A</lei>
        <title>Nihon M&amp;A Center Inc. </title>
        <cusip>J50883107</cusip>
        <identifiers>
          <isin value="JP3689050007"/>
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        <balance>21700.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Maxell Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Maxell Holdings Ltd. </title>
        <cusip>J4150A107</cusip>
        <identifiers>
          <isin value="JP3791800000"/>
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        <balance>62200.00000000</balance>
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        <valUSD>808958.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shin-Etsu Polymer Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Shin-Etsu Polymer Co. Ltd.  </title>
        <cusip>J72853112</cusip>
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          <isin value="JP3371600002"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Godo Steel Ltd.</name>
        <lei>N/A</lei>
        <title>Godo Steel Ltd. </title>
        <cusip>J17388117</cusip>
        <identifiers>
          <isin value="JP3307800007"/>
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        <balance>78300.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JM Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>JM Holdings Co. Ltd. </title>
        <cusip>J2789W102</cusip>
        <identifiers>
          <isin value="JP3389690003"/>
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        <balance>131200.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pan Pacific International Holdings Corporation</name>
        <lei>529900QLHJM2E18A5763</lei>
        <title>Pan Pacific International Holdings Corporation </title>
        <cusip>J1235L108</cusip>
        <identifiers>
          <isin value="JP3639650005"/>
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        <balance>78000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Musashino Bank Ltd.</name>
        <lei>353800L8RJMVN2OOS612</lei>
        <title>The Musashino Bank Ltd. </title>
        <cusip>J46883104</cusip>
        <identifiers>
          <isin value="JP3912800004"/>
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        <balance>160600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nichia Steel Works Ltd. </name>
        <lei>N/A</lei>
        <title>Nichia Steel Works Ltd.  </title>
        <cusip>J49248107</cusip>
        <identifiers>
          <isin value="JP3660000005"/>
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        <balance>1867000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Osaka Steel Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Osaka Steel Co. Ltd. </title>
        <cusip>J62772108</cusip>
        <identifiers>
          <isin value="JP3184600009"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Topre Corporation</name>
        <lei>N/A</lei>
        <title>Topre Corporation </title>
        <cusip>J89365100</cusip>
        <identifiers>
          <isin value="JP3598200008"/>
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        <balance>180200.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Soken Chemical &amp; Engineering Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Soken Chemical &amp; Engineering Co. Ltd.  </title>
        <cusip>J76085109</cusip>
        <identifiers>
          <isin value="JP3431550007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ricoh Leasing Company Ltd.</name>
        <lei>N/A</lei>
        <title>Ricoh Leasing Company Ltd. </title>
        <cusip>J64694102</cusip>
        <identifiers>
          <isin value="JP3974100004"/>
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        <balance>109100.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Akita Bank Ltd.</name>
        <lei>353800N5LZ62LYDUOK89</lei>
        <title>The Akita Bank Ltd. </title>
        <cusip>J01092105</cusip>
        <identifiers>
          <isin value="JP3107600003"/>
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        <balance>301100.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sekisui Jushi Corporation</name>
        <lei>N/A</lei>
        <title>Sekisui Jushi Corporation </title>
        <cusip>J70789110</cusip>
        <identifiers>
          <isin value="JP3420200002"/>
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        <balance>160000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Bank of Okinawa Ltd.</name>
        <lei>549300SOC0BTU7MGMI13</lei>
        <title>The Bank of Okinawa Ltd. </title>
        <cusip>J04032108</cusip>
        <identifiers>
          <isin value="JP3194600007"/>
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        <balance>102200.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Yamanashi Chuo Bank Ltd. </name>
        <lei>353800DUD9B4IAIADJ68</lei>
        <title>The Yamanashi Chuo Bank Ltd.  </title>
        <cusip>J96128103</cusip>
        <identifiers>
          <isin value="JP3942000005"/>
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        <balance>351400.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meiko Trans Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Meiko Trans Co. Ltd.  </title>
        <cusip>J41938101</cusip>
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          <isin value="JP3915400000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Okinawa Electric Power Company Incorporated</name>
        <lei>N/A</lei>
        <title>The Okinawa Electric Power Company Incorporated </title>
        <cusip>J60815107</cusip>
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          <isin value="JP3194700005"/>
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        <balance>160690.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sakata Inx Corporation</name>
