July 2024

Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index)
Bi-Monthly Dividend Payment Type (1345)
Product Description/Investment Objective

his Fund invests in Real Estate Investment Trust (REIT) with the aim of keeping the NAV of the fund closely linked to the movement of the Tokyo Stock
Exchange REIT Index through structuring and maintaining its portfolio in accordance with the calculation method of the index.*The Tokyo Stock
Exchange (TSE) Real Estate Investment Trust (REIT) Index is a weighted aggregate market price type index for all Real Estate Investment Trusts (JREIT) listed on the Tokyo Stock Exchange. The Index is calculated, with the base date set as March 31, 2003 (closing price). It assumes the aggregate
market price on that day to be 1,000, by creating an Index for aggregate market price after the above base date.

Product Performance
Cumulative Performance

YTD
1 Months
3 Months
6 Months
1 YearSince Inception

Key Facts

DomicileJapan

Benchmark Index

TSE REIT Index-4.67%-0.08%-4.76%-4.23%-8.24%
107.98%

Number of Holdings

58
Full Physical Replication-4.60%-8.34%
15.83%-16.85%20.94%Fund(NAV)

Index(Price)-4.99%-0.37%-4.76%-4.22%-8.13%
111.02%-4.33%-8.25%
15.82%-16.84%20.86%

Calendar Year Performance

2023
2022
2021
2020
2019

Portfolio Holdings
Top 10 Holdings

Weight

6.67%
5.28%
4.72%
4.66%
4.36%
4.27%
4.25%
3.71%
3.60%
3.17%

Nippon Building Fund Inc.
Japan Real Estate Investment Corporation
Nomura Real Estate Master Fund,Inc.
Japan Metropolitan Fund Investment Corporation
Glp J-Reit
Kdx Realty Investment Corporation
Nippon Prologis Reit,Inc.
Invincible Investment Corporation
Daiwa House Reit Investment Corporation
United Urban Investment CorporationProduct Methodology
Rebalance Frequency

AnnualDate of Record
Total Net Assets (JPY)

8th of the odd month
159,835

NAV per 100 shares (JPY)

174,823

Use of Income
Dividend Frequency

Dividend payment
Bi-Monthly

Last dividend paid

08 July 2024

millionManagement and Trustee Fee (bps)*

30.00

Inception Date

2008/10/20

Base Currency

JPY

Total Return Index Ticker
Price Index Ticker

TPXDREITTSEREITISIN

JP3047030006

Bloomberg Ticker

1345 JP Equity

Trading Currency

JPY
100Round Lot*Excluding taxes

Dividends Paid

Dividends PaidDividends Paid per 1 unit

08 July 2024
08 May 2024
08 March 2024
08 January 2024
08 November 2023

*The above date are the infomation of the Fund.
*As percentage of total assets.
*The above data are not recomendations of individual stocks.
*The above holdings do not guarantee future holdings.

11.25
6.84
18.52
12.73
6.22

Performance Chart (2008/10/20 - 2024/7/31)(Yen)

300,000(Bln Yen)

Total Net Assets

300

Fund(NAV)(*1)
250,000

250

Benchmark(Price)

200,000

200

150,000

150

100,000

100

50,00050

010/2008

10/2010

10/2012

10/2014

10/2016

10/2018*1NAV is the price per 100 units after management fees (trust fees) have been deducted.
*The above graph and data represent past performance and do not guarantee future investment results.
*The benchmark in the graph is set in accordance with the NAV as of the graph’s starting point.

10/2020

10/20220July 2024

Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index)
Bi-Monthly Dividend Payment Type (1345)
Overview of Fees & Expenses<Expenses to be borne directly by investors><Subscription Fee>
-Independently set by Distributors* Please contact your Distributor for further information.
* Subscription Fee is compensation for explanation and information providing about the Fund or investment environment, and is also including expense ofclerical processing of the subscription.

<Exchange Fee>
-Independently set by Distributors* Please contact your Distributor for further information.
* Exchange Fee is compensation for clerical processing of the exchange.

