<SEC-DOCUMENT>0001752724-24-090189.txt : 20240425
<SEC-HEADER>0001752724-24-090189.hdr.sgml : 20240425
<ACCEPTANCE-DATETIME>20240425122420
ACCESSION NUMBER:		0001752724-24-090189
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240229
FILED AS OF DATE:		20240425
DATE AS OF CHANGE:		20240425
PERIOD START:           	20240229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		ORGANIZATION NAME:           	
		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:		24874350

	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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      <repPdEnd>2024-02-29</repPdEnd>
      <repPdDate>2024-02-29</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>988568.54</totLiabs>
      <netAssets>269184586.35</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
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        <name>Pigeon Corporation</name>
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      <invstOrSec>
        <name>Relo Group Inc.</name>
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        <title>Relo Group Inc.</title>
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          <isin value="JP3755200007"/>
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        <name>Nishikawa Rubber Co. Ltd. </name>
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        <name>Nippon Shinyaku Co. Ltd.</name>
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        <name>The Keiyo Bank Ltd.</name>
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        <name>Paltac Corporation</name>
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        <name>Create SD Holdings Co. Ltd.</name>
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        <title>Create SD Holdings Co. Ltd.</title>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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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        <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>Kyokuto Kaihatsu Kogyo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Kyokuto Kaihatsu Kogyo Co. Ltd.</title>
        <cusip>J3775L100</cusip>
        <identifiers>
          <isin value="JP3256900006"/>
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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>
      <invstOrSec>
        <name>Tachibana Eletech Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Tachibana Eletech Co. Ltd.</title>
        <cusip>J78744109</cusip>
        <identifiers>
          <isin value="JP3466600008"/>
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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>
      <invstOrSec>
        <name>Daicel Corporation</name>
        <lei>353800ZG4XF6D7NZGS72</lei>
        <title>Daicel Corporation</title>
        <cusip>J08484149</cusip>
        <identifiers>
          <isin value="JP3485800001"/>
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        <balance>197600.00000000</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>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>292800.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
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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>Koa Corporation</name>
        <lei>N/A</lei>
        <title>Koa Corporation</title>
        <cusip>J34125104</cusip>
        <identifiers>
          <isin value="JP3283400004"/>
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        <balance>163400.00000000</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>Mizuho Leasing Company Limited</name>
        <lei>353800O6EEA5GK30Z659</lei>
        <title>Mizuho Leasing Company Limited</title>
        <cusip>J2308V106</cusip>
        <identifiers>
          <isin value="JP3286500008"/>
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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>Daishi Hokuetsu Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Daishi Hokuetsu Financial Group Inc.</title>
        <cusip>J10795102</cusip>
        <identifiers>
          <isin value="JP3483850008"/>
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        <balance>146400.00000000</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>
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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>326400.00000000</balance>
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        <valUSD>3450225.08000000</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>Integrated Design &amp; Engineering Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Integrated Design &amp; Engineering Holdings Co. Ltd.</title>
        <cusip>J2401B106</cusip>
        <identifiers>
          <isin value="JP3104770007"/>
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        <balance>21600.00000000</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>Sakai Chemical Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Sakai Chemical Industry Co. Ltd.</title>
        <cusip>J66489121</cusip>
        <identifiers>
          <isin value="JP3312800000"/>
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        <balance>147900.00000000</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>Riken Technos Corporation</name>
        <lei>353800S7OXXKLNDX3U70</lei>
        <title>Riken Technos Corporation</title>
        <cusip>J65070112</cusip>
        <identifiers>
          <isin value="JP3973000007"/>
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        <balance>171600.00000000</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>Nichirei Corporation</name>
        <lei>529900MX3GPXXKO0MT06</lei>
        <title>Nichirei Corporation</title>
        <cusip>J49764145</cusip>
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          <isin value="JP3665200006"/>
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        <balance>123100.00000000</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>Credit Saison Co. Ltd.</name>
        <lei>529900SV58ZWTGRH3A66</lei>
        <title>Credit Saison Co. Ltd.</title>
        <cusip>J7007M109</cusip>
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          <isin value="JP3271400008"/>
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        <balance>181500.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Treasure Factory Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Treasure Factory Co. Ltd.</title>
        <cusip>J9298A109</cusip>
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          <isin value="JP3637270004"/>
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        <balance>340100.00000000</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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      <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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        <balance>49000.00000000</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>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="JP3303200004"/>
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        <balance>75000.00000000</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>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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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Seiko Group Corporation</name>
        <lei>N/A</lei>
        <title>Seiko Group Corporation</title>
        <cusip>J7029N101</cusip>
        <identifiers>
          <isin value="JP3414700009"/>
