Securities Report (Domestic Investment Trust Beneficiary Certificates) - 10th Period (2025/04/11 - 2026/04/10)

Pictet Japan Co., Ltd. Securities Report (Domestic Investment Trust Beneficiary Certificates) - 10th Period (2025/04/11 - 2026/04/10)

This report has been prepared by Pictet Japan Co., Ltd. in accordance with Article 24 of the Financial Instruments and Exchange Act, concerning domestic investment trust beneficiary certificates. The reporting period spans one year from April 11, 2025, to April 10, 2026, and aims to provide investors with comprehensive disclosures on the investment trust’s asset management performance, income status, expense structure, risk factors, changes in investment policy, and details of the trust assets.

Pictet Japan Co., Ltd., as the Japanese subsidiary of the Switzerland-based Pictet Group, primarily engages in asset management and investment advisory services. The investment trust seeks long-term capital appreciation through investments in domestic and international equities, bonds, and other securities. Portfolio management leverages the Pictet Group’s global research network while incorporating strategic approaches tailored to the characteristics of the Japanese market.

The report details the net asset value of the trust, dividend distribution records, breakdown of management fees, trustee fees, sales commissions, and other expenses. It also discusses how changes in market conditions and economic trends may impact investment performance, providing investors with essential information to understand risks and make informed decisions.

Identified risk factors include fluctuations in domestic and international financial markets, interest rate changes, foreign exchange volatility, credit risk, liquidity risk, and potential changes in laws and tax regulations, all of which could negatively affect the value of the trust assets. Additionally, operational risks such as misjudgments by the asset manager or system failures are disclosed.

The investment trust is distributed through financial instruments firms registered with the Financial Services Agency. Investors are required to make investment decisions based on thorough explanations provided by the sales institutions. This report has been prepared with a strong emphasis on accuracy, transparency, and fairness to serve as a reliable source of information for investors.

Going forward, Pictet Japan Co., Ltd. will continue to strengthen information disclosure and governance practices to maintain investor trust.