UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-8002
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JAPAN SMALLER CAPITALIZATION FUND, INC.
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(Exact name of registrant as specified in charter)
Two World Financial Center
Building B, 22nd Floor
New York, New York 10281-1712
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(Address of principal executive offices)
Yasushi Suzuki
Japan Smaller Capitalization Fund, Inc.
Two World Financial Center
Building B, 22nd Floor
New York, New York 10281-1712
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(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 833-0018
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Date of fiscal year end: May 31, 2005
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Date of reporting period: March 1, 2005 - May 31, 2005
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Item 1. Schedule of Investments
Schedule A
JAPAN SMALLER CAPITALIZATION FUND, INC.
SCHEDULE OF INVESTMENTS
IN SECURITIES OF UNAFFILIATED ISSUERS
May 31, 2005
% of
Market Unrealized Net
Shares Cost Value Gain/Loss Assets
------ ---- ----- --------- ------
COMMON STOCKS
Automotive Equipment and Parts
F.C.C. Co., Ltd......................................................... 60,200 $2,249,849 $2,296,625 $46,776 1.2
Clutches and facings
Futaba Industrial Co., Ltd.............................................. 120,400 2,064,854 2,307,773 242,919 1.3
Mufflers and exhaust manifolds
Musashi Seimitsu Industry Co., Ltd...................................... 130,200 1,225,159 3,062,253 1,837,094 1.7
Ball joints, camshafts and gears
Nippon Piston Ring Co., Ltd............................................. 382,000 734,073 884,300 150,227 0.5
Internal combustion engine parts
Nissin Kogyo Co., Ltd................................................... 51,000 1,134,500 1,945,646 811,146 1.1
Brake systems
Nittan Valve Co, Ltd.................................................... 381,000 2,524,774 3,016,390 491,616 1.7
Engine valves
Sanoh Industrial Co., Ltd............................................... 27,000 184,472 185,009 537 0.1
Tubes, wires and electrical products
Unipres Corporation..................................................... 71,500 620,335 562,758 (57,577) 0.3
Press processed automobile parts
U-Shin, Ltd............................................................. 43,000 313,352 409,713 96,361 0.2
------- ------- ------ ---
Door locks
Total Automotive Equipment and Parts................................................ 11,051,368 14,670,467 3,619,099 8.1
========== ========== ========= ===
Banks and Finance
The Bank of Fukuoka, Ltd. .............................................. 352,000 1,877,152 2,167,508 290,356 1.2
Deposits, loans and exchange transactions
The Hiroshima Bank, Ltd................................................. 405,000 1,797,490 1,766,332 (31,158) 1.0
General banking services
The Hyakugo Bank, Ltd................................................... 250,000 1,414,555 1,546,368 131,813 0.9
General banking services
IBJ Leasing Company, Limited............................................ 97,000 1,625,162 1,733,506 108,344 1.0
Leases general machinery, aircrafts and computer
Kansai Urban Banking Corporation........................................ 785,000 1,393,283 2,100,699 707,416 1.2
General banking services
Matsui Securities Co., Ltd.............................................. 146,000 1,612,843 1,693,949 81,106 0.9
Online investing services
Okasan Holdings, Inc. .................................................. 221,000 1,455,508 1,137,793 (317,715) 0.6
Financial services
Ricoh Leasing Co., Ltd. ................................................ 95,300 2,262,938 2,254,655 (8,283) 1.2
Credit sales and leasing
Sanyo Shinpan Finance Co., Ltd.......................................... 45,700 2,525,721 3,194,916 669,195 1.8
Consumer financing
Yamanashi Chuo Bank, Ltd................................................ 70,000 406,460 423,909 17,449 0.2
------- ------- ------ ---
Commercial banking services
Total Banks and Finance............................................................. 16,371,112 18,019,635 1,648,523 10.0
========== ========== ========= ====
Chemicals and Pharmaceuticals
Arisawa Manufacturing Co., Ltd.......................................... 17,990 662,816 524,733 (138,083) 0.3
Glassfibers and insulating resins
Asahi Denka Co., Ltd.................................................... 168,000 1,768,195 1,742,303 (25,892) 1.0
Resin, insulators, and processed fat/oil products
C. Uyemura & Co., Ltd................................................... 27,000 373,753 837,539 463,786 0.4
Chemicals
Hisamitsu Pharmaceutical Co., Inc....................................... 178,000 3,210,710 4,483,170 1,272,460 2.5
Pharmaceutical products
Shizuokagas Co., Ltd.+ ................................................. 418,000 1,242,332 2,163,637 921,305 1.2
--------- --------- ------- ---
Natural gas supplier
Total Chemicals and Pharmaceuticals................................................. 7,257,806 9,751,382 2,493,576 5.4
========= ========= ========= ===
Electric
Mirai Industry Co., Ltd................................................. 246,500 2,331,742 2,195,778 (135,964) 1.2
--------- --------- --------- ---
Plastic molded electric materials
Total Electric...................................................................... 2,331,742 2,195,778 (135,964) 1.2
========= ========= ========= ===
JAPAN SMALLER CAPITALIZATION FUND, INC.
