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Japan Smaller Capitalization Fund, Inc.

Fund Highlights - December 31, 2011
(Unaudited)

Key Statistics

Net Assets   $238,325,469
 
Net Asset Value per Share   $8.41
 
Closing NYSE Market Price  

$7.18
 
Percentage Change in Net Asset Value per Share*   (11.0%)
 
Percentage Change in NYSE Market Price*   (20.0%)
*From January 1, 2011 to December 31, 2011. Includes reinvestment of any income dividends and capital gain distributions. Changes in currency rates have influenced the Fund's performance. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.


Market Index**

    Yen
  U.S. $
Benchmark Index ****   (7.1%)   (2.1%)
 
TOPIX   (18.9%)   (14.6%)
 
Nikkei Average   (17.3%)   (12.9%)
 
**From January 1, 2011 to December 31, 2011. The TOPIX consists of all companies listed on the Tokyo Stock Exchange (the "TSE"). The Nikkei Average Index ("Nikkei Average") is a price-weighted index of 225 leading stocks on the TSE.


Average Annual Total Return***

    Return
One Year Ending 12/31/11   (10.6%)
 
Three Years Ending 12/31/11   2.6%
 
Five Years Ending 12/31/11   (5.4%)
 
Ten Years Ending 12/31/11   4.7%
 
Since Inception (3/15/90 to 12/31/11)   0.5%
   
***Reflects the percentage change in net asset value per share and includes reinvestment of any income dividends and capital gain distributions. Changes in currency rates have influenced the Fund's performance. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. ****Since inception to 8/31/04; Nikkei JASDAQ Average Index. 9/1/04 onwards, Russell/Nomura Index.


Asset Allocation

Japanese Stocks    
 
    JASDAQ Stocks   6.2%
 
    TSE First Section Stocks   82.7
 
    TSE Second Section Stocks   1.1
 
    Other Smaller Capitalization Stocks   8.8
 
Total Investments   98.8
   
Total Foreign Currency   0.9
 
Other Assets less Liabilities   0.3
   
Total   100%
 
The asset allocation reflects the Fund's investments on the date indicated and may not be representative of the Fund's current or future holdings.


Industry Diversification

    % of
Net Assets
Electronics   19.1
 
Services   17.1
 
Information and Software   9.7
 
Miscellaneous Manufacturing   9.5
 
Retail   8.5
 
Machinery and Machine Tools   7.8
 
Chemicals and Pharmaceuticals   5.8
 
Banks and Finance   3.9
 
Iron and Steel   3.7
 
Automotive Equipment And Parts   3.7
 
      % of
Net Assets
 
Real Estate and Warehouse   3.3
 
Transportation   2.3
 
Restaurants   1.9
 
Food Manufacturing   0.9
 
Telecommunications   0.9
 
Wholesale   0.7
 
     
 
     
 
     
 
     
The industry diversification reflects the Fund's investments on the date indicated and may not be representative of the Fund's current or future holdings.


Ten Largest Equity Holdings By Market Value

    Market
Value
  % of
Net Assets
Rakuten Inc.   $6,727,466   2.8
 
Disco Corporation   6,597,357   2.8
 
Aeon Credit Service Co., Ltd.   6,340,227   2.7
 
Shinko Electric Industries Co., Ltd.   6,006,074   2.5
 
Otsuka Corporation   5,955,056   2.5
 
Message Co., Ltd. ,  5,879,041   2.5
 
Park 24 Co., Ltd.   5,571,649   2.3
 
Musashi Seimitsu Industries Co., Ltd.   5,529,015   2.3
 
Funai Electric Co., Ltd.   5,359,328   2.2
 
MegaChips Corporation   5,356,319   2.2
         
The ten largest equity holdings by market value reflect the Fund's investments on the date indicated and may not be representative of the Fund's current or future holdings.

Other - Securities Lending

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