Securities Report (Domestic Investment Trust Beneficiary Certificates) - 48th Period (2025/09/26 - 2026/03/25)

SBI Okasan Asset Management Co., Ltd. Securities Report (Domestic Investment Trust Beneficiary Certificates) - 48th Period (2025/09/26 - 2026/03/25)

This report has been prepared in accordance with the Financial Instruments and Exchange Act, with the purpose of disclosing information to investors of domestic investment trust beneficiary certificates. The reporting period covers the 48th fiscal period (from September 26, 2025, to March 25, 2026), and includes information on the investment trust's operations, asset composition, risk factors, fee structure, and the asset management company's management status during this period.

SBI Okasan Asset Management Co., Ltd. is an asset management firm established as a joint venture between SBI Holdings, Inc. and Okasan Securities Co., Ltd. The company offers investment trusts targeting both institutional and individual investors, covering a wide range of asset classes including domestic and international equities, bonds, real estate, and alternative investments. This report details each fund's net asset value trends, investment performance, portfolio breakdown, major holdings, fee structures, and compliance systems.

Additionally, the report includes analysis on future economic outlooks and how changing market conditions may impact the investment trusts, providing reference information for investment decisions. Regarding risk management, the report explicitly outlines measures for market risk, credit risk, liquidity risk, and foreign exchange risk.

This report has been filed with the Financial Services Agency's electronic disclosure system, EDINET, and is accessible to a broad range of stakeholders, including general investors. The company continues regular disclosures to ensure the accuracy and timeliness of information.