<SEC-DOCUMENT>0001752724-22-095209.txt : 20220427
<SEC-HEADER>0001752724-22-095209.hdr.sgml : 20220427
<ACCEPTANCE-DATETIME>20220427141850
ACCESSION NUMBER:		0001752724-22-095209
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220228
FILED AS OF DATE:		20220427
PERIOD START:           	20220228

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:		22858766

	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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      <regName>Japan Smaller Capitalization Fund, Inc.</regName>
      <regFileNumber>811-05992</regFileNumber>
      <regCik>0000859796</regCik>
      <regLei>5493000KJSHWEB3YKZ37</regLei>
      <regStreet1>309 West 49th St.</regStreet1>
      <regStreet2>Worldwide Plaza</regStreet2>
      <regCity>New York</regCity>
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      <regZipOrPostalCode>10019</regZipOrPostalCode>
      <regPhone>800-833-0018</regPhone>
      <seriesName>Japan Smaller Capitalization Fund, Inc.</seriesName>
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      <repPdEnd>2022-02-28</repPdEnd>
      <repPdDate>2022-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totAssets>254953692.35</totAssets>
      <totLiabs>298200.23</totLiabs>
      <netAssets>254655492.12</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
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        <name>Yossix Holdings 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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        <title>Shinpo Co. Ltd.</title>
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        <name>Mabuchi Motor Co. Ltd.</name>
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        <name>Pigeon Corporation</name>
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        <name>PAL GROUP Holdings Co. Ltd.</name>
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        <name>Nishikawa Rubber Co. Ltd. </name>
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        <name>Adeka Corporation</name>
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        <name>Paltac Corporation</name>
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        <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>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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        <balance>145300.00000000</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>Kyoei Steel Ltd.</name>
        <lei>N/A</lei>
        <title>Kyoei Steel Ltd.</title>
        <cusip>J3784P100</cusip>
        <identifiers>
          <isin value="JP3247400009"/>
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        <balance>159900.00000000</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>The San-in Godo Bank Ltd.</name>
        <lei>353800I3C5900CEME762</lei>
        <title>The San-in Godo Bank Ltd.</title>
        <cusip>J67220103</cusip>
        <identifiers>
          <isin value="JP3324000003"/>
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        <balance>98600.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>582646.10000000</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>Teikoku Electric MFG. Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Teikoku Electric MFG. Co. Ltd.</title>
        <cusip>J82335100</cusip>
        <identifiers>
          <isin value="JP3541800003"/>
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        <balance>57100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
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        <pctVal>0.272596198189</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>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>43400.00000000</balance>
        <units>NS</units>
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        <valUSD>1370923.31000000</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>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>73700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>1662613.08000000</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>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>658100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>2487712.36000000</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>Mizuho Leasing Company Limited</name>
        <lei>N/A</lei>
        <title>Mizuho Leasing Company Limited</title>
        <cusip>J2308V106</cusip>
        <identifiers>
          <isin value="JP3286500008"/>
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        <balance>46900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>1267512.49000000</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>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>65900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>1392733.43000000</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>
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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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        <balance>43700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>227851.40000000</valUSD>
        <pctVal>0.089474371081</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>Daikokutenbussan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Daikokutenbussan Co. Ltd.</title>
        <cusip>J1012U107</cusip>
        <identifiers>
          <isin value="JP3483050005"/>
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        <balance>1800.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>74534.00000000</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>
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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>388000.00000000</balance>
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        <valUSD>5826321.96000000</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>
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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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        <balance>112200.00000000</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>Okinawa Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Okinawa Financial Group Inc.</title>
        <cusip>J60816105</cusip>
        <identifiers>
          <isin value="JP3194750000"/>
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        <balance>117900.00000000</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>Nichirei Corporation</name>
        <lei>529900MX3GPXXKO0MT06</lei>
        <title>Nichirei Corporation</title>
        <cusip>J49764145</cusip>
        <identifiers>
          <isin value="JP3665200006"/>
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        <balance>163600.00000000</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>The Gunma Bank Ltd.</name>
        <lei>54930054A69VC4I5BP89</lei>
        <title>The Gunma Bank Ltd.</title>
        <cusip>J17766106</cusip>
        <identifiers>
          <isin value="JP3276400003"/>
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        <balance>392100.00000000</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>Amiyaki Tei Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Amiyaki Tei Co. Ltd. </title>
        <cusip>J01407105</cusip>
        <identifiers>
          <isin value="JP3124450002"/>
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        <balance>297900.00000000</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>Tokai Rika Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Tokai Rika Co. Ltd.</title>
        <cusip>J85968105</cusip>
        <identifiers>
          <isin value="JP3566600007"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aica Kogyo Company Limited</name>