SCHEDULE OF INVESTMENTS
IN SECURITIES OF UNAFFILIATED ISSUERS
May 31, 2005
% of
Market Unrealized Net
Shares Cost Value Gain/Loss Assets
------ ---- ----- --------- ------
Electronics
Alpine Electronics, Inc................................................. 70,000 $984,550 $1,005,324 $20,774 0.6
Automobile audio and video products
Chiyoda Integre Co., Ltd................................................ 65,320 1,029,533 1,524,204 494,671 0.9
Electronic components
Cosel Co., Ltd.......................................................... 60,900 1,570,427 1,635,353 64,926 0.9
Electrical machinery
Dainippon Screen Mfg. Co., Ltd.......................................... 355,000 1,687,291 2,439,094 751,803 1.3
Electronic components
Fuji Electric Industry Co., Ltd......................................... 26,000 280,603 240,511 (40,092) 0.1
Electronic parts
Fukuda Denshi Co., Ltd.................................................. 24,000 580,773 837,817 257,044 0.5
Medical electronic equipment
Kuroda Electric Co., Ltd................................................ 74,600 436,501 1,816,732 1,380,231 1.0
Materials and components
Meiko Electronics Co., Ltd.............................................. 81,400 2,026,327 2,231,066 204,739 1.2
Printed circuit boards
Nitto Kogyo Corporation................................................. 5,000 57,136 57,225 89 0.0
Power switchboards
Shinko Electric Industries Co., Ltd..................................... 44,500 1,162,430 1,747,118 584,688 1.0
Semiconductor packages
Sumisho Electronics Co., Ltd............................................ 59,000 776,921 819,482 42,561 0.5
Office systems
Toshiba Tec Corp........................................................ 122,000 501,887 544,507 42,620 0.3
------- ------- ------- ------ ---
Electronic equipment manufacturing
Total Electronics.................................................................. 11,094,379 14,898,433 3,804,054 8.3
========== ========== ========= ===
Food Manufacturing
Arcs Co., Ltd........................................................... 15,428 77,903 200,145 122,242 0.1
Supermarket chain
Ariake Japan Co., Ltd................................................... 50,083 1,021,687 1,189,526 167,839 0.7
Natural seasonings
J-Oil Mills, Inc........................................................ 103,000 442,971 419,649 (23,322) 0.2
Cooking oil
Kakiyasu Honten Co., Ltd................................................ 32,000 276,876 458,095 181,219 0.3
Processed meat products, fresh meats, and side dishes
Nippon Flour Mills Co., Ltd............................................. 247,000 1,112,425 1,132,136 19,711 0.6
Flour and grain
Ozeki Co., Ltd.......................................................... 86,800 2,725,608 2,644,308 (81,300) 1.5
Supermarket chain
Plenus Co., Ltd......................................................... 91,160 2,508,952 2,853,102 344,150 1.6
Japanese lunch-boxes
Sansei Foods Co., Ltd................................................... 75,800 1,606,394 1,747,692 141,298 1.0
Candy products
Showa Sangyo Co., Ltd................................................... 136,000 381,149 389,129 7,980 0.2
Flour
Warabeya Nichiyo Co., Ltd............................................... 67,100 1,380,918 1,320,316 (60,602) 0.7
------ --------- --------- ------- ---
Japanese lunch-boxes
Total Food Manufacturing........................................................... 11,534,883 12,354,098 819,215 6.9
========== ========== ======= ===
Information and Software
Argo Graphics Inc....................................................... 58,600 762,545 1,546,460 783,915 0.9
Computer aided design software
Kyowa Exeo Corporation.................................................. 222,000 1,879,239 1,833,640 (45,599) 0.9
Designs, constructs, maintains communication and electrical facilities
Tecmo, Ltd.............................................................. 102,100 1,101,245 1,027,665 (73,580) 0.6
--------- --------- ------- ---
Computer game software
Total Information and Software..................................................... 3,743,029 4,407,765 664,736 2.4
