NPORT-EX 2 JOF_Part_F_SOI_at_5.31.22.htm SCHEDULE OF INVESTMENTS
JAPAN SMALLER CAPITALIZATION FUND, INC.
SCHEDULE OF INVESTMENTS
May 31, 2022 (unaudited)
 
 
Shares
Fair Value
COMMON STOCKS — 98.3%
    
JAPAN — 98.3%
    
     
Banks — 9.8%
    
Fukuoka Financial Group, Inc.
78,000
1,334,543
Okinawa Financial Group, Inc.
127,000
2,113,620
The Akita Bank, Ltd.
360,900
4,282,221
The Gunma Bank, Ltd.
425,100
1,157,635
The Hyakugo Bank, Ltd.
151,000
374,783
The Keiyo Bank, Ltd.
846,200
3,002,273
The Musashino Bank, Ltd.
184,900
2,473,006
The San-in Godo Bank, Ltd.
108,300
537,603
The Taiko Bank, Ltd.
278,000
2,785,948
The Yamanashi Chuo Bank, Ltd.
370,400
3,296,927
 
  
21,358,559
     
Chemicals — 13.7%
    
Adeka Corporation
53,200
1,044,752
Aica Kogyo Company, Limited
119,300
2,593,458
C. Uyemura & Co., Ltd.
47,500
2,675,744
C.I. Takiron Corporation
203,100
828,044
Fujikura Kasei Co., Ltd.
1,569,300
5,836,416
Sakata Inx Corporation
617,700
4,411,971
Sekisui Jushi Corporation
294,500
3,849,523
Shikoku Chemicals Corporation
207,000
2,021,280
Soken Chemical & Engineering Co., Ltd.
23,900
326,911
T&K Toka Co., Ltd.
623,300
4,039,750
Yushiro Chemical Industry Co., Ltd.
267,500
2,154,153
 
  
29,782,002
     
Construction — 8.0%
    
EXEO Group, Inc.
258,000
4,145,264
Kandenko Co., Ltd.
683,300
4,263,813
MIRAIT Holdings Corporation
74,800
940,493
Taihei Dengyo Kaisha, Ltd.
21,300
454,422
Toenec Corporation
67,600
1,790,920
Totetsu Kogyo Co., Ltd.
144,100
2,426,239
Yondenko Corporation
89,800
1,183,592
Yurtec Corporation
405,300
2,147,514
 
  
17,352,257
     
Electric Appliances — 1.2%
    
AOI Electronics Co., Ltd.
36,900
552,100
Foster Electric Company, Limited
122,900
684,664
Mabuchi Motor Co., Ltd.
48,200
1,331,336
 
  
2,568,100
     
Financing Business — 0.8%
    
Mizuho Leasing Company, Limited
50,500
1,200,370
Ricoh Leasing Company, Ltd.
22,300
590,792
 
  
1,791,162
     
Food — 1.5%
    
Nichirei Corporation
178,500
3,149,877
 
  
3,149,877
     
Glass and Ceramics Products — 1.8%
    
Asia Pile Holdings Corporation
693,700
2,488,198
Nichiha Corporation
56,000
1,048,761
Sumitomo Osaka Cement Co., Ltd.
17,400
433,223
 
  
3,970,182

Information and Communication — 5.5%
    
OBIC Co., Ltd.
7,500
1,113,402
Okinawa Cellular Telephone Company
197,700
7,891,080
Otsuka Corporation
90,600
2,879,603
 
  
11,884,085
     
Iron and Steel — 7.1%
    
Chubu Steel Plate Co., Ltd.
107,500
674,149
Godo Steel, Ltd.
159,200
1,594,168
Kyoei Steel Ltd.
172,200
1,751,141
Nichia Steel Works, Ltd.
1,860,800
3,778,789
Osaka Steel Co., Ltd.
700,800
7,513,732
 
  
15,311,979
     
Machinery — 2.0%
    
Makino Milling Machine Co., Ltd.
18,500
608,870
Miura Co., Ltd.
6,800
153,592
Nitto Kohki Co., Ltd.
209,800
2,437,124
Star Micronics Co., Ltd.
81,100
1,063,876
Yamashin-Filter Corporation
46,000
110,235
 
  
4,373,697
     
Metal Products — 4.0%
    
Maruzen Co., Ltd.
46,300
629,702
Piolax, Inc.
396,700
5,679,269
Rinnai Corporation
15,000
1,035,207
Shinpo Co., Ltd.
2,300
19,721
Topre Corporation
153,300
1,224,969
 
  
8,588,868
     
Other Products — 2.9%
    
Fuji Seal International, Inc.
14,900
179,925
Komatsu Wall Industry Co., Ltd.
20,700
306,977
Nishikawa Rubber Co., Ltd.
298,100
2,783,272
Pigeon Corporation
46,300
664,285
The Pack Corporation
132,200
2,389,423
 
