Form N-PX - Annual Report of proxy voting record of management investment companies

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-05992

Japan Smaller Capitalization Fund, Inc.

(Exact name of registrant as specified in charter)

	Worldwide Plaza, 309 West 49th Street, New York, New York	10019
	(Address of principal executive offices)	(Zip code)

Mr. Yuichi Nomoto

Worldwide Plaza

309 West 49th Street

New York, New York 10019

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 833-0018

Date of fiscal year end:	February 28

Date of reporting period:	July 1, 2022 – June 30, 2023

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote

COSMOS PHARMACEUTICAL CORPORATION	23-Aug-2022	Annual General Meeting	13,700	B036QP1	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations, Allow the Board of Directors to Authorize Appropriation of Surplus and Purchase Own Shares, Establish the Articles Related to Shareholders Meeting Held without Specifying a Venue	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Uno, Masateru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yokoyama, Hideaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shibata, Futoshi	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Ueta, Masao	MGMT	FOR	FOR

DAIKOKUTENBUSSAN CO.,LTD.	24-Aug-2022	Annual General Meeting	1,800	6713186	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations	MGMT	FOR	FOR
					Appoint a Director Oga, Shoji	MGMT	AGAINST	AGAINST
					Appoint a Director Oga, Masahiko	MGMT	FOR	FOR
					Appoint a Director Omura, Masashi	MGMT	FOR	FOR
					Appoint a Director Kawada, Tomohiro	MGMT	FOR	FOR
					Appoint a Director Fujikawa, Atsushi	MGMT	FOR	FOR
					Appoint a Director Namba, Yoichi	MGMT	FOR	FOR
					Appoint a Director Inoue, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Noda, Naoki	MGMT	FOR	FOR
					Appoint a Director Fukuda, Masahiko	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Kuwahara, Kazunari	MGMT	FOR	FOR

CREATE SD HOLDINGS CO.,LTD.	26-Aug-2022	Annual General Meeting	157,300	B3V2XQ2	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamamoto, Hisao	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Hirose, Taizo	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nakaura, Shigeto	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Harada, Takafumi	MGMT	FOR	FOR

SHINPO CO.,LTD.	27-Sep-2022	Annual General Meeting	2,300	6864493	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations	MGMT	FOR	FOR
					Appoint Accounting Auditors	MGMT	FOR	FOR

PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	28-Sep-2022	Annual General Meeting	61,900	5767753	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoshida, Naoki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Matsumoto, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sekiguchi, Kenji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Moriya, Hideki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishii, Yuji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shimizu, Keita	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ninomiya, Hitomi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kubo, Isao	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yasuda, Takao	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Yoshimura, Yasunori	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kamo, Masaharu	MGMT	FOR	FOR

JM HOLDINGS CO.,LTD.	24-Oct-2022	Annual General Meeting	443,500	BYM6DQ0	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations	MGMT	FOR	FOR
					Appoint a Director Matsui, Shigetada	MGMT	FOR	FOR

STEP CO.,LTD.	17-Dec-2022	Annual General Meeting	164,900	6791999	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations	MGMT	FOR	FOR
					Appoint a Director Tatsui, Kyoji	MGMT	FOR	FOR
					Appoint a Director Endo, Yosuke	MGMT	FOR	FOR
					Appoint a Director Arai, Noriaki	MGMT	FOR	FOR
					Appoint a Director Daikoku, Akiyoshi	MGMT	FOR	FOR
					Appoint a Director Hakamada, Tsuyoshi	MGMT	FOR	FOR
					Appoint a Director Morimoto, Yuriko	MGMT	FOR	FOR
					Appoint a Director Kijima, Fumiyoshi	MGMT	FOR	FOR
					Appoint a Director Asano, Tatsuru	MGMT	FOR	FOR
					Appoint a Director Nakano, Towada	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
NISHIO RENT ALL CO.,LTD.	20-Dec-2022	Annual General Meeting	161,000	6638320	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Approve Absorption-Type Company Split Agreement	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations, Amend Official Company Name, Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Nishio, Masashi	MGMT	AGAINST	AGAINST
					Appoint a Director Tonomura, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director Hamada, Masayoshi	MGMT	FOR	FOR
					Appoint a Director Hashimoto, Koji	MGMT	FOR	FOR
					Appoint a Director Kitayama, Takashi	MGMT	FOR	FOR
					Appoint a Director Kamada, Hiroaki	MGMT	FOR	FOR
					Appoint a Director Yotsumoto, Kazuo	MGMT	FOR	FOR
					Appoint a Director Nakano, Koji	MGMT	FOR	FOR
					Appoint a Director Tanaka, Koji	MGMT	FOR	FOR
					Appoint a Director Seo, Shinichi	MGMT	FOR	FOR
					Appoint a Director Shimanaka, Tetsumi	MGMT	AGAINST	AGAINST
					Appoint a Director Nosaka, Hiromi	MGMT	FOR	FOR
					Appoint a Director Nakakoji, Kumiyo	MGMT	FOR	FOR
					Appoint a Corporate Auditor Morita, Koichi	MGMT	FOR	FOR

KANAMOTO CO.,LTD.	26-Jan-2023	Annual General Meeting	179,000	6482903	Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations, Adopt Reduction of Liability System for Corporate Officers	MGMT	FOR	FOR
					Appoint a Director Kanamoto, Kanchu	MGMT	FOR	FOR
					Appoint a Director Kanamoto, Tetsuo	MGMT	FOR	FOR
					Appoint a Director Kanamoto, Tatsuo	MGMT	FOR	FOR
					Appoint a Director Hashiguchi, Kazunori	MGMT	FOR	FOR
					Appoint a Director Sannomiya, Akira	MGMT	FOR	FOR
					Appoint a Director Watanabe, Jun	MGMT	FOR	FOR
					Appoint a Director Hirose, Shun	MGMT	FOR	FOR
					Appoint a Director Yamashita, Hideaki	MGMT	FOR	FOR
					Appoint a Director Naito, Susumu	MGMT	FOR	FOR
					Appoint a Director Arita, Eiji	MGMT	FOR	FOR
					Appoint a Director Yonekawa, Motoki	MGMT	FOR	FOR
					Appoint a Director Tabata, Ayako	MGMT	FOR	FOR
					Appoint a Director Okawa, Tetsuya	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kanamoto, Eichu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yokota, Naoyuki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ikushima, Noriaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Takeuchi, Iwao	MGMT	FOR	FOR

HI-LEX CORPORATION	28-Jan-2023	Annual General Meeting	432,800	6643476	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions Related to Change of Laws and Regulations, Adopt Reduction of Liability System for Corporate Officers, Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director Teraura, Taro	MGMT	AGAINST	AGAINST
					Appoint a Director Masaki, Yasuko	MGMT	AGAINST	AGAINST
					Appoint a Director Kato, Toru	MGMT	FOR	FOR
					Appoint a Director Akanishi, Yoshifumi	MGMT	FOR	FOR
					Appoint a Director Yoshikawa, Hiromi	MGMT	FOR	FOR
					Approve Continuance of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)	MGMT	AGAINST	AGAINST

NICHIRIN CO.,LTD.	28-Mar-2023	Annual General Meeting	109,900	6037080	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Maeda, Ryuichi	MGMT	FOR	FOR
					Appoint a Director Soga, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Taniguchi, Toshikazu	MGMT	FOR	FOR
					Appoint a Director Kikumoto, Hideki	MGMT	FOR	FOR
					Appoint a Director Namba, Hironari	MGMT	FOR	FOR
					Appoint a Director Yano, Susumu	MGMT	FOR	FOR
					Appoint a Director Suzuki, Kazufumi	MGMT	AGAINST	AGAINST
					Appoint a Director Kimura, Miki	MGMT	FOR	FOR

THE PACK CORPORATION	28-Mar-2023	Annual General Meeting	178,900	6887821	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Appoint a Director Yamashita, Hideaki	MGMT	FOR	FOR
					Appoint a Director Takinoue, Teruo	MGMT	FOR	FOR
					Appoint a Director Okada, Susumu	MGMT	FOR	FOR
					Appoint a Director Fujii, Michihisa	MGMT	FOR	FOR
					Appoint a Director Ashida, Norio	MGMT	FOR	FOR
					Appoint a Director Ito, Haruyasu	MGMT	FOR	FOR
					Appoint a Director Hayashi, Hirofumi	MGMT	FOR	FOR
					Appoint a Director Nishio, Uichiro	MGMT	FOR	FOR
					Appoint a Director Kasahara, Kahoru	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nakamura, Shuichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Iwase, Norimasa	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
SAKATA INX CORPORATION	29-Mar-2023	Annual General Meeting	761,300	6769833	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Ueno, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director Nakamura, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Fukunaga, Toshihiko	MGMT	FOR	FOR
					Appoint a Director Morita, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Tateiri, Minoru	MGMT	FOR	FOR
					Appoint a Director Sato, Yoshio	MGMT	FOR	FOR
					Appoint a Director Tsujimoto, Yukiko	MGMT	FOR	FOR
					Appoint a Director Otsuki, Kazuko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Matsuo, Haruhiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Iwasaki, Masami	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Kubota, Koji	MGMT	FOR	FOR

