By-laws on Accounting Rules for Investment Trusts
Established on March 19, 2004
Revised on March 18, 2005
Revised on May 19, 2005
Revised on January 12, 2006
Revised on May 11, 2006
Revised on June 8, 2006
Revised on January 11, 2007
Revised on January 19, 2007
Revised on September 21, 2007
Revised on November 16, 2007
Revised on December 21, 2007
Revised on March 21, 2008
Revised on January 16, 2009
Revised on March 19, 2009
Revised on November 20, 2014
Revised on April 18, 2019
Revised on September 12, 2019
Revised on September 11, 2020

Article 1

Purpose

These By-laws set forth the necessary matters for the enforcement of the Accounting Rules for Investment
Trusts (hereinafter referred to as the “Rules”).

Article 2

Assets Section

The account titles specified in the By-laws stipulated in Article 6, Paragraph 2 of the Rules shall be the titles
specified in the following items, and the amount specified in each item shall be recorded at the time specified ineach item.
(1) Deposits
Within the investment trust property (hereinafter referred to as the “Trust Property”), the amount ofdeposits shall be recorded.
(2) Money Trusts
Within the Trust Property, the amount of Money Trusts of a bank engaged in trust business and a trust
company (meaning beneficiary certificates of beneficiary certificate-issuing trusts prescribed in Article
2, Paragraph 1, Item 14 of the Financial Instruments and Exchange Act (Act No. 25 of 1948, hereinafterreferred to as the “FIEA”) and beneficial interests in Monetary Trusts with a contract indemnifying theprincipal amounts prescribed in Article 22, Paragraph 1, Item 2 of the Regulation for Enforcement of
the Act on Investment Trusts and Investment Corporations (Prime Minister’s Office Order No. 129 of
2000) among the beneficial interests in trusts prescribed in Paragraph 2, Item 1 in the same article of thesaid Act) shall be recorded.
(3) Call Loans
Within the Trust Property, the amount of call loans and discounted bills shall be recorded.
(4) Mortgage Securities
The book value of mortgage securities that have come to belong to the Trust Property (meaning the
mortgage securities prescribed in Article 2, Paragraph 1, Item 16 of the FIEA. The same shall applyhereinafter.) shall be recorded. The time to record the amount thereof shall be the date on which thepurchase agreement for such mortgage securities was made.
In preparing the balance sheet (hereinafter referred to as the “Balance Sheet”) stipulated in theRegulation on Calculation of Investment Trust Property (Prime Minister’s Office Order No. 133 of
2000; hereinafter referred to as the “Rules for Investment Trust Financial Statements”) the appraisedvalue of such mortgage securities shall be recorded.
(5) Other Financial Instruments
The acquisition value of financial instruments (meaning real asset securitization-related products) thathave come to belong to the Trust Property shall be recorded. The time to record the amount thereof shallbe the date on which the purchase agreement for such Financial Instruments was made.
(6) Monetary Claims
The acquisition value of monetary claims that have come to belong to the Trust Property (meaning
monetary claims prescribed in Article 3, Item 7 of the Order for Enforcement of the Act on Investment
Trusts and Investment Corporations (Cabinet Order No. 480, 2000, hereinafter referred to as“Enforcement Order of the Investment Trust Act.”), excluding the deposits prescribed in Item 1 and callloans prescribed in Item 3.) shall be recorded. The time to record the amount thereof shall be the date on
which the purchase agreement for such Monetary Claims was made.
In preparing the Balance Sheet, the appraised value of such Monetary Claims shall be recorded.
(7) Promissory Note
The acquisition value of promissory notes (meaning promissory notes stipulated in Article 3, Item 6 of
the Enforcement Order of the Investment Trust Act, excluding discounted bills) that have come tobelong to the Trust Property shall be recorded. The time to record the amount thereof shall be the dateon which the purchase agreement for such promissory notes was made.
In preparing the Balance Sheet, the appraised value of such promissory notes shall be recorded.
(8) Beneficial Interests
The acquisition value of beneficial interests in trusts (meaning beneficial interests in trusts stipulated in
Article 2, Paragraph 2, Item 1 of the FIEA, excluding those that fall under the category of money trusts
stipulated in Item 2 and the beneficial interests in monetary claims trusts stipulated in Item 22) that havecome to belong to the Trust Property shall be recorded. The time to record the amount thereof shall be
the date on which the purchase agreement for such beneficial interests in trusts was made.
In preparing the Balance Sheet, the appraised value of such beneficial interests in trusts shall berecorded.
(9) Investments in Capital
The acquisition value of the equity in investment in a silent partnership, etc. (meaning the right underpartnership contract, etc., that fall under Article 2, Paragraph 2, Items 5 and 6 of the FIEA and Article 3,
Item 8 of the Enforcement Order of the Investment Trust Act) that have come to belong to the Trust
Property shall be recorded. The time to record the amount thereof shall be the date on which thepurchase agreement for such equity in investment in a silent partnership, etc. was made.
In preparing the Balance Sheet, the appraised value of such equity in investment in a silent partnership,