  
6,323,882
     
Pharmaceutical — 1.2%
    
Nippon Shinyaku Co., Ltd.
42,400
2,629,278
 
  
2,629,278
     
Precision Instruments — 1.6%
    
Nakanishi Inc.
171,100
3,394,709
 
  
3,394,709
     
Real Estate — 0.7%
    
Starts Corporation Inc.
79,200
1,499,269
 
  
1,499,269

Retail Trade — 14.3%
    
ABC-Mart, Inc.
50,900
2,178,175
Amiyaki Tei Co., Ltd.
195,300
4,447,719
Cosmos Pharmaceutical Corporation
13,700
1,300,447
Create SD Holdings Co., Ltd.
157,300
3,594,554
Daikokutenbussan Co., Ltd.
1,800
64,913
Izumi Co., Ltd.
163,000
3,500,331
JM Holdings Co., Ltd.
397,100
4,702,480
PAL GROUP Holdings Co., Ltd.
201,600
2,531,666
Pan Pacific International Holdings Corporation
61,900
955,049
San-A Co., Ltd.
41,900
1,282,836
Seria Co., Ltd.
252,400
4,461,800
Sundrug Co., Ltd.
32,700
710,355
Yossix Holdings Co., Ltd. (a)
85,700
1,424,944
 
  
31,155,269
     
Services — 3.5%
    
Kanamoto Co., Ltd.
150,900
2,224,902
Matching Service Japan Co., Ltd.
35,800
241,499
Nishio Rent All Co., Ltd.
140,900
2,969,835
Step Co., Ltd.
160,400
2,216,459
 
  
7,652,695
     
Transportation and Warehousing — 3.9%
    
Alps Logistics Co., Ltd.
29,900
270,792
Kamigumi Co., Ltd.
65,400
1,299,095
Meiko Trans Co., Ltd.
285,100
2,435,634
SG Holdings Co., Ltd.
74,100
1,338,153
Trancom Co., Ltd.
62,200
3,121,494
 
  
8,465,168
     
Transportation Equipment — 5.0%
    
Hi-Lex Corporation
379,700
3,415,158
Morita Holdings Corporation
232,500
2,353,492
Nichirin Co., Ltd.
86,700
1,036,150
Nippon Seiki Co., Ltd.
339,300
2,333,719
Tokai Rika Co., Ltd.
143,000
1,556,561
 
  
10,695,080
     
Utilities — 2.6%
    
Japan Petroleum Exploration Co., Ltd.
27,400
672,608
Keiyo Gas Co., Ltd.
31,200
689,180
Kyushu Electric Power Company
255,400
1,663,255
Shikoku Electric Power Company
279,000
1,680,187
The Okinawa Electric Power Company
104,390
951,104
 
  
5,656,334

Wholesale Trade — 7.3%
            
Kanaden Corporation
    
320,900
      
2,511,771
  
Kohsoku Corporation
    
254,400
      
3,107,629
  
Paltac Corporation
    
96,600
      
3,303,303
  
Ryoden Corporation
    
412,300
      
5,277,055
  
SIIX Corporation
    
45,600
      
379,276
  
Sugimoto & Co., Ltd.
    
72,700
      
1,321,355
  
 
            
15,900,389
  
 
                
TOTAL INVESTMENTS — 98.3% (cost $277,353,520)
          
$
213,502,841
  
FOREIGN CURRENCY — 0.4% (cost $978,570) (b)
          
$
969,327
  
TOTAL INVESTMENTS AND FOREIGN CURRENCY — 98.7% (cost $278,332,090)
          
$
214,472,168
  
OTHER ASSETS AND LIABILITIES — 1.3%
            
2,726,144
  
NET ASSETS — 100.0%
          
$
217,198,312
  

(a) Non-income producing security.
(b) Japanese Yen - Interest bearing account.

Notes to Schedule of Investments (Unaudited)
 
Valuation of Securities
 
Investments traded in the over-the-counter market are fair valued at the last reported sales price as of the close of business on the day the securities are being valued or, if none is available, at the mean of the bid and offer price at the close of business on such day or, if none is available, the last reported sales price. Portfolio securities which are traded on stock exchanges are fair valued at the last sales price on the principal market on which securities are traded or, lacking any sales, at the last available bid price. Securities and other assets, including futures contracts and related options, that cannot be fair valued using one of the previously mentioned methods are stated at fair value as determined in good faith by or under the direction of the Board of Directors of the Fund.
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.
 
The three-tier hierarchy of inputs is summarized below.
 
• Level 1—quoted prices in active markets for identical investments
 
• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
 
At May 31, 2022, all of the Fund’s investments were determined to be Level 1 securities.
 
During the quarter ended May 31, 2022, the Fund did not hold any instrument which used significant unobservable inputs (Level 3) in determining fair value.