SHIKOKU KASEI HOLDINGS CORPORATION	29-Mar-2023	Annual General Meeting	243,500	6804303	Appoint a Director Watanabe, Mitsunori	MGMT	AGAINST	AGAINST
					Appoint a Director Matsubara, Jun	MGMT	FOR	FOR
					Appoint a Director Manabe, Yoshinori	MGMT	FOR	FOR
					Appoint a Director Hamazaki, Makoto	MGMT	FOR	FOR
					Appoint a Director Ikeda, Yuichi	MGMT	FOR	FOR
					Appoint a Director Ando, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director Harada, Shuitsu	MGMT	FOR	FOR
					Appoint a Director Umazume, Norihiko	MGMT	FOR	FOR
					Appoint a Director Furusawa, Minoru	MGMT	FOR	FOR
					Appoint a Director Mori, Kiyoshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tanabe, Kenji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nishihara, Koji	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Mizuno, Takeo	MGMT	FOR	FOR
					Approve Continuance of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)	MGMT	AGAINST	AGAINST

OTSUKA CORPORATION	29-Mar-2023	Annual General Meeting	105,500	4272634	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Otsuka, Yuji	MGMT	FOR	FOR
					Appoint a Director Katakura, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director Tsurumi, Hironobu	MGMT	FOR	FOR
					Appoint a Director Saito, Hironobu	MGMT	FOR	FOR
					Appoint a Director Sakurai, Minoru	MGMT	FOR	FOR
					Appoint a Director Makino, Jiro	MGMT	AGAINST	AGAINST
					Appoint a Director Saito, Tetsuo	MGMT	FOR	FOR
					Appoint a Director Hamabe, Makiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Murata, Tatsumi	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	AGAINST	AGAINST

KEIYO GAS CO.,LTD.	29-Mar-2023	Annual General Meeting	31,200	6487469	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kikuchi, Misao	MGMT	AGAINST	AGAINST
					Appoint a Director Eguchi, Takashi	MGMT	FOR	FOR
					Appoint a Director Funaki, Takashi	MGMT	FOR	FOR
					Appoint a Director Furuichi, Seiichi	MGMT	FOR	FOR
					Appoint a Director Kuno, Koichi	MGMT	FOR	FOR
					Appoint a Director Maekawa, Wataru	MGMT	FOR	FOR
					Appoint a Director Mori, Takao	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ueno, Yosuke	MGMT	FOR	FOR

PIGEON CORPORATION	30-Mar-2023	Annual General Meeting	46,300	6688080	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director Kitazawa, Norimasa	MGMT	FOR	FOR
					Appoint a Director Itakura, Tadashi	MGMT	FOR	FOR
					Appoint a Director Kevin Vyse-Peacock	MGMT	FOR	FOR
					Appoint a Director Yano, Ryo	MGMT	FOR	FOR
					Appoint a Director Nitta, Takayuki	MGMT	FOR	FOR
					Appoint a Director Hatoyama, Rehito	MGMT	FOR	FOR
					Appoint a Director Hayashi, Chiaki	MGMT	FOR	FOR
					Appoint a Director Yamaguchi, Eriko	MGMT	FOR	FOR
					Appoint a Director Miwa, Yumiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nishimoto, Hiroshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ishigami, Koji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Otsu, Koichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Taishido, Atsuko	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Omuro, Sachiko	MGMT	AGAINST	AGAINST
					Appoint a Substitute Corporate Auditor Noda, Hiroko	MGMT	FOR	FOR
					Approve Details of the Performance-based Stock Compensation to be received by Directors	MGMT	FOR	FOR

NAKANISHI INC.	30-Mar-2023	Annual General Meeting	127,900	6271071	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Shiomi, Chika	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors (Excluding Outside Directors)	MGMT	AGAINST	AGAINST

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
MABUCHI MOTOR CO.,LTD.	30-Mar-2023	Annual General Meeting	50,500	6551030	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Establish the Articles Related to Shareholders Meeting Held without Specifying a Venue, Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Okoshi, Hiroo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Taniguchi, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Katayama, Hirotaro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iyoda, Tadahito	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyajima, Kazuaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Toru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mitarai, Naoki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsutsumi, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Okada, Akira	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kobayashi, Katsumi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Asai, Takashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Toyoshi, Yoko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Fukuyama, Yasuko	MGMT	FOR	FOR

THE YOKOHAMA RUBBER COMPANY,LIMITED	30-Mar-2023	Annual General Meeting	63,400	6986461	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Change Company Location, Increase the Board of Directors Size, Transition to a Company with Supervisory Committee, Allow the Board of Directors to Authorize Appropriation of Surplus and Purchase Own Shares, Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamaishi, Masataka	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nitin Mantri	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Seimiya, Shinji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyamoto, Tomoaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakamura, Yoshikuni	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yuki, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Okada, Hideichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hori, Masatoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kaneko, Hiroko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shimizu, Megumi	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Furukawa, Junichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Matsuo, Gota	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Uchida, Hisao	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kono, Hirokazu	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kamei, Atsushi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kimura, Hiroki	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Furukawa, Junichi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors (Excluding Outside Directors and Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR

S FOODS INC.	24-May-2023	Annual General Meeting	215,200	6838584	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Murakami, Shinnosuke	MGMT	FOR	FOR
					Appoint a Director Hirai, Hirokatsu	MGMT	FOR	FOR
					Appoint a Director Komata, Motoaki	MGMT	FOR	FOR
					Appoint a Director Sugimoto, Mitsufumi	MGMT	FOR	FOR
					Appoint a Director Yoshimura, Naoki	MGMT	FOR	FOR
					Appoint a Director Izuta, Junji	MGMT	FOR	FOR
					Appoint a Director Iwabuchi, Hiroyasu	MGMT	FOR	FOR
					Appoint a Director Unoki, Kenji	MGMT	FOR	FOR
					Appoint a Director Matsuno, Masaru	MGMT	FOR	FOR
					Appoint a Director Kamoda, Shizuko	MGMT	FOR	FOR
					Appoint a Director Sato, Eiki	MGMT	FOR	FOR
					Appoint a Director Shiramizu, Masako	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Daiyou Kin	MGMT	AGAINST	AGAINST

PAL GROUP HOLDINGS CO.,LTD	24-May-2023	Annual General Meeting	63,400	6421898	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Inoue, Hidetaka	MGMT	FOR	FOR
					Appoint a Director Inoue, Ryuta	MGMT	FOR	FOR
					Appoint a Director Arimitsu, Yasuji	MGMT	FOR	FOR
					Appoint a Director Watanabe, Takayo	MGMT	FOR	FOR
					Appoint a Director Higuchi, Hisayuki	MGMT	AGAINST	AGAINST
					Appoint a Director Teranishi, Kensaku	MGMT	FOR	FOR
					Appoint a Corporate Auditor Fujii, Toshio	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Ogawa, Norihisa	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
IZUMI CO.,LTD.	24-May-2023	Annual General Meeting	212,500	6468152	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Yamanishi, Yasuaki	MGMT	FOR	FOR
					Appoint a Director Mikamoto, Tatsuya	MGMT	FOR	FOR
					Appoint a Director Machida, Shigeki	MGMT	FOR	FOR
					Appoint a Director Kuromoto, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Yamanishi, Daisuke	MGMT	FOR	FOR
					Appoint a Director Yoneda, Kunihiko	MGMT	FOR	FOR
					Appoint a Director Aoyama, Naomi	MGMT	FOR	FOR
					Appoint a Director Nishikawa, Masahiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hisanaga, Hideaki	MGMT	FOR	FOR

SAN-A CO.,LTD.	25-May-2023	Annual General Meeting	50,900	6280680	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Arashiro, Kentaro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tasaki, Masahito	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Toyoda, Taku	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Goya, Tamotsu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takeda, Hisashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Uema, Kumiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nozaki, Seiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Onaga, Tomotsune	MGMT	FOR	FOR

MARUZEN CO.,LTD.	25-May-2023	Annual General Meeting	86,100	6573498	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Appoint a Director Watanabe, Keiichi	MGMT	AGAINST	AGAINST
					Appoint a Director Watanabe, Yudai	MGMT	FOR	FOR
					Appoint a Director Bammi, Fusao	MGMT	FOR	FOR
					Appoint a Director Yamanoi, Makoto	MGMT	FOR	FOR
					Appoint a Director Takehara, Naoyuki	MGMT	FOR	FOR
					Appoint a Director Yanai, Takashi	MGMT	FOR	FOR
					Appoint a Director Shumura, Hiroki	MGMT	FOR	FOR
					Appoint a Director Kimizuka, Koji	MGMT	FOR	FOR
					Appoint a Director Nakamaru, Yasushi	MGMT	FOR	FOR
					Appoint a Director Yabe, Takaharu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kuno, Takashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tanahashi, Masaaki	MGMT	FOR	FOR
					Shareholder Proposal: Approve Appropriation of Surplus	SHAREHOLDER	AGAINST	FOR

TOKAI RIKA CO.,LTD.	13-Jun-2023	Annual General Meeting	186,700	6894025	Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Ninoyu, Hiroyoshi	MGMT	FOR	FOR
					Appoint a Director Sato, Koki	MGMT	FOR	FOR
					Appoint a Director Sato, Masahiko	MGMT	FOR	FOR
					Appoint a Director Fujioka, Kei	MGMT	FOR	FOR
					Appoint a Director Miyama, Minako	MGMT	FOR	FOR
					Appoint a Director Niwa, Motomi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tsuchiya, Toshiaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yamada, Yoshinori	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Uozumi, Naoto	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	AGAINST	AGAINST