etc. shall be recorded.
(10) Beneficiary Certificates of Trust Issuing Beneficiary Certificates
The acquisition value of beneficiary certificates of trust issuing beneficiary certificates (meaning
beneficiary certificates of trust issuing beneficiary certificates stipulated in Article 2, Paragraph 1, Item
14 of the FIEA, excluding money trusts stipulated in Item 2 and beneficial interests in monetary claims
trusts stipulated in Item 22) that have come to belong to the Trust Property shall be recorded. The time
to record the amount thereof shall be the date on which the purchase agreement for beneficiary
certificates of trust issuing beneficiary certificates was made.
In preparing the Balance Sheet, the appraised value of such beneficiary certificates of trust issuingbeneficiary certificates shall be recorded.
(11) Stock Certificates
The book value (including purchase commission fees) of stocks that have come to belong to the Trust
Property (including depositary receipts or certificates of deposit possessing the nature of stock) shall berecorded. The time to record the amount thereof shall be the day on which the purchase agreement forsuch shares was made or, for new stocks to be allocated or for dividend stocks to be distributed, andshall be the day on which the ex-right or ex-dividend old stocks are purchased or sold, and theacquisition values of such new stocks or dividends shall be the face value or issue value.
The book value per share shall be calculated by dividing the total amount acquired of the same issue
divided by the total number of shares of the same issue.
In preparing the Balance Sheet, the appraised value of such stocks shall be recorded.
(12) Stock Options Certificates
The book value (including purchase commission fees) of stock options certificates (meaning the stock
options certificates (including warrants securities or certificates) issued under the provision of Article
288, Paragraph 1 of the Companies Act, including investment equity option certificates (meaning theinvestment equity option certificates stipulated in Article 2, Paragraph 18 of the Act on Investment
Trusts and Investment Corporations (Act No. 198 of 1951, hereinafter referred to as “the Investment
Trust Act”))) that have come to belong to the Trust Property shall be recorded. The time to record theamount thereof shall be the date on which the purchase agreement for such stock options certificates
was made.
The book value per stock option certificates shall be calculated by dividing the total amount acquired of
the same issue divided by the total number of certificates of the same issue.
In preparing the Balance Sheet, the appraised value of such stock option certificates shall be recorded.
(13) Option Certificates, etc.
The book value of option certificates, etc. that have come to belong to the Trust Property (including
securities or certificates indicating rights to an option transaction stipulated in Article 2, Paragraph 1,
Item 19 of the FIEA; hereinafter referred to as “Option Certificates, etc.”) shall be recorded. The time torecord the amount thereof shall be the date on which the purchase agreement for such Option
Certificates, etc. was made.
In preparing the Balance Sheet, the appraised value of such Option Certificates, etc. shall be recorded.

(14) Preferred Equity Securities
The book value (including purchase commission fees) of preferred equity securities that have come tobelong to the Trust Property (meaning preferred securities stipulated in Article 2, Paragraph 1, Item 7 of
the FIEA and the new preferred securities stipulated in Item 8 of the same Act ) shall be recorded. The
time to record the amount thereof shall be the date on which the purchase agreement for such preferred
equity securities was made.
In preparing the Balance Sheet, the appraised value of such preferred equity securities shall be recorded.
(15) National Government Bonds
The acquisition value of national government bonds (including purchase commission fees) that havecome to belong to the Trust Property shall be recorded. In this case, accrued interest at the time ofacquisition shall not be included in the acquisition value for interest-bearing bonds.
Furthermore, the acquisition value for items with an application reservation fee shall be the amountincluding the application reservation fee for unit type investment trusts, open investment trusts(excluding bond investment trusts. The same shall apply hereinafter.) and Mother fund, whereas theacquisition value for bond investment trusts shall be the amount not including the application
reservation fee. The time to record the amount thereof shall be the date on which the purchaseagreement for such national government bonds was made.
In preparing the Balance Sheet, the appraised value of such national government bonds shall berecorded.
(16) Municipal Bonds
The provisions of the preceding item shall apply mutatis mutandis to the recording of the acquisition
value of municipal bonds, the calculation of their acquisition value in cases where there is anapplication reservation fee, and the time of recording the amount for special municipal bonds. When
doing so, the term “municipal bonds” shall replace the term “national government bonds,” the “suchmunicipal bonds” shall replace the term “such national government bonds.”
In preparing the Balance Sheet, the appraised value of such municipal bonds shall be recorded.
(17) Special Bonds
The provisions of Item 15 shall apply mutatis mutandis to the recording of the acquisition value of
special bonds, the calculation of their acquisition value in cases where there is an application
reservation fee, and the time of recording the amount for special bonds. When doing so, the term
“special bonds” shall replace the term “national government bonds,” the “such special bond” shall
replace the term “such national government bonds.”
In preparing the Balance Sheet, the appraised value of such special bonds shall be recorded.
(18) Corporate Bond (Excluding Short-Term Corporate Bonds Stipulated in Item 22)
The provisions of Item 15 shall apply mutatis mutandis to recording the acquisition value of corporate
bonds (including investment corporation bonds (meaning investment corporation bonds defined in
Article 2, Paragraph 1, Item 11 of the FIEA and foreign investment securities similar to investment
corporation bonds; the same shall apply hereinafter) and school bonds (meaning school bonds definedin Article 4, Item 1 of the Cabinet Office Order on Definitions Stipulated in Article 2 of the Financial