========= ========= ======= ===
Iron and Steel
Mitsubishi Steel Mfg. Co., Ltd.......................................... 660,000 942,060 1,338,395 396,335 0.7
Steel producers
Nisshin Steel Co., Ltd.................................................. 1,280,000 2,762,378 3,152,739 390,361 1.8
Steel producers
JAPAN SMALLER CAPITALIZATION FUND, INC.
SCHEDULE OF INVESTMENTS
IN SECURITIES OF UNAFFILIATED ISSUERS
May 31, 2005
% of
Market Unrealized Net
Shares Cost Value Gain/Loss Assets
------ ---- ----- --------- ------
Sanyo Special Steel Co., Ltd............................................ 369,000 $1,002,044 $1,158,304 $156,260 0.6
Specialty steel products
Yodogawa Steel Works, Ltd............................................... 208,000 1,205,594 1,109,385 (96,209) 0.6
--------- --------- ------- ---
Surface-treated steel sheets and plates
Total Iron and Steel............................................................... 5,912,076 6,758,823 846,747 3.7
========= ========= ======= ===
Machinery and Machine Tools
CKD Corporation......................................................... 48,000 276,691 344,460 67,769 0.2
Pneumatic equipment and control devices
Hitachi Construction Machinery Co., Ltd................................. 154,000 1,872,105 1,840,956 (31,149) 1.0
Construction machinery
Makino Milling Machine Co., Ltd......................................... 232,000 1,259,864 1,387,768 127,904 0.8
Industrial machinery
Nachi-Fujikoshi Corp.................................................... 750,000 2,163,291 2,576,508 413,217 1.4
Machine tools
Shimadzu Corporation.................................................... 293,000 1,580,445 1,749,942 169,497 1.0
Precision tools and equipment
Tsubaki Nakashima Co., Ltd.............................................. 141,500 1,755,612 1,754,419 (1,193) 1.0
Bearing balls, blowers and precision ball screws
Yamazen Corporation..................................................... 505,000 1,541,458 1,847,076 305,618 1.0
--------- --------- ------- ---
Machinery and tools
Total Machinery and Machine Tools.................................................. 10,449,466 11,501,129 1,051,663 6.4
========== ========== ========= ===
Miscellaneous Manufacturing
Bunka Shutter Co., Ltd.................................................. 33,000 175,412 175,091 (321) 0.1
Light and heavy weight shutters
Central Glass Co., Ltd.................................................. 216,000 1,180,287 1,384,064 203,777 0.8
Glass products
Daikoku Denki Co., Ltd.................................................. 14,000 375,950 394,092 18,142 0.2
Leisure and recreational products
Dainichi Co., Ltd....................................................... 27,000 203,564 230,011 26,447 0.1
Oil heating equipment
Dowa Mining Co., Ltd.................................................... 571,000 3,612,739 3,716,959 104,220 2.1
Produces various metal-related products
JSP Corporation......................................................... 51,200 547,979 519,135 (28,844) 0.2
Polystyrene products
Kansai Paint Co., Ltd................................................... 370,000 2,303,218 2,319,459 16,241 1.3
Wide range of paints
Kitagawa Industries Co., Ltd............................................ 26,400 380,394 427,798 47,404 0.3
Metal products and fasteners
Mani, Inc............................................................... 69,000 1,198,647 3,303,208 2,104,561 1.8
Medical goods and equipment
Mizuno Corporation...................................................... 47,000 180,153 213,251 33,098 0.1
Sporting goods
Nichias Corporation..................................................... 107,000 442,646 434,955 (7,691) 0.3
Building and construction materials
Nichiha Corporation..................................................... 22,600 191,147 332,110 140,963 0.2
Ceramic exterior walls and fiber boards
Nippon Kodoshi Corp..................................................... 188,000 2,839,396 1,497,106 (1,342,290) 0.8
Paper for electric insulation
Riso Kagaku Corporation................................................. 19,900 762,844 764,711 1,867 0.4
Printing and copying machines