OKINAWA CELLULAR TELEPHONE COMPANY	15-Jun-2023	Annual General Meeting	48,600	5805738	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines, Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director Suga, Takashi	MGMT	AGAINST	AGAINST
					Appoint a Director Yamamori, Seiji	MGMT	FOR	FOR
					Appoint a Director Toguchi, Takeyuki	MGMT	FOR	FOR
					Appoint a Director Kuniyoshi, Hiroki	MGMT	FOR	FOR
					Appoint a Director Oroku, Kunio	MGMT	AGAINST	AGAINST
					Appoint a Director Aharen, Hikaru	MGMT	FOR	FOR
					Appoint a Director Oshiro, Hajime	MGMT	FOR	FOR
					Appoint a Director Tanaka, Takashi	MGMT	FOR	FOR
					Appoint a Director Nakayama, Tomoko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Asato, Masatoshi	MGMT	AGAINST	AGAINST
					Appoint a Corporate Auditor Fuchibe, Miki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Masuda, Haruhiko	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	FOR	FOR

SUGIMOTO & CO.,LTD.	15-Jun-2023	Annual General Meeting	130,000	6856928	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Sugimoto, Masahiro	MGMT	FOR	FOR
					Appoint a Director Sugimoto, Masayuki	MGMT	FOR	FOR
					Appoint a Director Imanaka, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Miyaji, Kamezo	MGMT	AGAINST	AGAINST
					Appoint a Director Tsuru, Yuki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Aotani, Teruyuki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ban, Junnosuke	MGMT	AGAINST	AGAINST
					Appoint a Corporate Auditor Umeno, Sotoji	MGMT	AGAINST	AGAINST

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
RIKEN TECHNOS CORPORATION	16-Jun-2023	Annual General Meeting	115,400	6739900	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tokiwa, Kazuaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Irie, Junji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kajiyama, Gakuyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sugino, Hitoshi	MGMT	FOR	FOR

NAGASE & CO.,LTD.	20-Jun-2023	Annual General Meeting	85,300	6619820	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Asakura, Kenji	MGMT	FOR	FOR
					Appoint a Director Ueshima, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Ikemoto, Masaya	MGMT	FOR	FOR
					Appoint a Director Kamada, Masatoshi	MGMT	FOR	FOR
					Appoint a Director Nagase, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Nonomiya, Ritsuko	MGMT	FOR	FOR
					Appoint a Director Horikiri, Noriaki	MGMT	FOR	FOR
					Appoint a Director Mikoshiba, Toshiaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Takami, Akira	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Muramatsu, Takao	MGMT	FOR	FOR

KANADEN CORPORATION	20-Jun-2023	Annual General Meeting	361,900	6483304	Appoint a Director Motohashi, Nobuyuki	MGMT	FOR	FOR
					Appoint a Director Moriya, Futoshi	MGMT	FOR	FOR
					Appoint a Director Nagashima, Yoshiro	MGMT	FOR	FOR
					Appoint a Director Ito, Yayoi	MGMT	FOR	FOR
					Appoint a Director Imado, Tomoe	MGMT	FOR	FOR
					Appoint a Director Mori, Hisataka	MGMT	FOR	FOR
					Appoint a Director Saigusa, Hironori	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tsukada, Kazuhiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Okamoto, Osamu	MGMT	AGAINST	AGAINST

NITTO KOHKI CO.,LTD.	20-Jun-2023	Annual General Meeting	395,400	6625894	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Ogata, Akinobu	MGMT	FOR	FOR
					Appoint a Director Takata, Yoko	MGMT	FOR	FOR
					Appoint a Director Mori, Kenji	MGMT	FOR	FOR
					Appoint a Director Nakagawa, Yasuo	MGMT	AGAINST	AGAINST
					Appoint a Director Komiyama, Mitsuru	MGMT	FOR	FOR
					Appoint a Director Santo, Masaji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nishida, Yutaka	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Yamada, Hideo	MGMT	FOR	FOR

TRANCOM CO.,LTD.	20-Jun-2023	Annual General Meeting	84,500	6890034	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shimizu, Masahisa	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takebe, Atsunori	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Jinno, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kambayashi, Ryo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sato, Kei	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Usagawa, Kuniko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Shibuya, Eiji	MGMT	FOR	FOR

THE HYAKUGO BANK,LTD.	21-Jun-2023	Annual General Meeting	194,200	6659666	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Ito, Toshiyasu	MGMT	AGAINST	AGAINST
					Appoint a Director Sugiura, Masakazu	MGMT	AGAINST	AGAINST
					Appoint a Director Yamazaki, Kei	MGMT	FOR	FOR
					Appoint a Director Kato, Tetsuya	MGMT	FOR	FOR
					Appoint a Director Arakida, Yutaka	MGMT	FOR	FOR
					Appoint a Director Urata, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Nagahisa	MGMT	FOR	FOR
					Appoint a Director Kawakita, Hisashi	MGMT	AGAINST	AGAINST
					Appoint a Director Nishioka, Keiko	MGMT	FOR	FOR
					Appoint a Director Nakamura, Atsushi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tsuruoka, Shinji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kawabata, Ikuko	MGMT	FOR	FOR
					Shareholder Proposal: Approve Purchase of Own Shares	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Approve Appropriation of Surplus	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Appoint a Director Maeda, Tomoki	SHAREHOLDER	FOR	AGAINST

SERIA CO.,LTD.	21-Jun-2023	Annual General Meeting	287,500	6680718	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawai, Eiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwama, Yasushi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyake, Natsuko	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
KOMATSU WALL INDUSTRY CO.,LTD.	22-Jun-2023	Annual General Meeting	27,200	6498762	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kano, Shinya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamada, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hirose, Norio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Aya, Yukio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hachiya, Toshio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Furuya, Mayumi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nakada, Koichi	MGMT	FOR	FOR

FJ NEXT HOLDINGS CO.,LTD.	22-Jun-2023	Annual General Meeting	31,200	B0406Q3	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hida, Yukiharu	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nagai, Atsushi	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Masuko, Shigeo	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Suzuki, Kenichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Suzuki, Kiyoshi	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Takaba, Daisuke	MGMT	AGAINST	AGAINST
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Nozawa, Toshinori	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Oshiro, Kie	MGMT	FOR	FOR
					Approve Payment of Accrued Benefits associated with Abolition of Retirement Benefit System for Current Corporate Officers	MGMT	AGAINST	AGAINST
					Approve Details of the Restricted-Stock Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members and Outside Directors)	MGMT	FOR	FOR

MORIROKU HOLDINGS COMPANY,LTD.	22-Jun-2023	Annual General Meeting	38,700	BFNG7Z3	Amend Articles to: Amend Official Company Name, Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Kurita, Takashi	MGMT	FOR	FOR
					Appoint a Director Monji, Hidehito	MGMT	FOR	FOR
					Appoint a Director Morita, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director Shibata, Koichiro	MGMT	FOR	FOR
					Appoint a Director Hirai, Kenichi	MGMT	FOR	FOR
					Appoint a Director Otsuka, Ryo	MGMT	FOR	FOR
					Appoint a Director Yokote, Hitomi	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Miyagoshi, Hiroyuki	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Yukimaru, Akiko	MGMT	FOR	FOR

NICHIHA CORPORATION	23-Jun-2023	Annual General Meeting	73,300	6638331	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Yoshioka, Narumitsu	MGMT	FOR	FOR
					Appoint a Director Tonoi, Kazushi	MGMT	FOR	FOR
					Appoint a Director Kojima, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director Kawashima, Hisayuki	MGMT	FOR	FOR
					Appoint a Director Oka, Munetsugu	MGMT	FOR	FOR
					Appoint a Director Yagi, Kiyofumi	MGMT	FOR	FOR
					Appoint a Director Tajiri, Naoki	MGMT	FOR	FOR
					Appoint a Director Nishi, Hiroaki	MGMT	FOR	FOR
					Appoint a Director Otani, Kazuko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Shibata, Yoshihiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Sasaki, Kenji	MGMT	FOR	FOR

MORITA HOLDINGS CORPORATION	23-Jun-2023	Annual General Meeting	289,500	6602745	Appoint a Director Nakajima, Masahiro	MGMT	AGAINST	AGAINST
					Appoint a Director Kanaoka, Shinichi	MGMT	AGAINST	AGAINST
					Appoint a Director Morimoto, Kunio	MGMT	FOR	FOR
					Appoint a Director Murai, Shinya	MGMT	FOR	FOR
					Appoint a Director Isoda, Mitsuo	MGMT	FOR	FOR
					Appoint a Director Kawanishi, Takao	MGMT	FOR	FOR
					Appoint a Director Hojo, Masaki	MGMT	FOR	FOR
					Appoint a Director Kato, Masayoshi	MGMT	FOR	FOR
					Appoint a Director Fukunishi, Hiroyuki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ota, Masaru	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors	MGMT	FOR	FOR