        <lei>N/A</lei>
        <title>Sakata Inx Corporation </title>
        <cusip>J66661125</cusip>
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          <isin value="JP3314800008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yamashin-Filter Corporation</name>
        <lei>N/A</lei>
        <title>Yamashin-Filter Corporation </title>
        <cusip>J96264106</cusip>
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          <isin value="JP3936600000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>The Taiko Bank Ltd. </name>
        <lei>3538003H3GIODN7ZSJ40</lei>
        <title>The Taiko Bank Ltd.  </title>
        <cusip>J79475109</cusip>
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          <isin value="JP3441600008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Otsuka Corporation</name>
        <lei>529900RG9DJ58J3UIE72</lei>
        <title>Otsuka Corporation </title>
        <cusip>J6243L115</cusip>
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          <isin value="JP3188200004"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Nitto Kohki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nitto Kohki Co. Ltd. </title>
        <cusip>J58676107</cusip>
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          <isin value="JP3682300003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Ryoden Corporation</name>
        <lei>N/A</lei>
        <title>Ryoden Corporation </title>
        <cusip>J65715120</cusip>
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          <isin value="JP3976200000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABC-Mart Inc.</name>
        <lei>353800AXWW4CMTSJWL33</lei>
        <title>ABC-Mart Inc.</title>
        <cusip>J00056101</cusip>
        <identifiers>
          <isin value="JP3152740001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Pack Corporation</name>
        <lei>N/A</lei>
        <title>The Pack Corporation </title>
        <cusip>J63492102</cusip>
        <identifiers>
          <isin value="JP3345900009"/>
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        <balance>43900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Shindengen Electric Manufacturing Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Shindengen Electric Manufacturing Co. Ltd. </title>
        <cusip>J72724107</cusip>
        <identifiers>
          <isin value="JP3377800002"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cosmos Pharmaceutical Corporation</name>
        <lei>N/A</lei>
        <title>Cosmos Pharmaceutical Corporation </title>
        <cusip>J08959108</cusip>
        <identifiers>
          <isin value="JP3298400007"/>
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        <balance>13000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kanaden Corporation</name>
        <lei>N/A</lei>
        <title>Kanaden Corporation </title>
        <cusip>J29524105</cusip>
        <identifiers>
          <isin value="JP3215000005"/>
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        <balance>271000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ai Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Ai Holdings Corporation </title>
        <cusip>J0060P101</cusip>
        <identifiers>
          <isin value="JP3105090009"/>
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        <balance>31700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="106.64500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sundrug Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Sundrug Co. Ltd. </title>
        <cusip>J78089109</cusip>
        <identifiers>
          <isin value="JP3336600006"/>
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        <balance>31900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Step Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Step Co. Ltd.  </title>
        <cusip>J7674N109</cusip>
        <identifiers>
          <isin value="JP3399700008"/>
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        <balance>177600.00000000</balance>
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        <pctVal>0.864897857189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hitachi Capital Corporation</name>
        <lei>353800YUHF3P4VZ74A67</lei>
        <title>Hitachi Capital Corporation </title>
        <cusip>J20286118</cusip>
        <identifiers>
          <isin value="JP3786600001"/>
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        <balance>55700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="106.64500000"/>
        <valUSD>1502638.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Okinawa Cellular Telephone Company</name>
        <lei>N/A</lei>
        <title>Okinawa Cellular Telephone Company </title>
        <cusip>J60805108</cusip>
        <identifiers>
          <isin value="JP3194650002"/>
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        <balance>213700.00000000</balance>
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        <valUSD>9778761.31000000</valUSD>
        <pctVal>3.374502107675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nakanishi Inc. </name>
        <lei>353800EXA7IQ42YKF224</lei>
        <title>Nakanishi Inc.  </title>
        <cusip>J4800J102</cusip>
        <identifiers>
          <isin value="JP3642500007"/>
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        <balance>284600.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="106.64500000"/>
        <valUSD>5436074.83000000</valUSD>
        <pctVal>1.875906915997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avantia Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Avantia Co. Ltd. </title>
        <cusip>J6891M100</cusip>