Sanei-International Co., Ltd............................................ 12,000 404,508 392,240 (12,268) 0.2
Fashion apparel
Secom Techno Service Co., Ltd........................................... 18,000 486,004 583,360 97,356 0.3
Security systems, provides maintenance service
SK Kaken Co., Ltd....................................................... 51,500 1,229,649 1,669,059 439,410 0.9
Paints
Topcon Corporation...................................................... 60,000 981,275 957,267 (24,008) 0.5
Medical instruments
JAPAN SMALLER CAPITALIZATION FUND, INC.
SCHEDULE OF INVESTMENTS
IN SECURITIES OF UNAFFILIATED ISSUERS
May 31, 2005
% of
Market Unrealized Net
Shares Cost Value Gain/Loss Assets
------ ---- ----- --------- ------
Ushio Inc............................................................... 118,000 $2,095,910 $2,294,551 $198,641 1.3
Lamps and optical equipment
Yamaha Motor Co., Ltd................................................... 53,600 917,671 986,683 69,012 0.6
------- ------- ------ ---
Recreational vehicles
Total Miscellaneous Manufacturing................................................... 20,509,393 22,595,110 2,085,717 12.5
========== ========== ========= ====
Oil and Gas
Cosmo Oil Company, Ltd.................................................. 545,000 1,683,235 2,008,519 325,284 1.1
--------- --------- ------- ---
Domestic crude oil refiner
Total Oil and Gas................................................................... 1,683,235 2,008,519 325,284 1.1
========= ========= ======= ===
Real Estate and Warehouse
Daibiru Corporation..................................................... 311,000 2,225,858 2,303,810 77,952 1.3
Leases office buildings, apartments and hotels
Leopalace21 Corporation................................................. 81,000 1,202,286 1,244,308 42,022 0.7
Property manager
Recrm Research Co., Ltd................................................. 2,001 2,710,360 3,613,084 902,724 2.0
Building management
Tosei Corporation....................................................... 1,000 732,561 691,699 (40,862) 0.4
------- ------- -------- ---
Residential properties and leases office facilities
Total Real Estate and Warehouse..................................................... 6,871,065 7,852,901 981,836 4.4
========= ========= ======= ===
Restaurants
Saint Marc Co., Ltd..................................................... 49,100 1,652,642 2,091,393 438,751 1.2
Restaurants and bakery shop chain
Total Restaurants................................................................... 1,652,642 2,091,393 438,751 1.2
========= ========= ======= ===
Retail
Arc Land Sakamoto Co., Ltd.............................................. 20,000 303,082 305,570 2,488 0.2
Operates home centers
Cawachi Limited......................................................... 39,300 1,192,761 1,732,191 539,430 0.9
Drug store chain
Joshin Denki Co., Ltd................................................... 246,000 955,588 1,038,715 83,127 0.6
Household appliances and computers
Meganesuper Co., Ltd.................................................... 178,760 2,535,957 3,171,482 635,525 1.8
Eye glasses chain
Ricoh Elemex Corporation................................................ 4,000 28,250 29,446 1,196 0.0
Precision equipment
Ryohin Keikaku Co., Ltd................................................. 52,500 2,679,180 2,401,500 (277,680) 1.3
Knitwears, food and household items
Seijo Corporation....................................................... 84,500 1,359,040 1,866,128 507,088 1.0
Chain drug store
Shimachu Co., Ltd....................................................... 59,000 1,464,576 1,480,531 15,955 0.8
Furniture and home goods
Village Vanguard Co., Ltd.+............................................. 229 1,751,520 2,290,106 538,586 1.3
Books, cd's, videos and office supplies
Xebio Co., Ltd. ........................................................ 6,000 161,223 170,008 8,785 0.1
------- ------- ----- ---
Sporting goods
Total Retail........................................................................ 12,431,177 14,485,677 2,054,500 8.0
========== ========== ========= ===
Services