PALTAC CORPORATION	23-Jun-2023	Annual General Meeting	115,400	B61BG94	Appoint a Director Kasutani, Seiichi	MGMT	FOR	FOR
					Appoint a Director Yoshida, Takuya	MGMT	FOR	FOR
					Appoint a Director Noma, Masahiro	MGMT	FOR	FOR
					Appoint a Director Shimada, Masaharu	MGMT	FOR	FOR
					Appoint a Director Yamada, Yoshitaka	MGMT	FOR	FOR
					Appoint a Director Sakon, Yuji	MGMT	FOR	FOR
					Appoint a Director Oishi, Kaori	MGMT	FOR	FOR
					Appoint a Director Orisaku, Mineko	MGMT	FOR	FOR
					Appoint a Director Inui, Shingo	MGMT	FOR	FOR
					Appoint a Director Yoshitake, Ichiro	MGMT	FOR	FOR
					Appoint a Director Takamori, Tatsuomi	MGMT	FOR	FOR
					Appoint a Director Hattori, Akito	MGMT	FOR	FOR
					Appoint a Corporate Auditor Shintani, Takashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hikita, Kyoko	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
SG HOLDINGS CO.,LTD.	23-Jun-2023	Annual General Meeting	86,100	BFFY885	Appoint a Director Kuriwada, Eiichi	MGMT	FOR	FOR
					Appoint a Director Matsumoto, Hidekazu	MGMT	FOR	FOR
					Appoint a Director Motomura, Masahide	MGMT	FOR	FOR
					Appoint a Director Kawanago, Katsuhiro	MGMT	FOR	FOR
					Appoint a Director Sasamori, Kimiaki	MGMT	FOR	FOR
					Appoint a Director Takaoka, Mika	MGMT	FOR	FOR
					Appoint a Director Sagisaka, Osami	MGMT	FOR	FOR
					Appoint a Director Akiyama, Masato	MGMT	FOR	FOR
					Appoint a Corporate Auditor Niimoto, Tomonari	MGMT	FOR	FOR

YOSSIX HOLDINGS CO.,LTD.	23-Jun-2023	Annual General Meeting	90,600	BSZM2R7	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoshioka, Masanari	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Segawa, Masahito	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoshioka, Yutaro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Date, Tomio	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Torii, Tatsuya	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Uemura, Ryoji	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hori, Yuji	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Suzuki, Takaomi	MGMT	AGAINST	AGAINST

SOKEN CHEMICAL & ENGINEERING CO.,LTD.	23-Jun-2023	Annual General Meeting	42,500	6338910	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend the Articles Related to Substitute Corporate Auditors	MGMT	FOR	FOR
					Appoint a Director Fukuda, Junichiro	MGMT	AGAINST	AGAINST
					Appoint a Director Takizawa, Kiyotaka	MGMT	FOR	FOR
					Appoint a Director Tomita, Koji	MGMT	FOR	FOR
					Appoint a Director Okamoto, Shuji	MGMT	FOR	FOR
					Appoint a Director Hasui, Takafumi	MGMT	FOR	FOR
					Appoint a Director Tsuchiya, Jun	MGMT	FOR	FOR
					Appoint a Director Kamiyama, Kenjiro	MGMT	FOR	FOR
					Appoint a Director Fusegi, Takayoshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Matsumoto, Shinsuke	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Nara, Shin	MGMT	FOR	FOR

THE TAIKO BANK,LTD.	23-Jun-2023	Annual General Meeting	333,700	6871493	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishida, Yukio	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Kawai, Shoichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Suzuki, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nishiyama, Katsuyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Aiba, Minoru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Yoshihiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Yamaguchi, Tomoyasu	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hosokai, Iwao	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Sakai, Keiji	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nakamura, Chieko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Takahashi, Masahide	MGMT	FOR	FOR

FUDO TETRA CORPORATION	23-Jun-2023	Annual General Meeting	9,900	6355005	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takehara, Yuji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Okuda, Shinya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Obayashi, Jun	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tadano, Akihiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Niiyama, Chihiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawachi, Yoji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Osawa, Mari	MGMT	FOR	FOR

THE NIPPON ROAD CO.,LTD.	23-Jun-2023	Annual General Meeting	11,400	6642462	Appoint a Director Ishii, Toshiyuki	MGMT	AGAINST	AGAINST
					Appoint a Director Hyodo, Masakazu	MGMT	FOR	FOR
					Appoint a Director Ito, Kaoru	MGMT	FOR	FOR
					Appoint a Director Kasai, Toshihiko	MGMT	FOR	FOR
					Appoint a Director Takasugi, Takeshi	MGMT	FOR	FOR
					Appoint a Director Matsumoto, Taku	MGMT	FOR	FOR
					Appoint a Director Morimura, Nozomu	MGMT	FOR	FOR
					Appoint a Director Kosao, Fumiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Yamamori, Yuichi	MGMT	AGAINST	AGAINST
					Approve Details of the Compensation to be received by Corporate Officers	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
EXEO GROUP,INC.	23-Jun-2023	Annual General Meeting	349,300	6499420	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Funabashi, Tetsuya	MGMT	FOR	FOR
					Appoint a Director Mino, Koichi	MGMT	FOR	FOR
					Appoint a Director Watabe, Noriyuki	MGMT	FOR	FOR
					Appoint a Director Koyama, Yuichi	MGMT	FOR	FOR
					Appoint a Director Sakaguchi, Takafumi	MGMT	FOR	FOR
					Appoint a Director Imaizumi, Fumitoshi	MGMT	FOR	FOR
					Appoint a Director Hayashi, Shigeki	MGMT	FOR	FOR
					Appoint a Director Kohara, Yasushi	MGMT	FOR	FOR
					Appoint a Director Iwasaki, Naoko	MGMT	FOR	FOR
					Appoint a Director Mochizuki, Tatsushi	MGMT	FOR	FOR
					Appoint a Director Yoshida, Keiji	MGMT	FOR	FOR
					Appoint a Director Aramaki, Tomoko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kojima, Shinji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Osawa, Eiko	MGMT	FOR	FOR

AICA KOGYO COMPANY,LIMITED	23-Jun-2023	Annual General Meeting	150,400	6010047	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ono, Yuji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ebihara, Kenji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Omura, Nobuyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwatsuka, Yuji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kanie, Hiroshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shimizu, Ayako	MGMT	FOR	FOR

FUSO CHEMICAL CO.,LTD.	23-Jun-2023	Annual General Meeting	126,500	6347712	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fujioka, Misako	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sugita, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Masauji, Haruo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tanimura, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sugimoto, Motoki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fujioka, Atsushi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hyakushima, Hakaru	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hirata, Fumiaki	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members and Outside Directors)	MGMT	FOR	FOR

ADEKA CORPORATION	23-Jun-2023	Annual General Meeting	103,600	6054904	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shirozume, Hidetaka	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tomiyasu, Haruhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shiga, Yoji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yasuda, Susumu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nagai, Kazuyuki	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Endo, Shigeru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Horiguchi, Makoto	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Taya, Koichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Okuyama, Akio	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Hirasawa, Ikuko	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Yumiba, Keiji	MGMT	FOR	FOR

T&K TOKA CO.,LTD.	23-Jun-2023	Annual General Meeting	43,800	6038469	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takamizawa, Akihiro	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nakama, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sekine, Hideaki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Otaka, Kenji	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Noguchi, Satoshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hanabusa, Koichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kimura, Hideaki	MGMT	FOR	FOR

RYODEN CORPORATION	23-Jun-2023	Annual General Meeting	277,300	6763006	Appoint a Director Tomizawa, Katsuyuki	MGMT	AGAINST	AGAINST
					Appoint a Director Kitai, Shoji	MGMT	FOR	FOR
					Appoint a Director Ozawa, Takahiro	MGMT	FOR	FOR
					Appoint a Director Higashi, Shunichi	MGMT	FOR	FOR
					Appoint a Director Fujiwara, Goro	MGMT	AGAINST	AGAINST
					Appoint a Director Muroi, Masahiro	MGMT	FOR	FOR
					Appoint a Director Thomas Witty	MGMT	FOR	FOR
					Appoint a Director Matsuo, Hideki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hiraide, Hiroshi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tomomori, Hirozo	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Okamoto, Osamu	MGMT	AGAINST	AGAINST

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
KOHSOKU CORPORATION	26-Jun-2023	Annual General Meeting	169,600	6488592	Appoint a Director who is not Audit and Supervisory Committee Member Terashi, Koki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Terashi, Yuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Wagatsuma, Hideki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Obara, Junichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Hiromi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwasawa, Miyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mitamura, Takashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Numakura, Masae	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members and Outside Directors)	MGMT	FOR	FOR

RICOH LEASING COMPANY,LTD.	26-Jun-2023	Annual General Meeting	27,100	6729116	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakamura, Tokuharu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sano, Hirozumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kuroki, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Futamiya, Masaya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Arakawa, Masako	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ebisui, Mari	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Harasawa, Atsumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ichinose, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Zama, Nobuhisa	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Irisa, Takahiro	MGMT	AGAINST	AGAINST
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Ikeda, Koichiro	MGMT	FOR	FOR
					Approve Details of the Stock Compensation to be received by Directors	MGMT	FOR	FOR

MIZUHO LEASING COMPANY,LIMITED	27-Jun-2023	Annual General Meeting	66,000	B02QLW4	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Tsuhara, Shusaku	MGMT	FOR	FOR
					Appoint a Director Nakamura, Akira	MGMT	FOR	FOR
					Appoint a Director Nagamine, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Nishiyama, Takanori	MGMT	FOR	FOR
					Appoint a Director Otaka, Noboru	MGMT	FOR	FOR
					Appoint a Director Takezawa, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director Negishi, Naofumi	MGMT	FOR	FOR
					Appoint a Director Hagihira, Hirofumi	MGMT	FOR	FOR
					Appoint a Director Sagiya, Mari	MGMT	FOR	FOR
					Appoint a Director Kawamura, Hajime	MGMT	AGAINST	AGAINST
					Appoint a Director Aonuma, Takayuki	MGMT	FOR	FOR
					Appoint a Director Sone, Hirozumi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Arita, Koji	MGMT	AGAINST	AGAINST
					Approve Details of the Stock Compensation to be received by Directors	MGMT	AGAINST	AGAINST