Instruments and Exchange Act (Cabinet Ordinance No. 14 of 1993)), and the calculation of theiracquisition values in cases where there is an application reservation fee, and time of recording theamount for bond certificates and school bonds. In this case, the term “corporate bonds” in Item 15 shall
replace the term “national government bonds,” the “such corporate bonds” shall replace the term “suchnational government bonds.”
In preparing the Balance Sheet, the appraised value of such corporate bonds shall be recorded.
(19) Equity Securities
The provisions of Item 15 shall apply mutatis mutandis to the recording of the acquisition value ofinvestment securities, the calculation of their acquisition value in cases where there is an application
reservation fee, and the time of recording the amount for equity securities. When doing so, the term
“equity securities” shall replace the term “national government bonds,” the “such equity securities”
shall replace the term “such national government bonds.”
In preparing the Balance Sheet, the appraised value of such equity securities shall be recorded.
(20) Investment Trust Beneficiary Certificates
The book value (including expenses required for acquisition) of investment trust beneficiary certificates(meaning beneficiary certificates stipulated in Article 2, Paragraph 1, Item 10 of FIEA ) that have cometo belong to the Trust Property shall be recorded. The time to record the amount thereof shall be the dateon which the purchase agreement for such investment trust beneficiary certificates was made.
In preparing the Balance Sheet, the appraised value of such investment trust beneficiary certificates, etc.
shall be recorded.
(21) Investment Securities
The book value (including expenses required for acquisition) of the investment securities (meaning
investment securities stipulated in Article 2, Paragraph 1, Item 11 of the FIEA) that have come tobelong to the Trust Property shall be recorded. The time to record the amount thereof shall be the dateon which the purchase agreement for such investment securities, etc. was made.
In preparing the Balance Sheet, the appraised value of such investment securities, etc., shall berecorded.
(22) Other Securities
The acquisition value of commercial papers, short-term corporate bonds, etc. (meaning short-term
corporate bonds as stipulated in Article 66, Item 1 of the Act on Transfer of Company Bonds, Shares,
etc., short-term corporate bonds as stipulated in Article 61-10, Paragraph 1 of the Insurance Business
Act, specified short-term corporate bonds as stipulated in Article 2, Paragraph 8 of the Act on
Securitization of Assets, short-term bonds as stipulated in Article 54-4, Paragraph 1 of the Shinkin Bank
Act, short-term agricultural and forestry bonds as stipulated in Article 62-2, Paragraph 1 of theNorinchukin Bank Act, and short-term foreign bonds as stipulated in Article 38, Paragraph 2 of theOrder on Supervision of General Transfer Agencies), negotiable certificates of deposits issued by aforeign corporation, foreign loan trust beneficiary securities (securities or certificates stipulated in
Article 2, Paragraph 1, Item 18 of FIEA, including the items that possess the same properties), andbeneficial interests in loan claims trusts (among beneficiary certificates of trust issuing beneficiarycertificates as stipulated in Article 2, Paragraph 1, Item 14 of the FIEA and beneficiary rights of trust as
stipulated in Article 2, Paragraph 2, Item 1 of the said Act, refer to a beneficial interest of a trust inwhich monetary claims of a bank, cooperative structured financial institution defined in Article 2,
Paragraph 1 of the Act on Preferred Equity Investment by Cooperative Structured Financial Institutions(Act No. 44 of 1993), and financial institutions listed in the items of Article 1-9 of the Order for
Enforcement of the FIEA (Order No. 321 of 1965), or a trust company is entrusted (limited to a trust inwhich the beneficiary at the time of conclusion of the contract for the trust is the settlor ), and securities
or certificates issued by foreign countries or foreign persons which have the same characteristics, or
which have the same characteristics of rights to foreign persons. ) shall be recorded. In this case,accrued interest at the time of acquisition shall not be included in the acquisition value for those bearing
interest. The time to record the amount thereof shall be the date on which the purchase agreement forsuch securities was made.
In preparing the Balance Sheet, a separate account title for respective securities shall be established, andthe appraised value or acquisition value of such securities shall be recorded.
(23) Mother Fund Beneficiary Certificates
The acquisition value of mother fund beneficiary certificates that have come to belong to the Trust
Property shall be recorded. The time to record the amount thereof shall be the date on which thepurchase agreement for such beneficiary certificates was made.
In preparing the Balance Sheet, the appraised value of such beneficiary certificates shall be recorded.
(24) Commodities
The acquisition value of commodities (meaning commodities stipulated in Article 2, Paragraph 1 of theCommodity Derivatives Transaction Act (Act No. 239 of 1950)) that have come to belong to the Trust
Property shall be recorded. The time to record the amount thereof shall be the date on which thepurchase agreement for such commodities was made.
In preparing the Balance Sheet, the appraised value of such commodities shall be recorded.
(25) Call Options (Purchase)
The purchase value for call options (including the expenses required for purchasing) pertaining tooption transactions by the Trust Property (meaning transactions listed in Article 2, Paragraph 21, Item 3(b) of the FIEA, transactions conducted in foreign financial instruments markets (foreign financial
instruments markets stipulated in Article 2, Paragraph 8, Item 3 of the FIEA) as well as transactions
similar to those listed in Article 2, Paragraph 21, Item 3, or transactions listed in Article 2, Paragraph 22,
Item 3 or 4 of the same Act, Article 2, Paragraph 1, Item 2 of the Act on Regulation of Commodity
Investments (Act No. 66 of 1991), Article 2, Paragraph 14, Item 4 of the Commodity Derivatives
Transaction Act, or Article 3, Item 10 (d) of the Enforcement Order of the Investment Trust Act; thesame shall apply hereinafter) shall be recorded. The time to record the amount thereof shall be the dateon which the purchase agreement for call options was made.
In preparing the Balance Sheet, the appraised value of such call options shall be recorded.
In addition, the purchase value shall be recorded for the account for the purchase of call options intransactions with options, and the time for recording and preparation of the Balance Sheet shall behandled according to the rules for call options (purchase).
(26) Put Options (Purchase)
The purchase value for put options pertaining to option transactions by the Trust Property (including
purchase costs) shall be recorded. The time to record the amount thereof shall be the date on which thepurchase agreement for such options was made.
In preparing the Balance Sheet, the appraised value of such put options shall be recorded.
In addition, the purchase value shall be recorded for the account for the purchase of put options intransactions with options, and the time for recording and preparation of the Balance Sheet shall behandled according to the rules for put options (purchase).
(27) Notional Principal Receivable Assets
The amount of notional principal that serves as the basis for receivable swap interest rate pertaining toswap transactions and the amount of notional principal that serves as the basis for purchasing in forward
rate transactions, forward currency transactions, and non-deliverable forward transactions by the Trust
Property shall be recorded. The time to record the amount thereof shall be the date on which therespective transaction agreements were made.
At the end of the fiscal year, the corresponding account of notional principal receivable assets shall be
deducted from the account, and if the difference is a positive number, the difference is transferred to theaccounts receivable, and if the difference is negative, the difference is transferred to the accounts
payable.
(28) Corresponding Account of Notional Principal Payable Liability
The amount of notional principal that serves as the basis for the payable swap interest rate pertaining toswap transactions and the outstanding amount of notional principal that serves as the basis for selling inforward rate transactions, forward currency transactions, and non-deliverable forward transactions by
the Trust Property shall be recorded. The time to record the amount thereof shall be the date on which
the respective transaction agreements were made.
At the end of the fiscal year, such notional principal payable liability account shall be deducted from theaccount, and if the difference is a positive number, the difference is transferred to the accounts
receivable, and if the difference is negative, the difference is transferred to the accounts payable.
(29) Securities Lent
The amount pertaining to loaned securities held by the Trust Property (the amount equivalent to themarket value on the day before the date of the loan came into effect for lending stock certificates and theamount equivalent to the face value for bond certificates) shall be recorded. The time to record theamount thereof shall be the date on which the loan came into effect.
At the end of the fiscal year, this shall be offset against the loan securities of loan trade account.
(30) Borrowing Trade Securities
The outstanding amount for borrowing trade securities in the Trust Property shall be recorded. The time
to record the amount thereof shall be the date on which the borrowing came into effect.
At the end of the fiscal year, this shall be offset against the securities borrowed account.
(31) Futures Purchase AccountThe purchase value (including purchase costs) subject to the transaction pertaining to the futurestransaction by the Trust Property (meaning transactions listed in Article 2, Paragraph 21, Item 1 or 2 of
the FIEA, transactions similar to those listed in Article 2, Paragraph 21, Item 1 or 2 that are conducted inforeign financial instruments markets, transactions listed in Article 2, Paragraph 14 of the Commodity
Derivatives Transaction Act (not including Item 4), and transactions listed in Article 3, Item 10 (b) of
the Enforcement Order of the Investment Trust Act; the same applies hereinafter ) shall be recorded.
The time to record the amount thereof shall be the date on which the agreement was made.
At the end of the fiscal year, the accounts payable of futures transactions shall be deducted from suchaccounts, and if the difference is a positive number, the difference is transferred to the accounts
receivable, and if the difference is negative, the difference is transferred to the accounts payable.
(32) Derivative Evaluation AccountIn preparing the Balance Sheet, valuation gains of futures transactions (excluding items related tooption transactions) and valuation gains of foreign exchange shall be recorded in this account in theassets section.
(33) Repurchase Transaction Account
The settlement amount for bonds, etc. acquired through conditional sales shall be recorded.
(34) Accounts Receivable
The following accounts receivables pertaining to securities, etc. belonging to the Trust Property shall berecorded:(a) The sales value of securities and other financial instruments, etc. (hereinafter referred to as“securities, etc.”) at the time the sales agreement was made (excluding expenses required for sale)(b) The sales value of call options or put options at the time the option sales agreement was made(excluding expenses required for sale)(c) The amount of gains generated when a resale or repurchase transaction, etc. involving futures andoptions transactions is complete(d) The amount of gains generated when premature settlement involving swap transactions is complete(e) The amount of gains generated when the transactions pertaining forward rate transactions, forward
currency transactions, and non-deliverable forward transactions are settled(f) The fixed amount when the corporate bond redemptions, capital reduction returns, money delivered
through a merger, or liquidation dividends pertaining to securities belonging to the Trust Property
have been settled(g) For exchange-traded funds, the set amount in cash when receiving a guarantee of obligation by theJapan Securities Clearing Corporation(35) Foreign Exchange Accounts Receivable
The amount for account receivable when making a reservation to sell currencies other than those whosebase value is listed (hereinafter referred to as “Foreign Currency”) shall be recorded. The time to record
the amount thereof shall be the date of making such reservation.
(36) Foreign Exchange Purchase
The outstanding amount (including exchange fees, etc.) when a purchase reservation of Foreign

