<SEC-DOCUMENT>0001752724-24-237966.txt : 20241025
<SEC-HEADER>0001752724-24-237966.hdr.sgml : 20241025
<ACCEPTANCE-DATETIME>20241025134316
ACCESSION NUMBER:		0001752724-24-237966
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240831
FILED AS OF DATE:		20241025
DATE AS OF CHANGE:		20241025
PERIOD START:           	20250228

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:		241396178

	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>
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      <seriesName>Japan Smaller Capitalization Fund, Inc.</seriesName>
      <seriesLei>5493000KJSHWEB3YKZ37</seriesLei>
      <repPdEnd>2025-02-28</repPdEnd>
      <repPdDate>2024-08-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>2217165.97</totLiabs>
      <netAssets>282405253.62</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
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        <name>Plus Alpha Consulting Co. Ltd.</name>
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        <name>Relo Group Inc.</name>
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        <name>Nishikawa Rubber Co. Ltd. </name>
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        <name>Vision Inc.</name>
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        <name>Sangetsu Corporation</name>
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        <name>The Keiyo Bank Ltd.</name>
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        <name>Shikoku Electric Power Company</name>
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        <name>Adeka Corporation</name>
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        <name>Daihen Corporation</name>
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        <title>Daihen Corporation</title>
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      <invstOrSec>
        <name>Create SD Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Create SD Holdings Co. Ltd.</title>
        <cusip>J09178104</cusip>
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          <isin value="JP3269940007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kyoei Steel Ltd.</name>
        <lei>N/A</lei>
        <title>Kyoei Steel Ltd.</title>
        <cusip>J3784P100</cusip>
        <identifiers>
          <isin value="JP3247400009"/>
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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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          <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>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GMO Internet Group Inc.</name>
        <lei>529900BFZEY3BESHBW90</lei>
        <title>GMO Internet Group Inc.</title>
        <cusip>J1822R104</cusip>
        <identifiers>
          <isin value="JP3152750000"/>
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        <balance>127600.00000000</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>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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        <balance>123300.00000000</balance>
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        <pctVal>0.812270490933</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>Daicel Corporation</name>
        <lei>353800ZG4XF6D7NZGS72</lei>
        <title>Daicel Corporation</title>
        <cusip>J08484149</cusip>
        <identifiers>
          <isin value="JP3485800001"/>
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        <balance>398500.00000000</balance>
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        <valUSD>3562156.10000000</valUSD>
        <pctVal>1.261363255229</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>
        <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>459700.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
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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>Koa Corporation</name>
        <lei>N/A</lei>
        <title>Koa Corporation</title>
        <cusip>J34125104</cusip>
        <identifiers>
          <isin value="JP3283400004"/>
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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>
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          <isin value="JP3286500008"/>
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        <balance>580000.00000000</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>Osaka Soda Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Osaka Soda Co. Ltd.</title>
        <cusip>J62707104</cusip>
        <identifiers>
          <isin value="JP3485900009"/>
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        <balance>4900.00000000</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>Tsumura &amp; Co.</name>
        <lei>N/A</lei>
        <title>Tsumura &amp; Co.</title>
        <cusip>J93407120</cusip>
        <identifiers>
          <isin value="JP3535800001"/>
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        <balance>50800.00000000</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>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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morita Holdings Corporation </name>
        <lei>N/A</lei>
        <title>Morita Holdings Corporation </title>
        <cusip>J46604104</cusip>
        <identifiers>
          <isin value="JP3925600003"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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>
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          <isin value="JP3104770007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nippn Corporation</name>
        <lei>353800V7HRZ1HQGJCW63</lei>
        <title>Nippn Corporation</title>
        <cusip>J5179A101</cusip>
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          <isin value="JP3723000000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sakai Chemical Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Sakai Chemical Industry Co. Ltd.</title>
        <cusip>J66489121</cusip>
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          <isin value="JP3312800000"/>
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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>Riken Technos Corporation</name>
        <lei>353800S7OXXKLNDX3U70</lei>
        <title>Riken Technos Corporation</title>
        <cusip>J65070112</cusip>
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          <isin value="JP3973000007"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nichirei Corporation</name>
        <lei>529900MX3GPXXKO0MT06</lei>
        <title>Nichirei Corporation</title>
        <cusip>J49764145</cusip>
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          <isin value="JP3665200006"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <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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        <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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        <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>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>18600.00000000</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>
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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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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>211700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nichirin Co. Ltd.  </name>
        <lei>N/A</lei>
        <title>Nichirin Co. Ltd.  </title>
        <cusip>J4983T109</cusip>
        <identifiers>
          <isin value="JP3665000000"/>
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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>Nichireki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nichireki Co. Ltd.</title>
        <cusip>J4982L107</cusip>
        <identifiers>
          <isin value="JP3665600007"/>
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        <balance>58200.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Komehyo Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Komehyo Holdings Co. Ltd.</title>
        <cusip>J3589F109</cusip>
        <identifiers>
          <isin value="JP3305590006"/>
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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>Yondenko Corporation</name>
        <lei>N/A</lei>
        <title>Yondenko Corporation</title>
        <cusip>J72036106</cusip>
        <identifiers>
          <isin value="JP3962600007"/>
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        <balance>270000.00000000</balance>
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        <pctVal>2.518998297238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rakuten Bank Ltd.</name>
        <lei>3538007HFAF2NOCBUE44</lei>
        <title>Rakuten Bank Ltd.</title>
        <cusip>J6S87A100</cusip>
        <identifiers>
          <isin value="JP3967220009"/>
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        <balance>62100.00000000</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>Sodick Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Sodick Co. Ltd.</title>