Alps Logistics Co., Ltd................................................. 88,300 621,405 1,667,966 1,046,561 0.9
Transportation
Daiwa Logistics Co., Ltd................................................ 31,000 234,815 278,439 43,624 0.2
Transports housing materials and building steel frames
Fullcast Co., Ltd....................................................... 353 457,712 898,884 441,172 0.5
Human resources
Funai Consulting Co., Ltd............................................... 42,400 491,888 530,025 38,137 0.3
Management and financial consulting
Hitachi Transport System, Ltd........................................... 98,000 739,446 823,057 83,611 0.5
Freight truck and marine transportation
Maeda Road Construction Co., Ltd........................................ 115,000 817,357 814,621 (2,736) 0.4
Constructs highways, runways, and harbor facilities
Obayashi Corporation.................................................... 322,000 1,622,900 1,645,854 22,954 0.9
General contractor
JAPAN SMALLER CAPITALIZATION FUND, INC.
SCHEDULE OF INVESTMENTS
IN SECURITIES OF UNAFFILIATED ISSUERS
May 31, 2005
% of
Market Unrealized Net
Shares Cost Value Gain/Loss Assets
------ ---- ----- --------- ------
Okinawa Cellular Telephone Company...................................... 251 $1,186,047 $962,211 ($223,836) 0.5
Cellular and car phone services
Space Co., Ltd.......................................................... 55,100 700,105 675,517 (24,588) 0.4
Interior design and display work
Sumikin Bussan Corp..................................................... 860,000 2,202,289 2,070,466 (131,823) 1.1
General trading firm
Sumisho Auto Leasing Corporation........................................ 4,500 168,102 181,675 13,573 0.1
Auto leasing and maintenance
TKC Corporation......................................................... 9,000 143,820 148,174 4,354 0.1
Consulting services
Tohokushinsha Film Corporation.......................................... 79,800 1,254,729 1,777,110 522,381 1.0
Produces tv programs, movies and commercial films
Watabe Wedding Corporation.............................................. 90,700 2,165,339 1,650,312 (515,027) 0.9
Wedding services
Yusen Air & Sea Service Co., Ltd........................................ 46,500 1,612,589 1,739,525 126,936 1.0
--------- --------- ------- ---
Domestic and international air freight forwarding
Total Services..................................................................... 14,418,543 15,863,836 1,445,293 8.8
========== ========== ========= ===
Telecommunications
Daimei Telecom Engineering Corp......................................... 226,000 1,890,566 1,956,665 66,099 1.1
Telecommunication wire installations
Jupiter Telecommunications Co., Ltd.+ .................................. 1,210 951,093 944,516 (6,577) 0.5
------- ------- ------- ---
Cable television broadcasting
Total Telecommunications........................................................... 2,841,659 2,901,181 59,522 1.6
========= ========= ====== ===
Textiles and Apparel
Seiren Co., Ltd......................................................... 80,000 740,560 816,334 75,774 0.5
Dyeing processor of filament fibers
Workman Co., Ltd........................................................ 68,000 1,229,140 1,303,394 74,254 0.7
--------- --------- ------ ---
Uniforms
Total Textiles and Apparel......................................................... 1,969,700 2,119,728 150,028 1.2
========= ========= ======= ===
Transportation
Keisei Electric Railway Co., Ltd........................................ 332,000 1,614,165 1,613,964 (201) 0.9
Passenger rail and bus transportation
Total Transportation............................................................... 1,614,165 1,613,964 (201) 0.9
========= ========= ==== ===
Wholesale
Hitachi High-Technologies Corporation................................... 123,100 1,910,405 1,920,677 10,272 1.1
Computers and electrical devices
Kondotec, Inc........................................................... 205,500 1,400,365 1,769,665 369,300 1.0
Construction materials
Nippon Care Supply Co., Ltd............................................. 257 1,046,425 816,251 (230,174) 0.4