        <lei>N/A</lei>
        <title>Aica Kogyo Company Limited</title>
        <cusip>J00252106</cusip>
        <identifiers>
          <isin value="JP3100800006"/>
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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>OBIC Co. Ltd.</name>
        <lei>N/A</lei>
        <title>OBIC Co. Ltd.</title>
        <cusip>J5946V107</cusip>
        <identifiers>
          <isin value="JP3173400007"/>
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        <balance>7000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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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        <balance>19000.00000000</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>Nippon Seiki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nippon Seiki Co. Ltd.</title>
        <cusip>J55483101</cusip>
        <identifiers>
          <isin value="JP3720600000"/>
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        <balance>315300.00000000</balance>
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        <valUSD>2663233.54000000</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>EXEO Group Inc.</name>
        <lei>N/A</lei>
        <title>EXEO Group Inc.</title>
        <cusip>J38232104</cusip>
        <identifiers>
          <isin value="JP3254200003"/>
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        <balance>238900.00000000</balance>
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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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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Trancom Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Trancom Co. Ltd. </title>
        <cusip>J9297N102</cusip>
        <identifiers>
          <isin value="JP3635650009"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Kamigumi Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Kamigumi Co. Ltd.</title>
        <cusip>J29438165</cusip>
        <identifiers>
          <isin value="JP3219000001"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nishio Rent All Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nishio Rent All Co. Ltd.</title>
        <cusip>J56902109</cusip>
        <identifiers>
          <isin value="JP3657500009"/>
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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>Kohsoku Corporation</name>
        <lei>N/A</lei>
        <title>Kohsoku Corporation</title>
        <cusip>J34803106</cusip>
        <identifiers>
          <isin value="JP3288900008"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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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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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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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        <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>The Hyakugo Bank Ltd.</name>
        <lei>549300BYCCERC5EKUX15</lei>
        <title>The Hyakugo Bank Ltd.</title>
        <cusip>J22890107</cusip>
        <identifiers>
          <isin value="JP3793800008"/>
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        <balance>143600.00000000</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>Foster Electric Company Limited</name>
        <lei>N/A</lei>
        <title>Foster Electric Company Limited</title>
        <cusip>J13650106</cusip>
        <identifiers>
          <isin value="JP3802800007"/>
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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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          <isLoanByFund>N</isLoanByFund>
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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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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <securityLending>
          <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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        <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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        <assetCat>EC</assetCat>
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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>
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          <isin value="JP3813800004"/>
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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>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>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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        <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>
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          <isin value="JP3946200007"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JM Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>JM Holdings Co. Ltd.</title>
        <cusip>J2789W102</cusip>
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          <isin value="JP3389690003"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Pan Pacific International Holdings Corporation</name>
        <lei>529900QLHJM2E18A5763</lei>
        <title>Pan Pacific International Holdings Corporation</title>
        <cusip>J6352W100</cusip>
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          <isin value="JP3639650005"/>
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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>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>170700.00000000</balance>
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        <valUSD>2818422.77000000</valUSD>
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        <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>
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        <name>Osaka Steel Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Osaka Steel Co. Ltd.</title>
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        <name>Topre Corporation</name>
        <lei>N/A</lei>
        <title>Topre Corporation</title>
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      <invstOrSec>
        <name>Ricoh Leasing Company Ltd.</name>
        <lei>N/A</lei>
        <title>Ricoh Leasing Company Ltd.</title>
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        <name>The Akita Bank Ltd.</name>
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        <name>Sekisui Jushi Corporation</name>
        <lei>N/A</lei>
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        <name>The Yamanashi Chuo Bank Ltd. </name>
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        <title>The Yamanashi Chuo Bank Ltd. </title>
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        <name>Meiko Trans Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Meiko Trans Co. Ltd. </title>
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        <name>The Okinawa Electric Power Company Incorporated</name>
        <lei>N/A</lei>
        <title>The Okinawa Electric Power Company Incorporated</title>
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        <name>Sakata Inx Corporation</name>
        <lei>N/A</lei>
        <title>Sakata Inx Corporation</title>
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        <name>Yamashin-Filter Corporation</name>
        <lei>N/A</lei>
        <title>Yamashin-Filter Corporation</title>
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        <name>The Taiko Bank Ltd. </name>
        <lei>3538003H3GIODN7ZSJ40</lei>