Currency is made shall be recorded. The time to record the amount thereof shall be the date of making
such reservation.
(37) Accounts Receivable for Futures Transactions
The sales value for trading subjects pertaining to futures transactions by the Trust Property (excluding
sales costs) shall be recorded. The time to record the amount thereof shall be the date on which the sales
agreement for such a transaction was made. If the commission is paid at a time other than when thetransaction is complete, the amount of such payment shall be added on.
At the end of the fiscal year, the futures sales account shall be deducted from the account, and if thedifference is a positive number, the difference is transferred to the accounts receivable, and if thedifference is negative, the difference is transferred to the accounts payable.
(38) Margin Transaction Deposits
The outstanding amount of the sales in margin transactions (excluding expenses required for sales) shallbe recorded. The time to record the amount thereof shall be the date on which the sales agreement wasmade.
(39) Accrued Dividend Receivable
The amounts for account receivables for dividends pertaining to stocks, dividends from beneficiary
certificates, and dividends from investment securities that belong to the Trust Property shall berecorded.
(40) Accrued Interest
Interest income pertaining to deposits, money trusts, call loans, discounted bills, other financial
instruments, national government bonds, municipal bonds, special bonds, corporate bonds (including
investment corporation bonds) and other securities, as well as receivable swap interest rates in swap
transactions and the amount for account receivable of repurchase transactions shall be recorded.
(41) Advance Payments
The amount paid in advance by way of customers’ margin provided, etc., shall be recorded.
(42) Prepaid Expenses
The equivalent amount of accrued interests at the time of acquisition for interest-bearing bonds, etc. thathave come to belong to the Trust Property shall be recorded.
(43) Other Accrued Revenue
The amount for accounts receivable of share-lending commission generated from securities lent andmiscellaneous income and revenue generated from the Trust Property shall be recorded.
(44) Guarantee Deposits
The amount of cash or substitute securities, etc. provided to Type I Financial Instruments Business
Operators (meaning a financial instruments business operators stipulated in Article 28, Paragraph 1 of
FIEA; hereinafter referred to as “Type I Financial Instruments Business Operators.”), etc. as guarantee
deposits pertaining to margin transactions, when-issued transactions, or swap transactions, etc. by theTrust Property shall be recorded. The time to record the amount thereof shall be the date on which theguarantee deposits were provided.
(45) Customers’ Margin Provided

The amount of cash or substitute securities, etc. provided to Type I Financial Instruments Business
Operators, etc. as customers’ margin pertaining to futures transactions or option transactions by theTrust Property shall be recorded. The time to record the amount thereof shall be the date on which thecustomers’ margins were provided.
(46) Securities Received as Customers’ Deposits for Cash Collateral Received
The amount of securities, etc., received from Type I Financial Instruments Business Operators, etc. as
securities received as customers’ deposits for cash collateral received pertaining to lending of securities
that belong to the Trust Property or swap transactions, etc. shall be recorded. The time to record theamount thereof shall be the date on which the cash collateral was received.
In addition, securities received as customers’ deposits for cash collateral received shall not be
evaluated.
(47) Foreign Investment Accounts
The acquisition value of assets in foreign currency acquired with the listed currency of the base value of
the Trust Property shall be recorded (including the exchange fee). The time to record the amount thereof
shall be the date of delivery for such assets.
(48) Acquired Beneficiary Securities
When the Trust Property purchases beneficiary certificates based on the provisions of Article 30-2 ofthe Investment Trust Act prior to the enforcement of FIEA or when the Trust Property purchasebeneficiary certificates based on Article 18 of the Investment Trust Act after the enforcement of FIEA,
the purchase value of the beneficiary certificates shall be recorded.