DAISHI HOKUETSU FINANCIAL GROUP,INC.	27-Jun-2023	Annual General Meeting	66,900	BFYGQ44	Appoint a Director who is not Audit and Supervisory Committee Member Namiki, Fujio	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Ueguri, Michiro	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Makoto	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shibata, Ken	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tanaka, Takayoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Maki, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishizaka, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyakoshi, Tadanori	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Konomura, Takayoshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Mori, Kunio	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
KYOKUTO KAIHATSU KOGYO CO.,LTD.	27-Jun-2023	Annual General Meeting	206,400	6499088	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Change Company Location, Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director Nunohara, Tatsuya	MGMT	FOR	FOR
					Appoint a Director Harada, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director Norimitsu, Takeo	MGMT	FOR	FOR
					Appoint a Director Horimoto, Noboru	MGMT	FOR	FOR
					Appoint a Director Kizu, Teruyuki	MGMT	FOR	FOR
					Appoint a Director Terakawa, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Kaneko, Keiko	MGMT	FOR	FOR
					Appoint a Director Tomohiro, Takanobu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Sakurai, Akira	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kuriyama, Hiroaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Fujiwara, Kuniaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Asada, Nobuhiro	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Kimura, Rintaro	MGMT	AGAINST	AGAINST
					Shareholder Proposal: Approve Appropriation of Surplus	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Approve Details of the remuneration to grant restricted shares with stock-price-based conditions to Directors	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amendment to the Articles of Incorporation regarding disclosure of methods for calculating performance-linked remuneration for Directors with Authority of Representation)	SHAREHOLDER	AGAINST	FOR
					Shareholder Proposal: Amend Articles of Incorporation (Amendment to the Articles of Incorporation regarding payment of bonuses with stock-price-based conditions to employees)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amendment to the Articles of Incorporation regarding cross-shareholdings)	SHAREHOLDER	FOR	AGAINST

YURTEC CORPORATION	27-Jun-2023	Annual General Meeting	505,800	6894672	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Abe, Toshinori	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Ota, Yoshiharu	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Ikumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takasugi, Kazuo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miura, Koji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Suzuki, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takano, Hiromitsu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mitsui, Seiichi	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Takano, Keiichi	MGMT	FOR	FOR

NICHIREI CORPORATION	27-Jun-2023	Annual General Meeting	224,200	5809042	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Okushi, Kenya	MGMT	FOR	FOR
					Appoint a Director Umezawa, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director Takenaga, Masahiko	MGMT	FOR	FOR
					Appoint a Director Tanabe, Wataru	MGMT	FOR	FOR
					Appoint a Director Suzuki, Kenji	MGMT	FOR	FOR
					Appoint a Director Takaku, Yuichi	MGMT	FOR	FOR
					Appoint a Director Shoji, Kuniko	MGMT	FOR	FOR
					Appoint a Director Nabeshima, Mana	MGMT	FOR	FOR
					Appoint a Director Hama, Itsuo	MGMT	FOR	FOR
					Appoint a Director Hamashima, Kenji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Saito, Yuhiko	MGMT	FOR	FOR

SEKISUI JUSHI CORPORATION	27-Jun-2023	Annual General Meeting	437,800	6793843	Appoint a Director Baba, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Miyata, Toshitaka	MGMT	FOR	FOR
					Appoint a Director Takano, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Ito, Satoko	MGMT	FOR	FOR
					Appoint a Director Shibanuma, Yutaka	MGMT	FOR	FOR
					Appoint a Director Sasaki, Katsuyoshi	MGMT	FOR	FOR
					Appoint a Director Kikuchi, Tomoyuki	MGMT	FOR	FOR
					Appoint a Director Miyoshi, Nagaaki	MGMT	FOR	FOR

KAWAI MUSICAL INSTRUMENTS MANUFACTURING CO.,LTD.	27-Jun-2023	Annual General Meeting	21,900	6484460	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kawai, Hirotaka	MGMT	FOR	FOR
					Appoint a Director Ito, Teruyuki	MGMT	FOR	FOR
					Appoint a Director Kawai, Kentaro	MGMT	FOR	FOR
					Appoint a Director Ushio, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Minowa, Masafumi	MGMT	FOR	FOR
					Appoint a Director Mori, Naoki	MGMT	FOR	FOR
					Appoint a Director Katagiri, Ichisei	MGMT	FOR	FOR
					Appoint a Director Goto, Yasuo	MGMT	FOR	FOR
					Appoint a Director Muramatsu, Naomi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Makita, Harumitsu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tabata, Takahisa	MGMT	AGAINST	AGAINST

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
OKINAWA FINANCIAL GROUP,INC.	27-Jun-2023	Annual General Meeting	158,900	BMT97H7	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamashiro, Masayasu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kinjo, Yoshiteru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iha, Kazuya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Murakami, Naoko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Ikei, Mamoru	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Toyama, Keiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Higa, Mitsuru	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Sugimoto, Kenji	MGMT	FOR	FOR
					Approve Payment of Bonuses to Corporate Officers	MGMT	AGAINST	AGAINST

THE YAMANASHI CHUO BANK,LTD.	27-Jun-2023	Annual General Meeting	163,400	6985361	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Seki, Mitsuyoshi	MGMT	AGAINST	AGAINST
					Appoint a Director Furuya, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director Yamadera, Masahiko	MGMT	FOR	FOR
					Appoint a Director Tanaka, Norihiko	MGMT	FOR	FOR
					Appoint a Director Sato, Hideki	MGMT	FOR	FOR
					Appoint a Director Naito, Tetsuya	MGMT	FOR	FOR
					Appoint a Director Masukawa, Michio	MGMT	FOR	FOR
					Appoint a Director Kano, Riyo	MGMT	FOR	FOR
					Appoint a Director Ichikawa, Miki	MGMT	FOR	FOR

KYOEI STEEL LTD.	27-Jun-2023	Annual General Meeting	220,300	B1HHF49	Appoint a Director Takashima, Hideichiro	MGMT	FOR	FOR
					Appoint a Director Hirotomi, Yasuyuki	MGMT	FOR	FOR
					Appoint a Director Sakamoto, Shogo	MGMT	FOR	FOR
					Appoint a Director Kunimaru, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Kitada, Masahiro	MGMT	FOR	FOR
					Appoint a Director Kawai, Kenji	MGMT	FOR	FOR
					Appoint a Director Yamao, Tetsuya	MGMT	FOR	FOR
					Appoint a Director Kawabe, Tatsuya	MGMT	FOR	FOR
					Appoint a Director Yamamoto, Takehiko	MGMT	FOR	FOR
					Appoint a Director Funato, Kimiko	MGMT	FOR	FOR
					Appoint a Director Yokoyama, Masami	MGMT	FOR	FOR
					Appoint a Corporate Auditor Muneoka, Toru	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Takeuchi, Yohei	MGMT	FOR	FOR

YUSHIRO CHEMICAL INDUSTRY CO.,LTD.	27-Jun-2023	Annual General Meeting	261,100	6988757	Amend Articles to: Amend Business Lines	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Arisaka, Masanori	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Seiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kobayashi, Kazushige	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takakura, Kazutoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishikawa, Takuya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakano, Masafumi	MGMT	FOR	FOR

FUJIKURA KASEI CO.,LTD.	27-Jun-2023	Annual General Meeting	1,608,900	6356729	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kato, Daisuke	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Kajiwara, Hisashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takano, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Watanabe, Satoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawaguchi, Hitoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kurihara, Susumu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsuchiya, Toyohiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishii, Takahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tanaka, Osamu	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nagahama, Yoichi	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Watanabe, Hiroaki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Naka, Mitsuyoshi	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Watanabe, Takashi	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Senoo, Tomoko	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Miyagawa, Hiroshi	MGMT	FOR	FOR

SANTEN PHARMACEUTICAL CO.,LTD.	27-Jun-2023	Annual General Meeting	119,200	6776606	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kurokawa, Akira	MGMT	FOR	FOR
					Appoint a Director Ito, Takeshi	MGMT	FOR	FOR
					Appoint a Director Oishi, Kanoko	MGMT	FOR	FOR
					Appoint a Director Shintaku, Yutaro	MGMT	FOR	FOR
					Appoint a Director Minakawa, Kunihito	MGMT	FOR	FOR
					Appoint a Director Kotani, Noboru	MGMT	FOR	FOR
					Appoint a Director Minami, Tamie	MGMT	FOR	FOR
					Appoint a Corporate Auditor Asatani, Junichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hodaka, Yaeko	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
MIRAIT ONE CORPORATION	27-Jun-2023	Annual General Meeting	214,400	B3Y56R0	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Establish the Articles Related to Shareholders Meeting Held without Specifying a Venue	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakayama, Toshiki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Totake, Yasushi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takahashi, Masayuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyazaki, Tatsumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takaya, Yoichiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Wakimoto, Hiroshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Mitsuya, Takaaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Igarashi, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ohashi, Hiroki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takagi, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Baba, Chiharu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamamoto, Mayumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawaratani, Shinichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsukasaki, Yuko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hayakawa, Osamu	MGMT	FOR	FOR

