Top 10 Holdings (as of 03/31/2017)

Security % of Net Assets % Benchmark1
Toenec Corporation 2.47 0.03
Ryoden Trading Company, Ltd. 2.42 0.03
Japan Transcity Corporation 2.31 0.03
SIIX Corporation 2.30 0.12
Sakai Chemical Industry Co., Ltd. 2.22 0.05
Oiles Corporation 2.17 0.07
Seiren Co., Ltd. 2.09 0.12
Hisaka Works, Ltd. 2.08 0.03
Amiyaki Tei Co., Ltd. 2.04 0.03
Osaka Steel Co., Ltd. 2.03 0.03

The ten largest equity holdings by market value reflect the Fund's investments on the date indicated and may not be representative of the Fund's current or future holdings.

(1) Russell/Nomura SmallTM Cap Index. The Russell/Nomura Small CapTM Index represents approximately 15% of the total market capitalization of the Russell/Nomura Total MarketTM Index. It measures the performance of the smallest Japanese equity securities in the Russell/Nomura Total MarketTM Index. One cannot invest directly in an index.

Sector Weightings

Sector weightings may vary over time

The industry diversification reflects the Fund's investments on the date indicated and may not be representative of the Fund's current or future holdings.

Disclosures
Nomura Asset Management U.S.A. Inc. ("NAM-USA") is the investment manager of the Japan Smaller Capitalization Fund, Inc. (“JOF”). JOF is a closed-end management investment company registered pursuant to the Investment Company Act of 1940, as amended. Nomura Asset Management Co., Ltd. ("NAM") acts as investment adviser to JOF. NAM-USA is a wholly owned subsidiary of NAM.

Closed-end fund shares are traded on the secondary market through one of the stock exchanges. Like any other stock, market price will fluctuate with the market. Shares of closed-end funds frequently trade at a discount, which is a market price that is below their net asset value ("NAV"). Upon sale, your shares may have a market price that is above or below NAV.

Past performance is not indicative of future results.  There is a risk of loss. The information contained on this website is not a prospectus. Additionally, the information contained herein is not an offer to buy or sell any security, is not legal or tax advice, and is for informational purposes only.

The Fund may participate in new issuances of securities ("New Issues"), and a portion of the Fund's returns consequently may be attributable to its investment in New Issues. The market value of New Issues may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, and the limited availability for trading and limited information about the issuer. When a composite's asset base is small, New Issues may have a magnified impact on the Fund's performance. As a fund's assets grow, it is probable that the effect of the composite's investment in New Issues on its total returns may not be as significant, which could reduce the Fund's performance. There is no guarantee that the availability or economic attractiveness of New issues will be consistent from year to year.

Foreign Investment Risk: Foreign investments involve special risks including economic, political and currency fluctuation risks, which may be greater in emerging markets. International markets may be less liquid and can be more volatile than U.S. markets or Canadian markets. Small and mid-cap stocks are subject to greater volatility and may be less liquid than stocks of larger, more established companies. Healthcare companies may be significantly affected by government regulations and government approvals of products and services, legislation or regulatory changes. Technology stocks may be more volatile than the overall stock market.

Forward Looking Statements

Certain information discussed herein may constitute forward-looking statements within the meaning of the U.S. federal securities laws. Although Nomura Asset Management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.

Nomura Asset Management Co., Ltd. and its investment advisory subsidiaries are referred to collectively as Nomura Asset Management or the NAM Companies. Nomura Asset Management provides asset management services in jurisdictions around the world. The services of a particular NAM Company may not be available to investors in certain jurisdictions.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE