JAPAN SMALLER CAPITALIZATION FUND, INC.
SCHEDULE OF INVESTMENTS
November 30, 2023 (unaudited)
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Shares
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Fair Value
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COMMON STOCKS — 98.5%
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JAPAN — 98.5%
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Banks — 5.9%
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Daishi Hokuetsu Financial Group, Inc.
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146,400
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$
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3,901,755
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Rakuten Bank, Ltd. (a)
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357,400
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6,184,119
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The Keiyo Bank, Ltd.
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470,000
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2,228,633
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The Musashino Bank, Ltd.
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144,700
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2,795,435
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15,109,942
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Chemicals — 14.4%
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Adeka Corporation
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221,200
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4,293,525
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C.I. Takiron Corporation
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289,400
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1,153,019
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Fujikura Kasei Co., Ltd.
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1,447,600
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4,367,231
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Fuso Chemical Co., Ltd.
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80,600
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2,390,713
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Moriroku Holdings Company, Ltd.
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38,700
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774,864
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Nichireki Co., Ltd.
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146,800
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2,269,996
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Nippon Soda Co., Ltd.
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112,300
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4,056,428
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Riken Technos Corporation
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79,300
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465,603
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Sakai Chemical Industry Co., Ltd.
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147,900
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1,885,829
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Sakata Inx Corporation
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881,900
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7,796,823
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Sekisui Jushi Corporation
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321,500
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5,449,853
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Shikoku Kasei Holdings Corporation
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45,300
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535,320
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Soken Chemical & Engineering Co., Ltd.
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81,800
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1,336,820
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36,776,024
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Construction — 6.1%
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Dai-Dan Co., Ltd.
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54,600
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546,609
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EXEO Group, Inc.
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300,100
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6,329,433
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MIRAIT ONE Corporation
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246,300
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3,076,355
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The Nippon Road Co., Ltd.
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46,400
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595,399
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Toenec Corporation
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56,500
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1,622,366
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Yondenko Corporation
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172,300
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3,389,241
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15,559,403
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Electric Appliances — 4.7%
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Idec Corporation
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124,900
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2,386,731
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I-PEX Inc.
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75,000
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925,356
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Koa Corporation
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163,400
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1,789,459
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Mabuchi Motor Co., Ltd.
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75,400
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2,370,610
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Meiko Electronics Co., Ltd.
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120,300
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3,543,860
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Shindengen Electric Manufacturing Co., Ltd.
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46,800
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967,119
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11,983,135
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Financing Business — 3.4%
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Credit Saison Co., Ltd.
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181,500
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3,057,637
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Mizuho Leasing Company, Limited
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90,700
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3,043,068
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Ricoh Leasing Company, Ltd.
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87,300
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2,740,028
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8,840,733
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Food — 3.3%
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Nichirei Corporation
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170,300
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3,713,919
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S Foods, Inc.
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215,200
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4,665,445
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8,379,364
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Glass and Ceramics Products — 1.1%
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Asia Pile Holdings Corporation
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292,800
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1,394,333
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Nichiha Corporation
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73,300
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1,376,405
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2,770,738
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Information and Communication — 3.0%
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Future Corporation
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406,900
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4,965,317
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Otsuka Corporation
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63,800
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2,604,478
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7,569,795
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Iron and Steel — 2.8%
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Kyoei Steel Ltd.
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275,500
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3,876,213
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Nichia Steel Works, Ltd.
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1,577,900
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3,287,403
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7,163,616
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Machinery — 4.6%
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Miura Co., Ltd.
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109,800
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2,128,635
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Nitto Kohki Co., Ltd.
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370,600
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4,667,753
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Shibaura Machine Co., Ltd.
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68,200
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1,759,955
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Sodick Co., Ltd.
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189,200
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961,134
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Takeuchi Mfg. Co., Ltd.
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43,100
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1,260,916
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TPR Co., Ltd.
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83,900
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981,250
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11,759,643
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Metal Products — 1.8%
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Furukawa Electric Co., Ltd.
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94,200
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1,515,573
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Maruzen Co., Ltd.
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86,500
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1,359,800
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Rinnai Corporation
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88,600
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1,800,947
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4,676,320
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Other Products — 4.9%
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Kawai Musical Instruments Manufacturing Co., Ltd.
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10,500
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224,084
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Komatsu Wall Industry Co., Ltd.
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66,900
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1,324,560
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Nishikawa Rubber Co., Ltd.
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230,400
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2,585,542
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Pigeon Corporation
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210,800
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2,365,591
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Snow Peak, Inc.