        <title>The Taiko Bank Ltd. </title>
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        <name>Otsuka Corporation</name>
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        <title>Otsuka Corporation</title>
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        <name>Nitto Kohki Co. Ltd.</name>
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        <name>Ryoden Corporation</name>
        <lei>N/A</lei>
        <title>Ryoden Corporation</title>
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      <invstOrSec>
        <name>ABC-Mart Inc.</name>
        <lei>353800AXWW4CMTSJWL33</lei>
        <title>ABC-Mart Inc.</title>
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        <name>The Pack Corporation</name>
        <lei>N/A</lei>
        <title>The Pack Corporation</title>
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        <name>Japan Petroleum Exploration Co. Ltd.</name>
        <lei>549300WXUNBZ356DMN17</lei>
        <title>Japan Petroleum Exploration Co. Ltd.</title>
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        <name>Cosmos Pharmaceutical Corporation</name>
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        <title>Cosmos Pharmaceutical Corporation</title>
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        <name>Kanaden Corporation</name>
        <lei>N/A</lei>
        <title>Kanaden Corporation</title>
        <cusip>J29524105</cusip>
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        <name>Sundrug Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Sundrug Co. Ltd.</title>
        <cusip>J78089109</cusip>
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        <name>Step Co. Ltd. </name>
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        <title>Step Co. Ltd. </title>
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        <name>Okinawa Cellular Telephone Company</name>
        <lei>N/A</lei>
        <title>Okinawa Cellular Telephone Company</title>
        <cusip>J60805108</cusip>
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        <name>Nakanishi Inc. </name>
        <lei>353800EXA7IQ42YKF224</lei>
        <title>Nakanishi Inc. </title>
        <cusip>J4800J102</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Miura Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Miura Co. Ltd.</title>
        <cusip>J45593100</cusip>
        <identifiers>
          <isin value="JP3880800002"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>163458.61000000</valUSD>
        <pctVal>0.064188134581</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>Toenec Corporation</name>
        <lei>N/A</lei>
        <title>Toenec Corporation</title>
        <cusip>J85624112</cusip>
        <identifiers>
          <isin value="JP3552230009"/>
        </identifiers>
        <balance>67300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>2082016.08000000</valUSD>
        <pctVal>0.817581455898</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>Chubu Steel Plate Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Chubu Steel Plate Co. Ltd. </title>
        <cusip>J06720106</cusip>
        <identifiers>
          <isin value="JP3524600008"/>
        </identifiers>
        <balance>107500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>787508.15000000</valUSD>
        <pctVal>0.309244518327</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>Matching Service Japan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Matching Service Japan Co. Ltd.</title>
        <cusip>J40832107</cusip>
        <identifiers>
          <isin value="JP3167330004"/>
        </identifiers>
        <balance>33100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>243342.17000000</valUSD>
        <pctVal>0.095557401088</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>Yushiro Chemical Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Yushiro Chemical Industry Co. Ltd.</title>
        <cusip>J98548100</cusip>
        <identifiers>
          <isin value="JP3948400001"/>
        </identifiers>
        <balance>267500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>2401281.77000000</valUSD>
        <pctVal>0.942953065731</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>T&amp;K Toka Co. Ltd.</name>
        <lei>N/A</lei>
        <title>T&amp;K Toka Co. Ltd.</title>
        <cusip>J83582106</cusip>
        <identifiers>
          <isin value="JP3538570007"/>
        </identifiers>
        <balance>766900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>6264488.38000000</valUSD>
        <pctVal>2.459985578103</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>AOI Electronics Co. Ltd.</name>
        <lei>N/A</lei>
        <title>AOI Electronics Co. Ltd.</title>
        <cusip>J01586106</cusip>
        <identifiers>
          <isin value="JP3105280006"/>
        </identifiers>
        <balance>36900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>691023.25000000</valUSD>
        <pctVal>0.271356114979</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>Sugimoto &amp; Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Sugimoto &amp; Co. Ltd. </title>
        <cusip>J7682N109</cusip>
        <identifiers>
          <isin value="JP3397050000"/>
        </identifiers>
        <balance>66600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>1355439.50000000</valUSD>
        <pctVal>0.532263996631</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>Hi-Lex Corporation</name>
        <lei>N/A</lei>
        <title>Hi-Lex Corporation</title>
        <cusip>J20749107</cusip>
        <identifiers>
          <isin value="JP3699600007"/>
        </identifiers>
        <balance>257200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>2992750.81000000</valUSD>
        <pctVal>1.175215498038</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>Shikoku Chemicals Corporation</name>
        <lei>N/A</lei>
        <title>Shikoku Chemicals Corporation</title>
        <cusip>J71993117</cusip>
        <identifiers>
          <isin value="JP3349600001"/>
        </identifiers>
        <balance>248600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>3141120.14000000</valUSD>
        <pctVal>1.233478262671</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>Fujikura Kasei Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Fujikura Kasei Co. Ltd. </title>
        <cusip>J14742100</cusip>
        <identifiers>
          <isin value="JP3811200009"/>
        </identifiers>
        <balance>1569300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>6341294.81000000</valUSD>
        <pctVal>2.490146494469</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>Koatsu Gas Kogyo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Koatsu Gas Kogyo Co. Ltd.</title>
        <cusip>J34254102</cusip>
        <identifiers>
          <isin value="JP3285800003"/>
        </identifiers>
        <balance>347700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>2127141.43000000</valUSD>
        <pctVal>0.835301611715</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>Rinnai Corporation</name>
        <lei>N/A</lei>
        <title>Rinnai Corporation</title>
        <cusip>J65199101</cusip>
        <identifiers>
          <isin value="JP3977400005"/>
        </identifiers>
        <balance>14000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>1146035.19000000</valUSD>
        <pctVal>0.450033565135</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>118100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>1998181.19000000</valUSD>
        <pctVal>0.784660551934</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>2022-03-30</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>