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        <balance>113700.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Maruzen Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Maruzen Co. Ltd.</title>
        <cusip>J40734105</cusip>
        <identifiers>
          <isin value="JP3875610002"/>
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        <balance>67800.00000000</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>Nishio Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nishio Holdings Co. Ltd.</title>
        <cusip>J56902109</cusip>
        <identifiers>
          <isin value="JP3657500009"/>
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        <balance>191700.00000000</balance>
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        <valUSD>4966851.18000000</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>
        <name>Kohsoku Corporation</name>
        <lei>N/A</lei>
        <title>Kohsoku Corporation</title>
        <cusip>J34803106</cusip>
        <identifiers>
          <isin value="JP3288900008"/>
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        <balance>36500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>610017.01000000</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>Nichirin Co. Ltd.  </name>
        <lei>N/A</lei>
        <title>Nichirin Co. Ltd.  </title>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Nichireki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nichireki Co. Ltd.</title>
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          <isin value="JP3665600007"/>
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        <payoffProfile>Long</payoffProfile>
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      <invstOrSec>
        <name>Yondenko Corporation</name>
        <lei>N/A</lei>
        <title>Yondenko Corporation</title>
        <cusip>J72036106</cusip>
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          <isin value="JP3962600007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rakuten Bank Ltd.</name>
        <lei>3538007HFAF2NOCBUE44</lei>
        <title>Rakuten Bank Ltd.</title>
        <cusip>J6S87A100</cusip>
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          <isin value="JP3967220009"/>
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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>Sodick Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Sodick Co. Ltd.</title>
        <cusip>J75949115</cusip>
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          <isin value="JP3434200006"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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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        <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>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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        <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>NOK Corporation</name>
        <lei>N/A</lei>
        <title>NOK Corporation</title>
        <cusip>J54967104</cusip>
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          <isin value="JP3164800009"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <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>
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          <isin value="JP3912800004"/>
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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>Nichia Steel Works Ltd. </name>
        <lei>N/A</lei>
        <title>Nichia Steel Works Ltd. </title>
        <cusip>J49248107</cusip>
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          <isin value="JP3660000005"/>
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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>Moriroku Holdings Company Ltd.</name>
        <lei>N/A</lei>
        <title>Moriroku Holdings Company Ltd.</title>
        <cusip>J46487104</cusip>
        <identifiers>
          <isin value="JP3927450001"/>
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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>
        <name>TRYT Inc.</name>
        <lei>254900QWMRIE75VYID77</lei>
        <title>TRYT Inc.</title>
        <cusip>J9299G105</cusip>
        <identifiers>
          <isin value="JP3635510005"/>
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        <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>
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          <isin value="JP3431550007"/>
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        <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>Future Corporation</name>
        <lei>N/A</lei>
        <title>Future Corporation</title>
        <cusip>J16832107</cusip>
        <identifiers>
          <isin value="JP3826200002"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shibaura Machine Co. Ltd.</name>
        <lei>529900T7KEXD7VGOFO59</lei>
        <title>Shibaura Machine Co. Ltd.</title>
        <cusip>J89838106</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ricoh Leasing Company Ltd.</name>
        <lei>N/A</lei>
        <title>Ricoh Leasing Company Ltd.</title>
        <cusip>J64694102</cusip>
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          <isin value="JP3974100004"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Shibaura Mechatronics Corporation</name>
        <lei>N/A</lei>
        <title>Shibaura Mechatronics Corporation</title>
        <cusip>J71585103</cusip>
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          <isin value="JP3355000005"/>
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        <invCountry>JP</invCountry>
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          <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>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Macnica Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Macnica Holdings Inc.</title>
        <cusip>J3923S106</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Sakata Inx Corporation</name>
        <lei>N/A</lei>
        <title>Sakata Inx Corporation</title>
        <cusip>J66661125</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yonex Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Yonex Co. Ltd.</title>
        <cusip>J9776D104</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Restar Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Restar Holdings Corporation</title>
        <cusip>J6450H104</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <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>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Takeuchi Mfg. Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Takeuchi Mfg. Co. Ltd.</title>
        <cusip>J8135G105</cusip>
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          <isin value="JP3462660006"/>
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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>Nitto Kohki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nitto Kohki Co. Ltd.</title>
        <cusip>J58676107</cusip>
        <identifiers>
          <isin value="JP3682300003"/>
        </identifiers>
        <balance>214300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>2785492.68000000</valUSD>
        <pctVal>1.034789070863</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>Ryoden Corporation</name>
        <lei>N/A</lei>
        <title>Ryoden Corporation</title>
        <cusip>J65715120</cusip>
        <identifiers>
          <isin value="JP3976200000"/>
        </identifiers>
        <balance>385200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>6735765.78000000</valUSD>