        <cusip>J75949115</cusip>
        <identifiers>
          <isin value="JP3434200006"/>
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        <balance>48000.00000000</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>Nippon Avionics Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nippon Avionics Co. Ltd.</title>
        <cusip>J52000106</cusip>
        <identifiers>
          <isin value="JP3686200001"/>
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        <balance>8400.00000000</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>JM Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>JM Holdings Co. Ltd.</title>
        <cusip>J2789W102</cusip>
        <identifiers>
          <isin value="JP3389690003"/>
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        <balance>241400.00000000</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>NOK Corporation</name>
        <lei>N/A</lei>
        <title>NOK Corporation</title>
        <cusip>J54967104</cusip>
        <identifiers>
          <isin value="JP3164800009"/>
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        <balance>107700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The 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>196500.00000000</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>Nichia Steel Works Ltd. </name>
        <lei>N/A</lei>
        <title>Nichia Steel Works Ltd. </title>
        <cusip>J49248107</cusip>
        <identifiers>
          <isin value="JP3660000005"/>
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        <balance>1358000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRYT Inc.</name>
        <lei>254900QWMRIE75VYID77</lei>
        <title>TRYT Inc.</title>
        <cusip>J9299G105</cusip>
        <identifiers>
          <isin value="JP3635510005"/>
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        <balance>1263500.00000000</balance>
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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>
        <identifiers>
          <isin value="JP3431550007"/>
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        <balance>72000.00000000</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>Future Corporation</name>
        <lei>N/A</lei>
        <title>Future Corporation</title>
        <cusip>J16832107</cusip>
        <identifiers>
          <isin value="JP3826200002"/>
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        <balance>467300.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Shibaura Machine Co. Ltd.</name>
        <lei>529900T7KEXD7VGOFO59</lei>
        <title>Shibaura Machine Co. Ltd.</title>
        <cusip>J89838106</cusip>
        <identifiers>
          <isin value="JP3592600005"/>
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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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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Noritake Co. Limited</name>
        <lei>529900EN4XJGJXV4A581</lei>
        <title>Noritake Co. Limited</title>
        <cusip>J59052118</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Pacific Bank Ltd.</name>
        <lei>549300A1ZLTL4KX3DZ92</lei>
        <title>North Pacific Bank Ltd.</title>
        <cusip>J22260111</cusip>
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          <isin value="JP3843400007"/>
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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>Shibaura Mechatronics Corporation</name>
        <lei>N/A</lei>
        <title>Shibaura Mechatronics Corporation</title>
        <cusip>J71585103</cusip>
        <identifiers>
          <isin value="JP3355000005"/>
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        <balance>9800.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Macnica Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Macnica Holdings Inc.</title>
        <cusip>J3923S106</cusip>
        <identifiers>
          <isin value="JP3862960006"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sakata Inx Corporation</name>
        <lei>N/A</lei>
        <title>Sakata Inx Corporation</title>
        <cusip>J66661125</cusip>
        <identifiers>
          <isin value="JP3314800008"/>
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        <balance>1255200.00000000</balance>
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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>Yonex Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Yonex Co. Ltd.</title>
        <cusip>J9776D104</cusip>
        <identifiers>
          <isin value="JP3960000002"/>
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        <balance>46000.00000000</balance>
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        <valUSD>604255.32000000</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>Restar Corp</name>
        <lei>353800609PNM9E4ZNY15</lei>
        <title>Restar Corp</title>
        <cusip>J6450H104</cusip>
        <identifiers>
          <isin value="JP3944360001"/>
        </identifiers>
        <balance>213300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>4200666.05000000</valUSD>
        <pctVal>1.487460306121</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>372900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>6607869.26000000</valUSD>
        <pctVal>2.339853517346</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>176000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>4582862.23000000</valUSD>
        <pctVal>1.622796379052</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="145.93500000"/>
        <valUSD>812309.59000000</valUSD>
        <pctVal>0.287639687855</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>472900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>4795915.99000000</valUSD>
        <pctVal>1.698238941564</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>367200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>4061128.58000000</valUSD>
        <pctVal>1.438049939915</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>200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>2742316.78000000</valUSD>
        <pctVal>0.971057281990</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>218300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>3886274.03000000</valUSD>
        <pctVal>1.376133758201</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>110200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>3828512.69000000</valUSD>
        <pctVal>1.355680406410</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>215100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>4875806.35000000</valUSD>
        <pctVal>1.726528202821</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>705600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>5393475.18000000</valUSD>
        <pctVal>1.909835284883</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>202400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>3231520.88000000</valUSD>
        <pctVal>1.144284972951</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="145.93500000"/>
        <valUSD>2422193.44000000</valUSD>
        <pctVal>0.857701267576</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>102500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>2128173.50000000</valUSD>
        <pctVal>0.753588494803</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>189700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>3178240.31000000</valUSD>
        <pctVal>1.125418266572</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>51700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>1062093.40000000</valUSD>
        <pctVal>0.376088400051</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>354600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>3472254.09000000</valUSD>
        <pctVal>1.229528858082</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>379400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>1312892.73000000</valUSD>
        <pctVal>0.464896708956</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>236800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>3439997.26000000</valUSD>
        <pctVal>1.218106680348</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>362900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>5266880.46000000</valUSD>
        <pctVal>1.865007960187</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>Mitsui Mining and Smelting Co. Ltd.</name>
        <lei>35380021EYAHSQM25559</lei>
        <title>Mitsui Mining and Smelting Co. Ltd.</title>
        <cusip>J44948131</cusip>
        <identifiers>
          <isin value="JP3888400003"/>
        </identifiers>
        <balance>54700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="145.93500000"/>
        <valUSD>1755677.53000000</valUSD>
        <pctVal>0.621687276527</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>2024-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Japan Smaller Capitalization Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Thomas Perugini</ncom:signature>
      <ncom:signerName>Thomas Perugini</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