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81,700
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559,275
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The Pack Corporation
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161,900
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3,520,875
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Yonex Co., Ltd.
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218,700
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2,038,547
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12,618,474
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Pharmaceutical — 1.6%
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Nippon Shinyaku Co., Ltd.
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84,900
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3,061,534
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Santen Pharmaceutical Co., Ltd.
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121,300
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1,147,893
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4,209,427
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Precision Instruments — 0.9%
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Nakanishi Inc.
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141,200
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2,290,375
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2,290,375
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Retail Trade — 10.3%
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ASKUL Corporation
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284,300
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4,151,951
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Create SD Holdings Co., Ltd.
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287,000
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5,940,542
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Geo Holdings Co., Inc.
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237,500
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3,770,504
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JM Holdings Co., Ltd.
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221,900
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3,117,572
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Seria Co., Ltd.
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225,900
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3,658,163
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Takashimaya Co., Ltd.
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285,200
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3,843,887
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Treasure Factory Co., Ltd.
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216,600
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1,850,481
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26,333,100
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Services — 4.3%
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Benefit One Inc.
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249,100
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2,552,755
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Integrated Design & Engineering Holdings Co., Ltd. (a)
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21,600
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478,506
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Nishio Holdings Co., Ltd.
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186,800
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4,599,398
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Step Co., Ltd.
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147,100
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1,865,678
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TRYT Inc. (a)
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379,600
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1,571,449
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11,067,786
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Transportation Equipment — 7.5%
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Hi-Lex Corporation
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331,000
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3,403,254
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Kyokuto Kaihatsu Kogyo Co., Ltd.
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206,400
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2,652,687
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Morita Holdings Corporation
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279,400
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2,884,056
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Nichirin Co., Ltd.
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81,100
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1,862,445
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Nippon Seiki Co., Ltd.
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423,500
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3,606,632
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NOK Corporation
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308,100
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3,928,491
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Tokai Rika Co., Ltd.
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49,000
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821,335
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19,158,900
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Utilities — 4.7%
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Kyushu Electric Power Company (a)
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679,400
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4,552,465
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Shikoku Electric Power Company
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1,104,200
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7,640,928
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12,193,393
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Wholesale Trade — 13.2%
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Central Automotive Products, Ltd.
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72,300
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1,975,797
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Kanaden Corporation
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491,000
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4,892,231
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Kohsoku Corporation
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92,800
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1,279,935
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Macnica Holdings, Inc.
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128,800
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6,371,390
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Paltac Corporation
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127,700
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4,107,373
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Restar Holdings Corporation
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145,800
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2,646,068
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Ryoden Corporation
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378,700
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6,675,633
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Sangetsu Corporation
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86,000
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1,668,401
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Sugimoto & Co., Ltd.
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125,900
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1,912,750
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Tachibana Eletech Co., Ltd.
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112,300
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2,206,727
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33,736,305
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TOTAL INVESTMENTS — 98.5% (cost $251,447,336)
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$
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252,196,473
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TOTAL FOREIGN CURRENCY — 1.0% (cost $2,584,226) (b)
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$
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2,585,454
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TOTAL INVESTMENTS AND FOREIGN CURRENCY — 99.5% (cost $254,031,562)
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$
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254,781,927
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TOTAL OTHER ASSETS AND LIABILITIES — (0.5%)
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|
|
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1,212,264
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TOTAL NET ASSETS — 100.0%
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$
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255,994,191
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(a) Non-income producing security.
(b) Japanese Yen - Interest bearing account.
Notes to Schedule of Investments (Unaudited)
Valuation of Securities
Investments traded in the over-the-counter market are fair valued at the last reported sales price as of the close of business on the day the securities are being valued or, if none is available, at the mean of the
bid and offer price at the close of business on such day or, if none is available, the last reported sales price. Portfolio securities which are traded on stock exchanges are fair valued at the last sales price on the principal market on which
securities are traded or, lacking any sales, at the last available bid price. Securities and other assets, including futures contracts and related options, that cannot be fair valued using one of the previously mentioned methods are stated at fair
value as determined in good faith by or under the direction of the Board of Directors of the Fund.
Fair Value Measurements
Fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.
The three-tier hierarchy of inputs is summarized below.
• Level 1—quoted prices in active markets for identical investments
• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
At November 30, 2023, all of the Fund’s investments were determined to be Level 1 securities.
During the quarter ended November 30, 2023, the Fund did not hold any instrument which used significant unobservable inputs (Level 3) in determining fair value.