TOTETSU KOGYO CO.,LTD.	28-Jun-2023	Annual General Meeting	174,200	6897444	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Yagishita, Naomichi	MGMT	FOR	FOR
					Appoint a Director Maekawa, Tadao	MGMT	FOR	FOR
					Appoint a Director Shimomura, Hikaru	MGMT	FOR	FOR
					Appoint a Director Yasuda, Hiroaki	MGMT	FOR	FOR
					Appoint a Director Sakai, Toshiro	MGMT	FOR	FOR
					Appoint a Director Suetsuna, Takashi	MGMT	FOR	FOR
					Appoint a Director Nakayama, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Miyama, Miya	MGMT	FOR	FOR
					Appoint a Director Tamagawa, Takehiro	MGMT	AGAINST	AGAINST

AOI ELECTRONICS CO.,LTD.	28-Jun-2023	Annual General Meeting	89,200	6270960	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakayama, Koji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kinoshita, Kazuhiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fukuda, Kazuyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Aoki, Ryoji	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Furuta, Akihiro	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Moriito, Shigeki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kitayama, Noboru	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hashimoto, Junko	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
KYUSHU ELECTRIC POWER COMPANY,INCORPORATED	28-Jun-2023	Annual General Meeting	767,700	6499806	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Update the Articles Related to Class Shares (PLEASE NOTE THIS IS THE CONCURRENT AGENDA ITEM FOR THE ANNUAL GENERAL SHAREHOLDERS MEETING AND THE CLASS SHAREHOLDERS MEETING OF ORDINARY SHAREHOLDERS.)	MGMT	FOR	FOR
					Approve Issuance of New Class Shares to a Third Party or Third Parties	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Uriu, Michiaki	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Ikebe, Kazuhiro	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Toyoshima, Naoyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hashimoto, Noboru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Soda, Atsushi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Senda, Yoshiharu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakano, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nishiyama, Masaru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tachibana Fukushima, Sakie	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsuda, Junji	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Endo, Yasuaki	MGMT	FOR	FOR
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Partial Return of the President's Remuneration When the Company Has Received an Order Pertaining to a Company Scandal)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to The Company's Basic Policy on a Preliminary Injunction Preventing Operation of a Nuclear Power Station)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Individual Disclosure of Officers' Remuneration )	SHAREHOLDER	AGAINST	FOR
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Dismissal of all Compliance Committee Members, the Method of Election of New Members and Disclosure of such Members)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Order of Priority of Means for Eliminating Losses)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Linking Officers' Remuneration to Shareholder Dividends for the Same Fiscal Year)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Appointment of a Full-time Executive Officer in Charge of the Nuclear Regulation Authority)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Prohibition on Abuse of the Chairperson's Authority in Progression through Proceedings During the General Meeting of Shareholders)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Suspending Transactions With any Securities Company That Has Engaged in Share Price Manipulation, etc.)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Prohibition on the President Serving in a Concurrent Position in Another Organization When Serious Internal Problems Have Been Discovered in the Company)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Remove a Director Ikebe, Kazuhiro	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Establishment of a Special Compliance Committee)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Sale of Kyushu Electric Power Transmission and Distribution Co., Inc.)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Establishment of a Committee to Investigate the Issue of a 20-Year Extension for the Sendai Nuclear Power Station)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Use of 3D Reflection Method for Seismic Surveys)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Discontinuation of Nuclear Fuel Cycle Business)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to The Company Aims to be a Company that Values its Shareholders)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Complete Independence of Organ Concerning Compliance)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Fair Transactions with Subsidiaries)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Clarifying Responsibility for Changes to Dividends)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Clarifying Responsibility for and Speed of Response to Scandals)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Active Information Disclosure)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Shareholders' Approval of Particularly Important Positions)	SHAREHOLDER	FOR	AGAINST

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
SHIKOKU ELECTRIC POWER COMPANY,INCORPORATED	28-Jun-2023	Annual General Meeting	760,000	6804347	Appoint a Director who is not Audit and Supervisory Committee Member Saeki, Hayato	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nagai, Keisuke	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Shirai, Hisashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawanishi, Noriyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyamoto, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyazaki, Seiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ota, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Suginouchi, Kenzo	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kawahara, Hiroshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kagawa, Ryohei	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Otsuka, Iwao	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nishiyama, Shoichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Izutani, Yachiyo	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Shareholder Proposal: Approve Appropriation of Surplus	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Remove a Director Saeki, Hayato	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Remove a Director Nagai, Keisuke	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Remove a Director Miyazaki, Seiji	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (1)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (2)	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (3)	SHAREHOLDER	FOR	AGAINST

THE KEIYO BANK,LTD.	28-Jun-2023	Annual General Meeting	376,600	6190648	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kumagai, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director Ichikawa, Tatsushi	MGMT	FOR	FOR
					Appoint a Director Akiyama, Katsusada	MGMT	FOR	FOR

THE AKITA BANK,LTD.	28-Jun-2023	Annual General Meeting	267,400	6011653	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Araya, Akihiro	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Minakawa, Tsuyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ashida, Kosuke	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miura, Chikara	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miura, Hiroyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sakaki, Junichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakata, Naofumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kakizaki, Tamaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ito, Yutaka	MGMT	FOR	FOR

THE MUSASHINO BANK,LTD.	28-Jun-2023	Annual General Meeting	64,900	6611440	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Nagahori, Kazumasa	MGMT	FOR	FOR
					Appoint a Director Shirai, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director Otomo, Ken	MGMT	FOR	FOR
					Appoint a Director Kainuma, Tsutomu	MGMT	FOR	FOR
					Appoint a Director Miyazaki, Takao	MGMT	FOR	FOR
					Appoint a Director Mitsuoka, Ryuichi	MGMT	FOR	FOR
					Appoint a Director Sanada, Yukimitsu	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Ayako	MGMT	FOR	FOR
					Appoint a Corporate Auditor Wakahayashi, Kazuhiro	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nakano, Akira	MGMT	FOR	FOR

CENTRAL AUTOMOTIVE PRODUCTS LTD.	28-Jun-2023	Annual General Meeting	68,900	6183927	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Increase the Board of Directors Size, Transition to a Company with Supervisory Committee	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sakata, Shinichiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Torino, Yoshifumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kondo, Masayuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sumiyoshi, Tetsuya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kakino, Masafumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hirouchi, Manabu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kuboi, Toshiaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Masuda, Fumihiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sakai, Norimitsu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member AHMED SAJJAD	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Gusoku, Shoji	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nakayama, Masataka	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Horiuchi, Takefumi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Osawa, Hidemi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors (Excluding Outside Directors and Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
NIPPON SEIKI CO.,LTD.	28-Jun-2023	Annual General Meeting	414,000	6642536	Appoint a Director who is not Audit and Supervisory Committee Member Sato, Koichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nagano, Keiichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Azuma, Masatoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Osaki, Yuji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoshihara, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Murayama, Kazuhiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Nagai, Tatsuya	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Saiki, Etsuo	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Tomiyama, Eiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Suzuki, Kiyoshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Enomoto, Toshihiko	MGMT	FOR	FOR
					Shareholder Proposal: Approve Purchase of Own Shares	SHAREHOLDER	FOR	AGAINST

NOK CORPORATION	28-Jun-2023	Annual General Meeting	26,300	6642428	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Tsuru, Masato	MGMT	AGAINST	AGAINST
					Appoint a Director Tsuru, Masao	MGMT	AGAINST	AGAINST
					Appoint a Director Kuroki, Yasuhiko	MGMT	FOR	FOR
					Appoint a Director Watanabe, Akira	MGMT	FOR	FOR
					Appoint a Director Orita, Junichi	MGMT	FOR	FOR
					Appoint a Director Hogen, Kensaku	MGMT	FOR	FOR
					Appoint a Director Fujioka, Makoto	MGMT	FOR	FOR
					Appoint a Director Shimada, Naoki	MGMT	FOR	FOR

TOPRE CORPORATION	28-Jun-2023	Annual General Meeting	98,200	6894928	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Midorikawa, Yoshie	MGMT	FOR	FOR
					Appoint a Corporate Auditor Sato, Masahiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tanaka, Hidekazu	MGMT	FOR	FOR

ASIA PILE HOLDINGS CORPORATION	28-Jun-2023	Annual General Meeting	268,900	B06D3N6	Appoint a Director Kurose, Akira	MGMT	AGAINST	AGAINST
					Appoint a Director Kurose, Shusuke	MGMT	AGAINST	AGAINST
					Appoint a Director Kotera, Koji	MGMT	FOR	FOR
					Appoint a Director Baba, Osami	MGMT	FOR	FOR
					Appoint a Director Okoshi, Masahiko	MGMT	FOR	FOR
					Appoint a Director Okuyama, Kazunori	MGMT	FOR	FOR
					Appoint a Director Phan Khac Long	MGMT	FOR	FOR
					Appoint a Director Watanabe, Akira	MGMT	FOR	FOR
					Appoint a Director Shiraga, Yohei	MGMT	AGAINST	AGAINST
					Appoint a Director Kamimae, Osamu	MGMT	FOR	FOR
					Appoint a Director Kabasawa, Toshihiro	MGMT	FOR	FOR
					Appoint a Director Ueda, Kohei	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ota, Kunimasa	MGMT	FOR	FOR
					Appoint a Corporate Auditor Doken, Hiroyuki	MGMT	FOR	FOR