-Amount to be Retained in Trust Assets
None<Costs paid indirectly by the customer for the trust assets (paid from the fund)><Investment Management Expenses (Trust fee)>

No more than 0.33%(0.3% excluding taxes) per annum of the daily total NAV of the Fund
*Additionally, there are costs related to the management of the REITs in which the fund invests, and as the target REIT issues are not fixed, the rate or
maximum amount cannot be shown.
*The investment management fee is daily recorded and paid out of the trust assets at the end of each calculation period or at the time of termination of theTrust.

-Other Expenses and Fees

<Expenses (Expenses for preparation of prospectuses and other expenses)>
No more than 0.1% per annum of the daily total NAV of the Fund
Expenses for the preparation and distribution of prospectuses, auditing fee, expenses for listing of the Fund, as well as royalties for the TSE REIT Index
are paid out of the trust assets at the times specified by the Management Company.
* Auditing fee is an expense paid to audit firm for auditing of the Fund

<Brokerage commissions and other fees>

Brokerage commissions on securities in the portfolio, expenses for custody of assets in foreign countries, interest on advances, lending fee (in casesecurity lending is conducted, the amount obtained by multiplying a lending fee on securities lent by a figure which is profit for Trust Assets, not exceeding
0.55 (0.5 excluding taxes) (0.5 excluding taxes as of the date of the filing of the securities registration statement) and other fees are paid out of the trust
assets each time they are incurred.
*The figures for items such as the rate and maximum amount cannot be provided in advance as they fluctuate in line with investment performance andother factors.
*The total amount of expenses of the Fund to be borne by investors varies according to holding length and investment status, and thus cannot be shown.
*Pease read the delivered pre-agreement document and other relevant materials in detail.

Investment Risk
The major risks associated with investment in the Fund are outlined below. Investors should ensure they carefully examine andunderstand fully these risks before deciding to subscribe to units of the Fund.

Factors that contribute to NAV volatility

Investors are not guaranteed the investment principal that they commit. Investors may incur a loss and the value of theirinvestment principal may fall below par as the result of a decline in NAV. All profits and losses arising from investments in the Fundbelong to the investors (beneficiaries). This fund is different from saving deposit.
The Fund invests primarily in REITs. The NAV of the Fund may fall and investors may suffer a loss due to a decline in stock prices
or deterioration in the financial conditions and business performance of an equity issuer.
Major risks are as follows:<Price Fluctuation Risk>

Income and profits from the sale of real estate and real estate securitized products form the source of earnings for REITs, and REIT prices can fluctuate
due to various factors including the circumstances surrounding the real estate, real estate market conditions, trends in long- and short-term interest rates
and changes in the macroeconomic environment. Aging and changes in property conditions as well as the loss of or damage to properties from fire or
natural disasters can also affect the price. Deterioration in dividends, financial conditions, earnings, and the market environment can cause a decline in
the price of the REIT and a loss in the fund.

<Liquidity Risk>

In a situation where the market or trading volume is small, the price at which a security can be purchased or sold can be greatly influenced by the size ofthe transaction, giving rise to the risk that a transaction cannot be completed at the price expected from the market conditions, that a security cannot besold as appraised, or that the transaction volume is limited regardless of the price level. This could lead to an unexpected loss.

<Credit Risk>

If Real Estate Investment Trusts become or are anticipated to become insolvent or to enter a state of holding excessive debt, there is a risk that the Fun
will incur material losses.

July 2024Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index)
Bi-Monthly Dividend Payment Type (1345)<Security-lending Risk>

The engaging in security lending incurs counterparty risk (the risk that the lending agreement is not honored or the agreement is canceled due to reasons
including a counterparty’s bankruptcy) and could cause an unexpected loss as a result. Even when liquidating the position by offsetting it with thecollateral upon the default of the lending agreement or cancelation of the agreement, there is the possibility that the acquisition cost of the security fromthe market may exceed the value of the collateral due to market price fluctuations. In such a case, the fund would need to make up for the pricedifference, and therefore incur a loss.