Article 3 Liabilities Section
The account titles specified in the By-laws stipulated in Article 7, Paragraph 2 of the Rules shall be the titles
specified in the following items, and the amount specified for each item shall be recorded at the time specifiedin each item.
(1) Sales Securities for Margin Trading
The sales value for margin transactions by the Trust Property (excluding sales costs) shall be recorded.
The time to record the amount thereof shall be the date on which the sales agreement for such a margintransaction was made.
In preparing the Balance Sheet, the appraised value of such sales securities for margin trading shall berecorded.
(2) Sales of Securities Borrowed
The offer price for short-sold securities (excluding sales costs) shall be recorded. The time to record theamount thereof shall be the date on which the sales agreement was made.
In preparing the Balance Sheet, the appraised value of such sales of securities borrowed shall berecorded.
(3) Bonds Sold
The offer price for TBA transactions (meaning transactions in which the deliverable issue of thepass-through securities is not specified, but only a coupon is specified) by the Trust Property (excluding

sales costs) shall be recorded. The time to record the amount thereof shall be the date on which the sales
agreement was made.
In preparing the Balance Sheet, the appraised value of such bonds sold shall be recorded.
(4) Call Option (Sales)
The offer price for call options pertaining to option transactions by the Trust Property (excluding sales
costs) shall be recorded. The time to record the amount thereof shall be the date on which the sales
agreement for such options was made.
In preparing the Balance Sheet, the appraised value of such call options shall be recorded.
In addition, the sales value shall be recorded for the account for the sales of call options in transactions
with options, and the time for recording and preparation of the Balance Sheet shall be handledaccording to the rules for call options (sales).
(5) Put Options (Sales)
The offer price for put options pertaining to option transactions by the Trust Property (excluding sales
costs) shall be recorded. The time to record the amount thereof shall be the date on which the sales
agreement for such options was made.
In preparing the Balance Sheet, the appraised value of such put options shall be recorded.
In addition, the sales value shall be recorded for the account for the sales of put options in transactions
with options, and the time for recording and preparation of the Balance Sheet shall be handledaccording to the rules for put options (sales).
(6) Corresponding Account of Notional Principal Receivable Assets
The outstanding amount of notional principal that serves as the basis for the receivable swap interest
rate pertaining to swap transactions and the outstanding amount of notional principal that serves as thebasis for purchasing in forward rate transactions, forward currency transactions, and non-deliverable
forward transactions by the Trust Property shall be recorded. The time to record the amount thereof
shall be the date on which the respective transaction agreements were made.
At the end of the fiscal year, such accounts shall be deducted from the corresponding account of
notional principal receivable asset account, and if the difference is a positive number, the difference istransferred to the accounts receivable, and if the difference is negative, the difference is transferred tothe accounts payable.
(7) Notional Principal Payable Liability
The amount of notional principal that serves as the basis for the payable swap interest rate pertaining toswap transactions and the amount of notional principal that serves as the basis for selling in forward ratetransactions, forward currency transactions, and non-deliverable forward transactions by the Trust
Property shall be recorded. The time to record the amount thereof shall be the date on which therespective transaction agreements were made.
At the end of the fiscal year, such accounts shall be deducted from corresponding account of notional
principal payable liability, and if the difference is a positive number, the difference is transferred to theaccounts receivable, and if the difference is negative, the difference is transferred to the accounts
payable.

(8) Securities of Loan Trade
The outstanding amount of loans on securities held by the Trust Property shall be recorded. The time torecord the amount thereof shall be the date on which the loan came into effect.
At the end of the fiscal year, this shall be offset against the securities lent account.
(9) Securities Borrowed
The amount for borrowed securities shall be recorded. The time to record the amount thereof shall be
the date on which the borrowing came into effect.
At the end of the fiscal year, this shall be offset against the borrowing trade securities account.
(10) Loans
The advances paid made for the Trust Property by a trustee company and the amount borrowed by theTrust Property based on the provisions of the investment trust contract (hereinafter referred to as “theContract”) shall be recorded.
(11) Advances Received
The amount received in advance for short selling of bonds, etc. shall be recorded.
(12) Deferred Revenue
The amount received in advance as a deferral fee for accrued interest generated in ex-interest bondpurchases, etc., shall be recorded.
(13) Accounts Payable
The amount for the following accounts payables, etc. pertaining to securities, etc. belonging to the Trust
Property shall be recorded: The time to record the amount thereof shall be the date on which thetransaction agreement was made.
(a) The acquisition value of securities, etc. (including expenses required for acquisition)(b) The purchase value of call options or put options (including purchase costs)(c) The amount of loss arising from resale or repurchase, etc. pertaining to futures transactions andoption transactions(d) The amount of loss generated when such transactions are complete due to premature settlement
involving swap transactions(e) The amount of loss (basically) generated when the transactions pertaining to forward ratetransactions, forward currency transactions, and non-deliverable forward transactions are settled(14) Selling Exchange
The outstanding amount (including exchange fees, etc.) when a sales reservation of Foreign Currency ismade shall be recorded. The time to record the amount thereof shall be the date of making suchreservation.
(15) Foreign Exchange Accounts Payable
The amount for account payable for when a purchase reservation for foreign currency is made shall berecorded. The time to record the amount thereof shall be the date of making such reservation.
(16) Futures Transactions Accounts Payable
The purchase value for transactions traded as futures by the Trust Property (including purchase costs)
shall be recorded. The time to record the amount thereof shall be the date on which the purchaseagreement for such a transaction was made. If a commission, etc. is paid at a time other than when thetransaction is complete, the amount of such payment shall be added.
At the end of the fiscal year, such accounts shall be deducted from the futures purchase account, and if
the difference is a positive number, the difference is transferred to the accounts receivable, and if thedifference is negative, the difference is transferred to the accounts payable.
(17) Unpaid Share Subscription
The amount for account payable for subscription of new shares that have come to belong to the Trust
Property shall be recorded. The time to record the amount thereof shall be the date on which ex-rights
for the old stocks were purchased or sold.
(18) Unpaid Dividends
The amount for account payable for the earnings dividends of the Trust Property to the consignor shallbe recorded.
(19) Redemption Payable
The amount for account payable for the amount to be paid to the consignor from the Trust Property
upon the consignor’s partial cancellation shall be recorded (excluding remuneration for the consignor
and the trustee). The time to record the amount thereof shall be the day the principal reduction isprocessed in accounting by executing partial cancellation.
(20) Unpaid Trustee Fees
Based on the terms and conditions of the Contract, the amount for account payable for trust fees to be
paid from the Trust Property to the trustee shall be recorded.
(21) Unpaid Consignor Fees
Based on the terms and conditions of the Contract, the amount for account payable for trust fees to be
paid from the Trust Property to the consignor shall be recorded.
(22) Accrued Interest Expenses
The amount for account payables of interest expenses to be paid on loans, collateral received and theamount of swap interest payable on swap transactions shall be recorded.
(23) Futures Sales Account
The sales value (deducting the expenses required for sales) of the transaction subject to the futurestransaction shall be recorded. The time to record the amount thereof shall be the date on which the sales
agreement for such a transaction was made.
At the end of the fiscal year, such accounts shall be deducted from the accounts receivable of futurestransactions, and if the difference is a positive number, the difference is transferred to the accounts
receivable, and if the difference is negative, the difference is transferred to the accounts payable.
(24) Derivative Evaluation AccountIn preparing the Balance Sheet, valuation losses on futures transactions, etc. (excluding option
transactions) and valuation losses on foreign exchange shall be recorded in the relevant account in theliabilities section.
(25) Repurchase Transaction Account
The settlement amount for bonds, etc., sold through conditional sales shall be recorded.