        <identifiers>
          <isin value="JP3337500007"/>
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        <balance>140600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Miura Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Miura Co. Ltd. </title>
        <cusip>J45593100</cusip>
        <identifiers>
          <isin value="JP3880800002"/>
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        <balance>12600.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="106.64500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Toenec Corporation</name>
        <lei>N/A</lei>
        <title>Toenec Corporation </title>
        <cusip>J85624112</cusip>
        <identifiers>
          <isin value="JP3552230009"/>
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        <balance>70000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="106.64500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chubu Steel Plate Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Chubu Steel Plate Co. Ltd.  </title>
        <cusip>J06720106</cusip>
        <identifiers>
          <isin value="JP3524600008"/>
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        <balance>110000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tenma Corporation</name>
        <lei>N/A</lei>
        <title>Tenma Corporation </title>
        <cusip>J82958109</cusip>
        <identifiers>
          <isin value="JP3547800007"/>
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        <balance>127300.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Matching Service Japan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Matching Service Japan Co. Ltd. </title>
        <cusip>J40832107</cusip>
        <identifiers>
          <isin value="JP3167330004"/>
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        <balance>32800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Yushiro Chemical Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Yushiro Chemical Industry Co. Ltd. </title>
        <cusip>J98548100</cusip>
        <identifiers>
          <isin value="JP3948400001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>T&amp;K Toka Co. Ltd.</name>
        <lei>N/A</lei>
        <title>T&amp;K Toka Co. Ltd. </title>
        <cusip>J83582106</cusip>
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          <isin value="JP3538570007"/>
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        <balance>435700.00000000</balance>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AOI Electronics Co. Ltd.</name>
        <lei>N/A</lei>
        <title>AOI Electronics Co. Ltd.</title>
        <cusip>J01586106</cusip>
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          <isin value="JP3105280006"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sugimoto &amp; Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Sugimoto &amp; Co. Ltd.  </title>
        <cusip>J7682N109</cusip>
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          <isin value="JP3397050000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hi-Lex Corporation</name>
        <lei>N/A</lei>
        <title>Hi-Lex Corporation </title>
        <cusip>J20749107</cusip>
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          <isin value="JP3699600007"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shikoku Chemicals Corporation</name>
        <lei>N/A</lei>
        <title>Shikoku Chemicals Corporation </title>
        <cusip>J71993117</cusip>
        <identifiers>
          <isin value="JP3349600001"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tokyo Steel Manufacturing Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Tokyo Steel Manufacturing Co. Ltd. </title>
        <cusip>J88204110</cusip>
        <identifiers>
          <isin value="JP3579800008"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fujikura Kasei Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Fujikura Kasei Co. Ltd.  </title>
        <cusip>J14742100</cusip>
        <identifiers>
          <isin value="JP3811200009"/>
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        <balance>1277000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Koatsu Gas Kogyo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Koatsu Gas Kogyo Co. Ltd. </title>
        <cusip>J34254102</cusip>
        <identifiers>
          <isin value="JP3285800003"/>
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        <balance>383900.00000000</balance>
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        <valUSD>2570252.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rinnai Corporation</name>
        <lei>N/A</lei>
        <title>Rinnai Corporation </title>
        <cusip>J65199101</cusip>
        <identifiers>
          <isin value="JP3977400005"/>
        </identifiers>
        <balance>13600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="106.64500000"/>
        <valUSD>1374729.24000000</valUSD>
        <pctVal>0.474398195313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRAIT Holdings Corporation</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT Holdings Corporation </title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
        </identifiers>
        <balance>353400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="106.64500000"/>
        <valUSD>5547298.04000000</valUSD>
        <pctVal>1.914288357641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented on Item B.5.a have been calculated without deducting sales loads." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Japan Smaller Capitalization Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Amy J. Robles</ncom:signature>
      <ncom:signerName>Amy J. Robles</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