<Risk of Discrepancies between TSE REIT Index and NAV >This Fund seeks to match with NAV volatility with that of the TSE REIT Index; however, we cannot guarantee that movements will be identical to thoseof the Index for the following reasons:-The potential market impact from the trading, etc., of individual issues when portfolio adjustments are made due to changes in the selected issues on
the TSE REIT Index or capital transfers, or the costs borne by the Fund such as trust fees, brokerage commission, and audit costs, etc.
-Dividends may be paid by stocks in the portfolio and fees may be earned for securities lent.
-When derivative transactions such as futures are made, there may be disparity between the price movements of all or some of such transactions andthat of the TSE REIT Index.

<Discrepancy between the market prices at which stocks are traded on financial instruments exchange and the NAV >This Fund is listed on and will be publicly traded on the Tokyo Stock Exchange; however, the market price of units will depend mainly on the Fund's
demand, its investment performance, and how attractive it is to investors in comparison to alternative investments, etc. We cannot predict whether theunits of this Fund will be traded at the market value, below the NAV or above the NAV.
* The prices of REIT securities targeted for investment of this Fund will fluctuate due to the effects of the aforementioned risks. Therefore, please notethat this Fund itself has these risks as well.
* The factors that contribute to fluctuations in the NAV are not limited to those listed above.

Additional Considerations-These materials are distribution materials created by Nikko Asset Management in order to increase investors' understanding of "Listed Index Fund JREIT (Tokyo Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type".
-The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act ("cooling-off period") are not applicable to Fund transactions.
-This Fund differs from deposits or insurance policies in that it is not protected by the Deposit Insurance Corporation of Japan or the Policyholders
Protection Corporation of Japan. Furthermore, units purchased from registered financial institutions, such as banks, are exempted from compensation by
the Japan Investor Protection Fund.
-When the Fund faces big redemption causing short term cash requirement or sudden change in the main trading market condition, there can be
temporal decline in the liquidity of holding assets, resulting in the risks that Fund unable to trade securities at the expected market prices or appraised
prices, or encounters limitation in trading volume. This may result in the negative influence on NAV, suspension of redemption applications, or delay inmaking payment of redemption.
-When applying to invest in the Fund, please make the decision to invest carefully after taking the time to read the delivered pre-agreement document
and other relevant materials in detail.

Copyright of the Tokyo Stock Exchange REIT Index"-The TSE REIT Index Value and the TSE REIT Index marks or trademarks are intellectual property rights owned by JPX Market Innovation &Research, Inc. or its affiliates (hereinafter, “JPX”). All rights and know-how relating to the TSE REIT Index, including calculation, publication anduse of the TSE REIT Index Value as well as those relating to the TSE REIT Index marks or trademarks belong to JPX.
-JPX reserves the rights to change the methods of calculation or publication, to cease the calculation or publication of the TSE REIT Index Value or
to change the TSE REIT Index marks or trademarks or cease the use thereof.
-JPX makes no warranty or representation as to the results derived from the TSE REIT Index Value and the use of the TSE REIT Index marks ortrademarks, and as to the TSE REIT Index Value on any particular day.
-JPX does not guarantee the accuracy or completeness of the TSE REIT Index Value and data contained therein. Further, JPX shall not be liable
for the miscalculation, incorrect publication, delayed or interrupted publication of the TSE REIT Index Value.
-This Fund is not in any way sponsored, endorsed or promoted by JPX.

-JPX does not bear any obligation to give an explanation of this Fund or advice on investments to any purchaser of this Fund or to the public.
-JPX does not consider the needs of Nikko Asset Management or the Fund's purchasers in the component stocks or calculation of the TSE REIT

Index Values.
-Including but not limited to the foregoing, JPX shall not be responsible for any damage resulting from the creation, sale and promotion of this Fund.

Nikko Asset Management Co., Ltd.
Director of Kanto Local Finance Bureau (Financial instruments firms) No.368
Associations in which a Member: The Investment Trusts Association, Japan, The Japan Investment Advisers Association