(26) Securities Received as Customers’ Deposits for Guarantee Deposits
The amount of securities, etc. deposited to Type I Financial Instruments Business Operators, etc. as
securities in lieu of guarantee deposits pertaining to margin transactions, when-issued transactions,swap transactions, etc., by the Trust Property shall be recorded. The time to record the amount thereof
shall be the date on which the guarantee deposits were provided.
(27) Securities Received as Customers’ Deposits for Customers’ Margin
The amount of securities, etc. deposited to Type I Financial Instruments Business Operators, etc. as
securities in lieu of customers’ margin pertaining to futures or option transactions, etc. by the Trust
Property shall be recorded. The time to record the amount thereof shall be the date on which thecustomers’ margins were provided.
(28) Collateral Received
The amount of cash or substitute securities, etc. received from Type I Financial Instruments Business
Operators, etc. as a security deposit for loans of securities and swap transactions, etc. by the Trust
Property shall be recorded. The time to record the amount thereof amount shall be the date of receipt of
the security money.
(29) Other Accrued Expenses
The amount for account payables for miscellaneous expenses and miscellaneous losses incurred in the
Trust Property shall be recorded.

Article 4

Net Asset Section

The account titles specified in the By-laws stipulated in Article 10, Paragraph 2 of the Rules shall be the titles
specified in the following items, and the amount specified shall be recorded at the time specified in each item:(1) Principal
The principal amount of the Trust Property shall be recorded. The time to record the amount thereof
shall be the day the trust is established or the day the additional principal is established.
In addition, the day on which the reduction in principal is processed in accordance with the execution ofa partial cancellation of the consignor shall be the day following the partial cancellation application.
(For bond investment trusts that are set by interest on custody government bonds, etc., the date ofapplication for partial cancellation.)(2) Foreign Currency FundThe amount of assets denominated in foreign currencies (excluding those to be exchanged for the
principal amount at the beginning of currency swap transactions and to be exchanged again at the end ofcurrency swap transactions) acquired in the currency in which the base value of the Trust Property is
indicated shall be recorded. The time to record the amount thereof shall be the date of delivery for such
assets.
(3) Reserve for Stock Price Fluctuations
Based on the terms and conditions of the Contract, the accumulated reserve for stock price fluctuations
shall be recorded.
(4) Reserve for Value Fluctuations

Based on the terms and conditions of the Contract, the accumulated reserve for value fluctuations shallbe recorded.
(5) Reserve for Dividends
The amount of reserve for dividends which has been set aside based on the provisions of Article 55 of
the Rules concerning Valuation and Accounting of Investment Trust Property (hereinafter referred to as
the “Accounting Rules”) shall be recorded.
(6) Profit Carried Forward
The amount of profit carried forward calculated based on the provisions of Article 56, Article 58 or
Article 63 of the Accounting Rules shall be recorded.
(7) Deficit Carried Forward
The amount of deficit carried forward calculated based on the provisions of Article 55, Article 56,
Article 58 or Article 63 of the Accounting Rules shall be recorded.
(8) Retained Earnings
The Balance Sheet shall be prepared by deducting the total amount of liabilities and the amount ofprincipal from the total amount of assets

Article 5

Expenses

The account titles for expenses specified in the By-laws stipulated in Article 15, Paragraph 2 of the Rules shallbe the titles specified in the following items, and the amount specified in each item shall be recorded at the time
specified in each item.
(1) Subscription Fees
The amount paid from the Trust Property as a subscription fee at the initial establishment of the trust
based on the terms and conditions of the Contract, shall be recorded.
(2) Losses on Trading of Securities
For securities, etc., of the Trust Property, if any of the following applies, the amount shall be recorded at
the time specified in each item.
(a) When securities, etc. held by the Trust Property are sold, the amount of loss shall be recorded as thedifference between the book value and the sale value of such sold securities, etc. (less commissions
for sales and transaction taxes on securities, etc., and excluding accrued interest and prepaid accrued
interest on interest-bearing bonds and accrued interest on discount bonds for the period from the timeof acquisition thereof to the time of the sale thereof (The sale consignment fee and securities, etc.
transaction tax are deducted, and accrued interest and prepaid accrued interest on interest-bearing
bonds and accrued interest corresponding to the period from the acquisition (For those that have been
re-evaluated with new valuation after acquisition, the most recent valuation. The same shall apply
hereinafter in this item and Item 1 of the next article.) to the sale of discount bonds are not included in
the sale value.) The time to record the amount thereof shall be the date on which the sales agreement
was made.
(b) In cases where securities, etc. held by the Trust Property have been redeemed, the amount of loss
shall be recorded as the difference between the book value of such securities, etc., and the redemption