Medical equipment
Rentrak Japan Co., Ltd.................................................. 53,700 457,897 464,924 7,027 0.3
Videocassettes and DVDs
Ryoden Trading Co., Ltd................................................. 125,000 873,137 821,797 (51,340) 0.5
Electronic components
Ryosan Co., Ltd......................................................... 43,100 1,070,931 1,059,591 (11,340) 0.6
Electronic parts
Shinko Shoji Co., Ltd................................................... 114,000 979,836 966,934 (12,902) 0.5
Electronic parts
Takihyo Co., Ltd........................................................ 255,000 1,488,129 1,381,314 (106,815) 0.8
Apparel, accessories and interior products
Tomen Electronics Corporation........................................... 17,900 459,687 449,178 (10,509) 0.2
Semiconductors and electronic equipment
Toshin Denki Co., Ltd................................................... 58,000 739,509 1,143,942 404,433 0.6
Lighting equipment and electrical engineering materials
Trusco Nakayama Corporation............................................. 28,000 449,886 519,839 69,953 0.3
------- ------- ------ ---
Industrial machinery
Total Wholesale.................................................................... 10,876,207 11,314,112 437,905 6.3
========== ========== ======= ===
TOTAL INVESTMENTS IN COMMON STOCKS................................................. $154,613,647 $177,403,931 $22,790,284 98.4
============ ============ =========== ====
JAPAN SMALLER CAPITALIZATION FUND, INC.
SCHEDULE OF INVESTMENTS
IN SECURITIES OF UNAFFILIATED ISSUERS
May 31, 2005
% of
Principal Market Unrealized Net
Amount Cost Value Gain/Loss Assets
------ ---- ----- --------- ------
INVESTMENTS IN FOREIGN CURRENCY
Hong Kong Shanghai Bank- Tokyo
Non- interest bearing account............................... JPY 372,501,325 $3,453,812 $3,449,246 ($4,566)* 1.9
---------- ---------- ------- ---
TOTAL INVESTMENTS IN FOREIGN CURRENCY.............................................. 3,453,812 3,449,246 (4,566) 1.9
--------- --------- ------ ---
TOTAL INVESTMENTS ................................................................. $158,067,459 $180,853,177 $22,785,718 100.3
------------ ------------ ----------- -----
LIABILITIES IN EXCESS OF OTHER ASSETS, NET......................................................... ($520,388) (0.3)
--------- -----
NET ASSETS......................................................................................... $180,332,789 100.0
============ =====
+ Non-Income Producing Security
* Aggregate gross unrealized appreciation for all securities in which there
is an excess of value over tax cost was $18,560,734. Aggregate gross
unrealized depreciation for all securities in which there is an excess of tax
cost over value was $4,229,550.
Portfolio securities and foreign currency holdings were translated at the
following exchange rate as of May 31, 2005.
Japanese Yen 108.00 =$1.00
Item 2. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial
Officer evaluated the Registrant's disclosure controls and procedures within
90 days of the filing of this report and concluded that they were effective in
providing reasonable assurance that the information required to be disclosed
by the Registrant in its reports or statements filed under the 1934 Act is
recorded, processed, summarized and reported within the time periods specified
in the rules and forms of the Securities and Exchange Commission.
(b) There were no changes in the Registrant's internal control over financial
reporting that occurred during the Registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of Principal Executive Officer and Principal Financial
Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are
attached hereto as an exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
JAPAN SMALLER CAPITALIZATION FUND, INC.
By: /s/ Yasushi Suzuki
Yasushi Suzuki, President
(Principal Executive Officer)
Date: July 26, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/ Rita Chopra-Brathwaite
Rita Chopra-Brathwaite, Treasurer
(Principal Financial Officer)
Date: July 26, 2005