Securities Report (Domestic Investment Trust Beneficiary Certificates) - 40th Period (2025/11/11–2026/05/11)

Goldman Sachs Asset Management Co., Ltd. Securities Report (Domestic Investment Trust Beneficiary Certificates) – 40th Period (2025/11/11–2026/05/11)

This report has been prepared in accordance with the Financial Instruments and Exchange Act, aiming to disclose information about domestic investment trust beneficiary certificates to investors. Its mission is to provide accurate and timely information on the investment trust’s operations, net asset value, income calculations, asset composition, risk factors, and the asset manager’s business policies.

The 40th reporting period covers the timeframe from November 11, 2025, to May 11, 2026. During this period, investment performance was achieved through a strategy emphasizing portfolio diversification and risk management, responsive to changing domestic and international market conditions. Key investment areas include Japanese bonds, foreign equities, and infrastructure-related securities, with flexible portfolio adjustments made according to respective market trends.

Furthermore, the report outlines future outlook, indicating a strategic focus on achieving long-term asset growth by taking into account external factors such as interest rate movements, foreign exchange rates, and economic indicators. Goldman Sachs Asset Management Co., Ltd., as the fund manager, will continue leveraging its global research network and quantitative analytical methods to maximize investor value.

Please note that this document is not intended as an investment solicitation. Investment decisions should be made at each investor’s own discretion. For full details, please refer to the Financial Services Agency’s electronic disclosure system "EDINET" or the company’s official website.