Saba Capital Management Increases Stake in Japan Smaller Capitalization Fund to 6.73%

Saba Capital Management, L.P., along with Saba Capital Management GP, LLC and Boaz R. Weinstein, filed an Amendment No. 7 to their Schedule 13D regarding Japan Smaller Capitalization Fund, Inc. (JOF). As of the event date on April 29, 2026, the reporting persons collectively beneficially own 1,906,742 common shares, representing approximately 6.73% of the class. This reflects an increase in their position from previous filings. The shares were acquired through open-market transactions using approximately $15.6 million in funds derived from investor proceeds and margin account borrowings. Within the 60 days leading up to the filing, the group engaged in multiple buy transactions, most notably purchasing 52,280 shares at $10.98 on the event date. The reporting persons share voting and dispositive power over the reported shares. The filing was triggered by these recent accumulation activities in the open market. This amendment updates Items 3, 5, and 7 of the original statement to reflect the current ownership status and recent trade history.