value (accrued interest for the period from the acquisition of the discount bonds to the redemption is
not included in the redemption value.) The time to record the amount thereof shall be the redemption
date.
(c) In the event of losses arising from revaluation of securities, etc., held by the Trust Property of anadditional investment trust in accordance with the provisions of Article 55, Paragraph 1, Item 1,
Article 56, Paragraph 1, Item 1 or Article 58, Item 1 of the Accounting Rules, the amount equivalent
to losses on valuation of such securities, etc., and the amount included in the valuation loss
adjustment account (excluding amounts included in losses on valuation of futures transactions, etc.)
shall be recorded. The time to record the amount thereof shall be the last day of the accounting period
as stipulated in the Contract.
(d) In the event that the securities, etc. held by the Trust Property of the mother fund are revalued inaccordance with the provisions of Article 62 of the Accounting Rules and a loss is incurred, anamount equivalent to losses arising from revaluation of such securities, etc., shall be recorded. The
time to record the amount thereof shall be the last day of the accounting period as stipulated in theContract.
(3) Losses on Futures Transactions, etc.
For futures transactions or option transactions, etc. by the Trust Property, if any of the following applies,
the amount shall be recorded at the time specified in each item.
(a) In the case where a resale or a repurchase or a sell-back of a subject of transaction has been carriedout (hereinafter referred to as the “Reverse Transaction”) the difference between the book value andthe value of the subject of such Reverse Transactions (by adding or subtracting the cost required forsuch transactions) which is the amount of loss to the Trust Property shall be recorded. The time torecord the amount thereof shall be the date on which the Reverse Transaction agreement was made.
(b) If delivery is made with contracts for difference in futures transactions, the difference between thebook value of the subject of such transactions and the settlement value thereof which is the amount ofloss to the Trust Property shall be recorded. The accounting period for recording such amount shallbe the date of delivery settlement.
The amount and the accounting period for such amounts in the case of settlement in kind of futurestransactions pertaining to standard items (including “standard items” in commodity futurestransactions) deemed to be government bonds or foreign government bonds shall be the same as in
the case of contracts for difference.
(c) If delivery is made through settlement in kind in futures transactions, the difference between the
futures purchase account and the accounts payable for futures transactions and the difference
between the futures sales account and the accounts receivable for futures transactions which are theamount of loss to the Trust Property shall be recorded. The time to record the amount thereof shall be
the next business day after delivery settlement.
(d) In the event of exercise, waiver or non-exercise of any rights in relation to option transactions, theamount equivalent to the loss for Trust Property shall be recorded as the book value of said option
which is equivalent to the amount corresponding to such exercise, waiver or non-exercise of suchrights. The time to record the amount thereof shall be the date of exercise, waiver or non-exercise ofsuch rights.
(e) In the event of any loss arising from revaluation of the transactions subject to futures transactions or
option transactions, etc., the amount equivalent to such valuation loss and the amount included in thevaluation loss adjustment account as a valuation loss for futures transactions, etc., shall be recorded.
The time to record the amount thereof shall be the last day of the accounting period as stipulated in
the Contract.
(f) At the time of premature settlement or termination of the contract pertaining to the swap transaction,
the difference between the book value of the subject of such transaction and the settlement value
which is the amount of loss to the Trust Property shall be recorded. The time to record the amountthereof shall be the date the contract for premature settlement is established or the date of terminationof the contract.
(g) In the event that losses arise from revaluation of the Trust Property of an open investment trust in
swap transactions, forward rate transactions, forward currency transactions and non-deliverable
forward transactions based on the provisions of Article 55, Paragraph 1, Item 1, Article 56, Item 1 or
Article 58, Paragraph 1, Items 2 and 3 of the Accounting Rules, the amount equivalent to thevaluation loss of said swap transaction, forward rate transaction, forward currency transaction andnon-deliverable forward transaction and the amount recorded in the valuation loss adjustment
account shall be recorded. The time to record the amount thereof shall be the last day of theaccounting period as stipulated in the Contract.
(4) Interest Expenses
Interest expense on loans and collateral received, and swap interest expense on swap transactions shallbe recorded daily. In addition, the settlement amount to be paid for forward rate transactions andforward currency transactions shall be recorded on the fixed date.
In preparing the profit and loss and retained earnings statement as defined in the Rules for Investment
Trust Financial Statements (hereinafter referred to as the “Profit and Loss Statement”), the amountcalculated by adding the cumulative amount of interest expense withdrawn at the time of thecancellation during the accounting period to the balance at the end of the period recorded as interest
expense in the Trust Property shall be recorded.
(5) Trustee Fees
Based on the terms and conditions of the Contract, the trust fees to be paid from the Trust Property to
the trustee shall be recorded daily. However, among unit type investment trusts, those for which thecontract stipulates when to record such amount shall be recorded on the day specified.
(6) Consignor Fees
The trust fees to be paid from the Trust Property to the consignor based on the terms and conditions of
the Contract, shall be recorded daily. However, among unit type investment trusts, those for which theContract stipulates the time to record such amount shall be recorded on the day specified.
(7) Losses on Early Cancellation
The difference between the initial issue value and cancellation value of beneficiary certificates subject