C.I. TAKIRON CORPORATION	28-Jun-2023	Annual General Meeting	327,400	6870887	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Saito, Kazuya	MGMT	AGAINST	AGAINST
					Appoint a Director Fukuda, Yuji	MGMT	AGAINST	AGAINST
					Appoint a Director Tamaki, Toshio	MGMT	FOR	FOR
					Appoint a Director Fukushima, Noboru	MGMT	FOR	FOR
					Appoint a Director Hatano, Kenichi	MGMT	FOR	FOR
					Appoint a Director Kosaka, Yoshiko	MGMT	FOR	FOR
					Appoint a Director Kaide, Takeshi	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Honda, Takashi	MGMT	FOR	FOR
					Approve Details of the Performance-based Stock Compensation to be received by Directors	MGMT	FOR	FOR

SAKAI CHEMICAL INDUSTRY CO.,LTD.	28-Jun-2023	Annual General Meeting	169,500	6769402	Appoint a Director Yabe, Masaaki	MGMT	FOR	FOR
					Appoint a Director Yagura, Toshiyuki	MGMT	FOR	FOR
					Appoint a Director Nakahara, Shinji	MGMT	FOR	FOR
					Appoint a Director Okamoto, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director Hattori, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Ito, Yoshikazu	MGMT	FOR	FOR
					Appoint a Director Wada, Hiromi	MGMT	FOR	FOR
					Appoint a Director Matsuda, Mitsunori	MGMT	FOR	FOR
					Appoint Accounting Auditors	MGMT	FOR	FOR
					Approve Payment of Bonuses to Directors	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
TOENEC CORPORATION	28-Jun-2023	Annual General Meeting	84,200	6895620	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ikeyama, Tatsuo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takimoto, Tsuguhisa	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hirata, Koji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Fujita, Yuzo	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Horiuchi, Yasuhiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamazaki, Shigemitsu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iizuka, Atsushi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ukai, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoshimoto, Akiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kimura, Masahiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Shibata, Mitsuaki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Sugita, Katsuhiko	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Terada, Shuichi	MGMT	AGAINST	AGAINST

TPR CO.,LTD.	29-Jun-2023	Annual General Meeting	72,200	6880927	Appoint a Director Suehiro, Hiroshi	MGMT	FOR	FOR
					Appoint a Director Yano, Kazumi	MGMT	FOR	FOR
					Appoint a Director Karasawa, Takehiko	MGMT	FOR	FOR
					Appoint a Director Ii, Akihiko	MGMT	FOR	FOR
					Appoint a Director Ayuzawa, Noriaki	MGMT	FOR	FOR
					Appoint a Director Honke, Masataka	MGMT	FOR	FOR
					Appoint a Director Kato, Toshihisa	MGMT	FOR	FOR
					Appoint a Director Osawa, Kanako	MGMT	FOR	FOR
					Appoint a Director Muneto, Kenji	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kitahara, Masahiro	MGMT	FOR	FOR

NICHIA STEEL WORKS,LTD.	29-Jun-2023	Annual General Meeting	1,570,600	6638160	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Appoint a Director Onishi, Toshinori	MGMT	AGAINST	AGAINST
					Appoint a Director Okigaki, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director Terakawa, Naoki	MGMT	FOR	FOR
					Appoint a Director Takama, Toshio	MGMT	FOR	FOR
					Appoint a Director Gotoda, Hideaki	MGMT	FOR	FOR
					Appoint a Director Tanaka, Fumitake	MGMT	FOR	FOR
					Appoint a Director Kido, Kunihiro	MGMT	FOR	FOR
					Appoint a Director Nakatani, Yoshiro	MGMT	FOR	FOR
					Appoint a Director Ishihara, Miho	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Kitabatake, Shoji	MGMT	AGAINST	AGAINST

NISHIKAWA RUBBER CO.,LTD.	29-Jun-2023	Annual General Meeting	297,800	6646862	Approve Appropriation of Surplus	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nishikawa, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ogawa, Hideki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Iwamoto, Tadao	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yasuishi, Keiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Deguchi, Koso	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Teishi, Minoru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tatsudai, Akihiko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sasaki, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Yoshino, Takeshi	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Osako, Tadashi	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Yamamoto, Junichi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kurata, Osamu	MGMT	FOR	FOR
					Approve Continuance of Policy regarding Large-scale Purchases of Company Shares (Anti-Takeover Defense Measures)	MGMT	FOR	FOR

OBIC CO.,LTD.	29-Jun-2023	Annual General Meeting	6,800	6136749	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Noda, Masahiro	MGMT	FOR	FOR
					Appoint a Director Tachibana, Shoichi	MGMT	FOR	FOR
					Appoint a Director Kawanishi, Atsushi	MGMT	FOR	FOR
					Appoint a Director Fujimoto, Takao	MGMT	FOR	FOR
					Appoint a Director Okada, Takeshi	MGMT	FOR	FOR
					Appoint a Director Gomi, Yasumasa	MGMT	FOR	FOR
					Appoint a Director Ejiri, Takashi	MGMT	FOR	FOR
					Appoint a Director Egami, Mime	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
NICHIREKI CO.,LTD.	29-Jun-2023	Annual General Meeting	146,800	6638687	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Establish the Articles Related to Record Date for Interim Dividends	MGMT	FOR	FOR
					Appoint a Director Obata, Manabu	MGMT	FOR	FOR
					Appoint a Director Kawaguchi, Yuji	MGMT	FOR	FOR
					Appoint a Director Hanyu, Akiyoshi	MGMT	FOR	FOR
					Appoint a Director Totsuka, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Yamamoto, Jun	MGMT	FOR	FOR
					Appoint a Director Ito, Tatsuya	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Osamu	MGMT	FOR	FOR
					Appoint a Director Shibumura, Haruko	MGMT	FOR	FOR
					Appoint a Director Kidokoro, Takuya	MGMT	FOR	FOR
					Appoint a Director Fukuda, Mieko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Nohara, Masaaki	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kanitani, Tsutomu	MGMT	FOR	FOR

SHINDENGEN ELECTRIC MANUFACTURING CO.,LTD.	29-Jun-2023	Annual General Meeting	46,800	6804541	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Tanaka, Nobuyoshi	MGMT	FOR	FOR
					Appoint a Director Horiguchi, Kenji	MGMT	FOR	FOR
					Appoint a Director Ukegawa, Osamu	MGMT	FOR	FOR
					Appoint a Director Sasaki, Masahiro	MGMT	FOR	FOR
					Appoint a Director Nishiyama, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director Kitadai, Yaeko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Morita, Toshihide	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Chiba, Shoji	MGMT	FOR	FOR

MIYAJI ENGINEERING GROUP,INC.	29-Jun-2023	Annual General Meeting	4,100	6687559	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Aota, Shigetoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Uehara, Tadashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ikeura, Masahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hirase, Mayumi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Ota, Hidemi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Tsujikawa, Masato	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Higuchi, Masato	MGMT	FOR	FOR
					Shareholder Proposal: Approve Appropriation of Surplus	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Disclosure of Individual Director Remuneration)	SHAREHOLDER	FOR	AGAINST

THE BANK OF SAGA LTD.	29-Jun-2023	Annual General Meeting	61,300	6076447	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Jinnouchi, Yoshihiro	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Sakai, Hideaki	MGMT	AGAINST	AGAINST
					Appoint a Director who is not Audit and Supervisory Committee Member Nakamura, Shinzaburo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Unoike, Toru	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamasaki, Shigeyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Koso, Hiroshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kuchiishi, Yoichiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Noguchi, Makoto	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kanagae, Koji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tomiyoshi, Kentaro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kono, Keiji	MGMT	FOR	FOR

THE OKINAWA ELECTRIC POWER COMPANY,INCORPORATED	29-Jun-2023	Annual General Meeting	104,390	6658050	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Omine, Mitsuru	MGMT	FOR	FOR
					Appoint a Director Motonaga, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Narisoko, Hayato	MGMT	FOR	FOR
					Appoint a Director Yokoda, Tetsu	MGMT	FOR	FOR
					Appoint a Director Uema, Jun	MGMT	FOR	FOR
					Appoint a Director Nakamura, Naomasa	MGMT	FOR	FOR
					Appoint a Director Nakahodo, Hiraku	MGMT	FOR	FOR
					Appoint a Director Yogi, Tatsuki	MGMT	FOR	FOR
					Appoint a Director Nozaki, Seiko	MGMT	FOR	FOR
					Appoint a Director Nagamine, Toyoyuki	MGMT	FOR	FOR
					Appoint a Director Tamaki, Emi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Furusho, Miwa	MGMT	FOR	FOR
					Appoint a Corporate Auditor Suga, Takashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kamiya, Shigeru	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
RINNAI CORPORATION	29-Jun-2023	Annual General Meeting	19,900	6740582	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Hayashi, Kenji	MGMT	FOR	FOR
					Appoint a Director Naito, Hiroyasu	MGMT	FOR	FOR
					Appoint a Director Narita, Tsunenori	MGMT	FOR	FOR
					Appoint a Director Shiraki, Hideyuki	MGMT	FOR	FOR
					Appoint a Director Inoue, Kazuto	MGMT	FOR	FOR
					Appoint a Director Matsui, Nobuyuki	MGMT	FOR	FOR
					Appoint a Director Kamio, Takashi	MGMT	FOR	FOR
					Appoint a Director Ogura, Tadashi	MGMT	FOR	FOR
					Appoint a Director Dochi, Yoko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Shimizu, Masanori	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Ishikawa, Yoshiro	MGMT	FOR	FOR
					Shareholder Proposal: Approve Purchase of Own Shares	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to Handling Shares Held by Directors)	SHAREHOLDER	AGAINST	FOR
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to the Composition of Outside Directors)	SHAREHOLDER	AGAINST	FOR