        <pctVal>2.502285094155</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>The Pack Corporation</name>
        <lei>N/A</lei>
        <title>The Pack Corporation</title>
        <cusip>J63492102</cusip>
        <identifiers>
          <isin value="JP3345900009"/>
        </identifiers>
        <balance>167100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>3906002.20000000</valUSD>
        <pctVal>1.451049725009</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>Shindengen Electric Manufacturing Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Shindengen Electric Manufacturing Co. Ltd.</title>
        <cusip>J72724107</cusip>
        <identifiers>
          <isin value="JP3377800002"/>
        </identifiers>
        <balance>46800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>965994.20000000</valUSD>
        <pctVal>0.358859403169</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>Kanaden Corporation</name>
        <lei>N/A</lei>
        <title>Kanaden Corporation</title>
        <cusip>J29524105</cusip>
        <identifiers>
          <isin value="JP3215000005"/>
        </identifiers>
        <balance>507300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>5359052.99000000</valUSD>
        <pctVal>1.990846899024</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>Geo Holdings Co. Inc.</name>
        <lei>N/A</lei>
        <title>Geo Holdings Co. Inc.</title>
        <cusip>J17768102</cusip>
        <identifiers>
          <isin value="JP3282400005"/>
        </identifiers>
        <balance>253900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>3279897.96000000</valUSD>
        <pctVal>1.218456823428</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>Step Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Step Co. Ltd. </title>
        <cusip>J7674N109</cusip>
        <identifiers>
          <isin value="JP3399700008"/>
        </identifiers>
        <balance>174700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>2383782.05000000</valUSD>
        <pctVal>0.885556666643</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>Snow Peak Inc.</name>
        <lei>N/A</lei>
        <title>Snow Peak Inc.</title>
        <cusip>J75886101</cusip>
        <identifiers>
          <isin value="JP3399770001"/>
        </identifiers>
        <balance>32100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>266527.73000000</valUSD>
        <pctVal>0.099012998334</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>Furukawa Electric Co. Ltd.</name>
        <lei>353800TJR1DQ3P1QR918</lei>
        <title>Furukawa Electric Co. Ltd.</title>
        <cusip>J16464117</cusip>
        <identifiers>
          <isin value="JP3827200001"/>
        </identifiers>
        <balance>94200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>1862388.88000000</valUSD>
        <pctVal>0.691863120861</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>Nakanishi Inc. </name>
        <lei>353800EXA7IQ42YKF224</lei>
        <title>Nakanishi Inc. </title>
        <cusip>J4800J102</cusip>
        <identifiers>
          <isin value="JP3642500007"/>
        </identifiers>
        <balance>181800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>2905017.17000000</valUSD>
        <pctVal>1.079191498068</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>Nippon Soda Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nippon Soda Co. Ltd.</title>
        <cusip>J55870109</cusip>
        <identifiers>
          <isin value="JP3726200003"/>
        </identifiers>
        <balance>112300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>4598499.45000000</valUSD>
        <pctVal>1.708307118306</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>Miura Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Miura Co. Ltd.</title>
        <cusip>J45593100</cusip>
        <identifiers>
          <isin value="JP3880800002"/>
        </identifiers>
        <balance>172500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>3669845.61000000</valUSD>
        <pctVal>1.363319371202</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>37000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>1285604.72000000</valUSD>
        <pctVal>0.477592249033</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>Takashimaya Co. Ltd.</name>
        <lei>353800IFO566STDN4V78</lei>
        <title>Takashimaya Co. Ltd.</title>
        <cusip>J81195125</cusip>
        <identifiers>
          <isin value="JP3456000003"/>
        </identifiers>
        <balance>292000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>4389396.11000000</valUSD>
        <pctVal>1.630626838452</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>TPR Co. Ltd.</name>
        <lei>N/A</lei>
        <title>TPR Co. Ltd.</title>
        <cusip>J82528100</cusip>
        <identifiers>
          <isin value="JP3542400001"/>
        </identifiers>
        <balance>128000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>1843022.44000000</valUSD>
        <pctVal>0.684668637603</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>Idec Corporation</name>
        <lei>N/A</lei>
        <title>Idec Corporation</title>
        <cusip>J23274111</cusip>
        <identifiers>
          <isin value="JP3138800002"/>
        </identifiers>
        <balance>131700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>2497069.59000000</valUSD>
        <pctVal>0.927642114973</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>Dai-Dan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Dai-Dan Co. Ltd.</title>
        <cusip>J62234109</cusip>
        <identifiers>
          <isin value="JP3486000007"/>
        </identifiers>
        <balance>54600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>676195.94000000</valUSD>
        <pctVal>0.251201582218</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>Sanyo Shokai Ltd.</name>
        <lei>N/A</lei>
        <title>Sanyo Shokai Ltd.</title>
        <cusip>J69198109</cusip>
        <identifiers>
          <isin value="JP3339400008"/>
        </identifiers>
        <balance>99900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>1692260.50000000</valUSD>
        <pctVal>0.628661738380</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>125900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>1916900.86000000</valUSD>
        <pctVal>0.712113901465</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>326000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>3698196.01000000</valUSD>
        <pctVal>1.373851326387</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>1251400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>3939183.03000000</valUSD>
        <pctVal>1.463376147725</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>ASKUL Corporation</name>
        <lei>N/A</lei>
        <title>ASKUL Corporation</title>
        <cusip>J03325107</cusip>
        <identifiers>
          <isin value="JP3119920001"/>
        </identifiers>
        <balance>215800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>3028064.96000000</valUSD>
        <pctVal>1.124902804079</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 ONE Corporation</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT ONE Corporation</title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
        </identifiers>
        <balance>252500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.94500000"/>
        <valUSD>3143094.13000000</valUSD>
        <pctVal>1.167635254536</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>2024-03-28</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>
