Securities Report (Domestic Investment Trust Beneficiary Certificates) - 20th Period (2025/09/27 - 2026/03/26)

Daiwa Asset Management Co., Ltd. Securities Report (Domestic Investment Trust Beneficiary Certificates) - 20th Period (2025/09/27 - 2026/03/26)

This report is the 20th-period securities report (from September 27, 2025, to March 26, 2026) for domestic investment trust beneficiary securities managed by Daiwa Asset Management Co., Ltd. The purpose of this report is to disclose to investors and potential investors the financial condition, investment performance, risk factors, investment policies, and other important information regarding the investment trust.

The investment trust primarily targets investments in domestic equities and bond markets, aiming to achieve stable asset management and long-term capital growth. Daiwa Asset Management Co., Ltd., as the asset manager, leverages extensive market analysis and risk management expertise to maintain and enhance investors' asset value.

During the reporting period, portfolio reviews and rebalancing were conducted in response to global economic conditions and financial market trends. In particular, in response to changes in monetary policy and rising inflation pressures in the latter half of 2025, the duration of the bond portfolio was adjusted, and exposure to cyclical sectors in the equity portfolio was reduced, demonstrating agile portfolio management.

The financial statements provide detailed information on total net assets, net income for the period, and dividend distributions. Key accounting policies and valuation methods are also clearly stated to support investors in making informed decisions.

Risk factors highlighted include ongoing volatility in domestic and international economic and financial markets, interest rate and foreign exchange fluctuations, credit risk, and liquidity risk. To manage these risks, the company continues to implement diversified investments, regular risk assessments, and stress testing.

Looking ahead, the company plans to closely monitor global economic trends and central bank policy stances, responding promptly to changes in the investment environment. Additionally, efforts regarding ESG (Environmental, Social, and Governance) initiatives are being strengthened to contribute to sustainable investing.

This report is a disclosure document prepared in accordance with the Financial Instruments and Exchange Act, intended to provide information for investment decision-making. Investors are encouraged to thoroughly review this report and other disclosure materials and make investment decisions at their own discretion.