THE NANTO BANK,LTD.	29-Jun-2023	Annual General Meeting	32,800	6621524	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Increase the Board of Directors Size, Transition to a Company with Supervisory Committee	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hashimoto, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Ishida, Satoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yokotani, Kazuya	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sugiura, Takeshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Funaki, Ryuichiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Honda, Koji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Matsuzaka, Hidetaka	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakayama, Kozue	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nishimura, Takashi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Handa, Takao	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Aoki, Shuhei	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kasuya, Yoshihiko	MGMT	FOR	FOR
					Appoint a Substitute Director who is Audit and Supervisory Committee Member Yasui, Kiyomi	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors who are Audit and Supervisory Committee Members	MGMT	FOR	FOR
					Approve Details of the Performance-based Stock Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members and Outside Directors)	MGMT	FOR	FOR

STARTS CORPORATION INC.	29-Jun-2023	Annual General Meeting	58,800	6841913	Appoint a Director Muraishi, Hisaji	MGMT	AGAINST	AGAINST
					Appoint a Director Isozaki, Kazuo	MGMT	AGAINST	AGAINST
					Appoint a Director Muraishi, Toyotaka	MGMT	FOR	FOR
					Appoint a Director Saito, Taroo	MGMT	FOR	FOR
					Appoint a Director Naoi, Hideyuki	MGMT	FOR	FOR
					Appoint a Director Nakamatsu, Manabu	MGMT	FOR	FOR
					Appoint a Director Naoi, Tamotsu	MGMT	FOR	FOR
					Appoint a Director Hasegawa, Takahiro	MGMT	FOR	FOR
					Appoint a Director Muramatsu, Hisayuki	MGMT	FOR	FOR
					Appoint a Director Takahashi, Naoko	MGMT	AGAINST	AGAINST
					Appoint a Director Yamamoto, Yoshio	MGMT	FOR	FOR
					Appoint a Corporate Auditor Takaragaki, Kazuhiko	MGMT	FOR	FOR
					Appoint a Corporate Auditor Maehara, Yutaka	MGMT	AGAINST	AGAINST
					Appoint a Corporate Auditor Aikyo, Shigenobu	MGMT	FOR	FOR
					Approve Provision of Retirement Allowance for Retiring Directors	MGMT	AGAINST	AGAINST

NIPPON SODA CO.,LTD.	29-Jun-2023	Annual General Meeting	17,600	6640585	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Aga, Eiji	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Watanabe, Atsuo	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sasabe, Osamu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Shimizu, Osamu	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Tsuchiya, Mitsuaki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Watase, Yuko	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Meiga, Takayoshi	MGMT	FOR	FOR

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
MEIKO TRANS CO.,LTD.	29-Jun-2023	Annual General Meeting	258,300	6575944	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Reduce Term of Office of Directors to One Year, Adopt an Executive Officer System, Allow the Board of Directors to Authorize Appropriation of Surplus and Purchase Own Shares, Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director Takahashi, Jiro	MGMT	AGAINST	AGAINST
					Appoint a Director Fujimori, Toshio	MGMT	FOR	FOR
					Appoint a Director Takahashi, Hiroshi	MGMT	AGAINST	AGAINST
					Appoint a Director Karube, Jun	MGMT	FOR	FOR
					Appoint a Director Ogura, Tadashi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Akita, Koichi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Tokuoka, Shigenobu	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors	MGMT	AGAINST	AGAINST
					Shareholder Proposal: Approve Purchase of Own Shares	SHAREHOLDER	FOR	AGAINST
					Shareholder Proposal: Amend Articles of Incorporation (Amend the Articles Related to the Number of Outside Directors)	SHAREHOLDER	AGAINST	FOR

DAI-DAN CO.,LTD.	29-Jun-2023	Annual General Meeting	27,300	6661735	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Kitano, Shohei	MGMT	AGAINST	AGAINST
					Appoint a Director Fujisawa, Ichiro	MGMT	AGAINST	AGAINST
					Appoint a Director Yamanaka, Yasuhiro	MGMT	FOR	FOR
					Appoint a Director Sasaki, Hisao	MGMT	FOR	FOR
					Appoint a Director Kamei, Yasuo	MGMT	FOR	FOR
					Appoint a Director Matsubara, Fumio	MGMT	FOR	FOR
					Appoint a Director Sato, Ikumi	MGMT	FOR	FOR
					Appoint a Director Kosakai, Kenkichi	MGMT	FOR	FOR
					Appoint a Substitute Corporate Auditor Isokawa, Takeshi	MGMT	FOR	FOR

MIURA CO.,LTD.	29-Jun-2023	Annual General Meeting	98,200	6597777	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Miyauchi, Daisuke	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Hiroi, Masayuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Takechi, Noriyuki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kojima, Yoshihiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yoneda, Tsuyoshi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Kawamoto, Kenichi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Higuchi, Tateshi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Yamauchi, Osamu	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Saiki, Naoki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Ando, Yoshiaki	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Koike, Tatsuko	MGMT	FOR	FOR
					Appoint Accounting Auditors	MGMT	FOR	FOR

KANDENKO CO.,LTD.	29-Jun-2023	Annual General Meeting	904,400	6483586	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director Fubasami, Seiichi	MGMT	FOR	FOR
					Appoint a Director Nakama, Toshio	MGMT	FOR	FOR
					Appoint a Director Iida, Nobuhiro	MGMT	FOR	FOR
					Appoint a Director Ueda, Yuji	MGMT	FOR	FOR
					Appoint a Director Fujii, Mitsuru	MGMT	FOR	FOR
					Appoint a Director Enoki, Hiroyuki	MGMT	FOR	FOR
					Appoint a Director Nakahito, Koichi	MGMT	FOR	FOR
					Appoint a Director Tamogami, Hirofumi	MGMT	FOR	FOR
					Appoint a Director Saito, Hajime	MGMT	FOR	FOR
					Appoint a Director Ando, Miwako	MGMT	FOR	FOR
					Appoint a Director Tanaka, Koji	MGMT	FOR	FOR
					Appoint a Director Suto, Miwa	MGMT	FOR	FOR
					Appoint a Corporate Auditor Kashiwabara, Shoichiro	MGMT	FOR	FOR
					Approve Payment of Bonuses to Directors	MGMT	AGAINST	AGAINST

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2022 TO JUNE 30, 2023

JAPAN SMALLER CAPITALIZATION FUND, INC.

Company Name	Meeting Date	Meeting Type	Voted Shares	SEDOL	Proposal	Proposed By	For/Against MGMT	Vote
YONDENKO CORPORATION	29-Jun-2023	Annual General Meeting	99,600	6804433	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Amend Articles to: Approve Minor Revisions	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sekiya, Yukio	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Furukawa, Toshifumi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamasaki, Naoki	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Nakagawa, Takashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamamoto, Yoshiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yanagawa, Yoshihisa	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Yamaguchi, Takahiro	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Sano, Tadashi	MGMT	FOR	FOR
					Appoint a Director who is not Audit and Supervisory Committee Member Todani, Minako	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Kawahara, Hiroshi	MGMT	AGAINST	AGAINST
					Appoint a Director who is Audit and Supervisory Committee Member Okabayashi, Masafumi	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hashikura, Soroku	MGMT	FOR	FOR
					Appoint a Director who is Audit and Supervisory Committee Member Hirano, Miki	MGMT	FOR	FOR
					Approve Details of the Compensation to be received by Directors (Excluding Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR
					Approve Details of the Restricted-Stock Compensation to be received by Directors (Excluding Outside Directors and Directors who are Audit and Supervisory Committee Members)	MGMT	FOR	FOR

NIPPON SHINYAKU CO.,LTD.	29-Jun-2023	Annual General Meeting	52,300	6640563	Approve Appropriation of Surplus	MGMT	FOR	FOR
					Appoint a Director Maekawa, Shigenobu	MGMT	FOR	FOR
					Appoint a Director Nakai, Toru	MGMT	FOR	FOR
					Appoint a Director Sano, Shozo	MGMT	FOR	FOR
					Appoint a Director Takaya, Takashi	MGMT	FOR	FOR
					Appoint a Director Edamitsu, Takanori	MGMT	FOR	FOR
					Appoint a Director Takagaki, Kazuchika	MGMT	FOR	FOR
					Appoint a Director Ishizawa, Hitoshi	MGMT	FOR	FOR
					Appoint a Director Kimura, Hitomi	MGMT	FOR	FOR
					Appoint a Director Sakurai, Miyuki	MGMT	FOR	FOR
					Appoint a Director Wada, Yoshinao	MGMT	FOR	FOR
					Appoint a Director Kobayashi, Yukari	MGMT	FOR	FOR
					Appoint a Director Nishi, Mayumi	MGMT	FOR	FOR
					Appoint a Corporate Auditor Ito, Hirotsugu	MGMT	FOR	FOR
					Appoint a Corporate Auditor Hara, Hiroharu	MGMT	FOR	FOR

Pursuant to the requirements of 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/ Mr. Yuichi Nomoto

Name: Mr. Yuichi Nomoto

President, Principal Executive Officer

Date: August 24, 2023

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