to partial cancellation shall be recorded as income paid from the Trust Property to the consignor upon
execution of partial cancellation by consignor. However, for open investment trust for the purpose ofinvestment in public and corporate bonds, the amount calculated based on the provisions of Article 59,
Paragraph 2 of the Accounting Rules shall be recorded. The time to record the amount thereof shall be
the date on which the principal amount is to be decreased in accounting processes in accordance withthe execution of partial early cancellation.
(8) Additional Trust Losses
The amount to be treated as a loss of Trust Property in connection with the additional trust of theprincipal, and the difference between the amount of the additional trust and such principal amount shallbe recorded. The time to record the amount thereof shall be the date on which such principal isadditionally entrusted.
(9) Other Foreign Currency Expenses
The amount of miscellaneous expenses and miscellaneous losses incurred with respect to foreign
currency-denominated assets held by the Trust Property shall be recorded.
(10) Other Expenses
The amount of miscellaneous expenses and miscellaneous losses incurred concerning the Trust
Property shall be recorded.
(11) Dividends
The amount of dividends of the Trust Property shall be recorded. The time to record the amount thereof
shall be the last day of the accounting period as stipulated in the Contract.
(12) Amount of Reserve for Stock Price Fluctuations
The amount of reserve for stock price fluctuations calculated based on the terms and conditions of theContract shall be recorded. The time for recording such amount shall be the date stipulated in theContract.
(13) Amount of Reserve for Value Fluctuations
The amount of reserve for value fluctuations calculated based on the terms and conditions of theContract shall be recorded. The time for recording such amount shall be the date stipulated in theContract.
(14) Amount of Reserve for Dividends
The amount of reserve for dividends for the current accounting period calculated based on theprovisions of Article 55, Paragraph 1, Items 4 and 5, and Article 56, Item 4 of the Accounting Rules
shall be recorded. The time to record the amount thereof shall be the last day of the accounting period as
stipulated in the Contract.
(15) Revenue Adjustment (amount equivalent to loss on trading of securities)
The amount of loss equivalent to the loss on trading of securities out of the revenue adjustment
calculated based on the provisions of Article 57 of the Accounting Rules shall be recorded. The time torecord the amount thereof shall be the date on which the principal is additionally entrusted.
(16) Revenue Adjustment (other revenue adjustment)
The amount of loss of any other revenue adjustment out of the revenue adjustment calculated based onthe provisions of Article 57 of the Accounting Rules shall be recorded. The time to record the amountthereof shall be the date on which the principal is additionally entrusted.
(17) Valuation Loss Adjustment Account
The amount of the valuation loss adjustment account calculated based on the provisions of Article 57 of
the Accounting Rules shall be recorded. The time to record the amount thereof shall be the date on
which the principal amount is to be decreased in accounting processes in accordance with the executionof partial early cancellation.

(18) Compensation Amount of Deficit Carried Forward
The amount to be compensated for the deficit carried forward shall be recorded based on the provisionsof Article 55, Paragraph 1, Items 4 to 6 of the Accounting Rules. The time to record the amount thereof
shall be the last day of the accounting period as stipulated in the Contract.
(19) Current Deficit
The amount of current deficit calculated based on the provisions of Articles 56, 58 and 63 of the
Accounting Rules shall be recorded.

Article 6

Profit

The account titles for revenues specified in the By-laws stipulated in Article 15, Paragraph 2 of the Rules shallbe the titles specified in the following items, and the amount specified in each item shall be recorded at the time
specified in each item.
(1) Gain on Securities Transactions
For securities, etc., of the Trust Property, if any of the following applies, the amount shall be recorded at
the time specified in each item.
(a) When securities, etc. held by the Trust Property are sold, the amount of profit shall be recorded as
the difference between the book value and the sale value of such sold securities, etc., (excluding
brokerage commissions for sales and transaction taxes on securities, etc., and excluding accrued
interest and prepaid accrued interest on interest-bearing bonds and accrued interest on the period
from the time of acquisition to the sale of discount bonds) shall be recorded as the amount for profit.
The time to record the amount thereof shall be the date on which the sales agreement was made.
(b) in cases where securities, etc., held by the Trust Property have been redeemed, the difference
between the book value of such securities, etc., and the redemption value (accrued interest receivablefor the period from the time of acquisition of the discount bonds to the time of sale shall not be
included in such redemption value) shall be recorded as the amount of profit for the Trust Property.
The time to record the amount thereof shall be the redemption date.
(c) When securities, etc., held by the Trust Property of an open investment trust are revalued based on
the provisions of Article 55, Paragraph 1, Item 1 of the Accounting Rules and profits are accrued
from such revaluation, the amount equivalent to the valuation gain on such securities, etc. and theamount included in the valuation gain adjustment account (excluding the amount included in thevaluation gain on futures transactions, etc.) shall be recorded. The time to record the amount thereofshall be the last day of the accounting period as stipulated in the Contract.
(d) In the event that the securities, etc., held by the Trust Property of the mother fund are revalued basedon the provisions of Article 62 of the Accounting Rules and there is profit, the amount equivalent tothe valuation profit on the said securities, etc., shall be recorded. The time to record the amountthereof shall be the last day of the accounting period as stipulated in the Contract.
(2) Gains on Futures Transactions, etc.
For futures transactions or option transactions, etc. by the Trust Property, if any of the following applies,
the amount shall be recorded at the time specified in each item.
(a) In the case of Reverse Transaction of any transaction subject to futures transaction or option
transaction, the amount of profit to the Trust Property shall be recorded as the difference between thebook value of the subject of the transaction and the value of the Reverse Transaction. (The costrequired for such transaction shall be adjusted by adding or subtracting.) The time to record theamount thereof shall be the date on which the Reverse Transaction agreement was made.
(b) If delivery is made with contracts for difference in futures transactions, the difference between thebook value of the subject of such transactions and the settlement value thereof which is the amount of
profit to the Trust Property shall be recorded. The accounting period for recording such amount shallbe the date of delivery settlement.
(c) If delivery is made through settlement in kind in futures transactions, the difference between the
futures purchase account and the accounts payable for futures transactions and the difference
between the futures sales account and the accounts receivable for futures transactions which are theamount of profit to the Trust Property shall be recorded. The time to record the amount thereof shallbe the next business day after delivery settlement.
(d) In the event in which rights are exercised, rights are not exercised, or obligations are terminated inrelation to option transactions, the amount equivalent to the profit for Trust Property shall berecorded at the book value of such option which is equivalent to the amount corresponding to such
exercise or non-exercise of such rights, or termination of such obligations. The time to record theamount thereof shall be the date of exercise of such rights, or for non-enforcement, the date of
termination of such obligation.
(e) In the event that any profit arising from revaluation of the transactions subject to futures transactions
or option transactions, etc., the amount equivalent to such valuation gain and the valuation gain
adjustment account included as valuation profit adjustment for futures transactions, etc., shall berecorded. The time to record the amount thereof shall be the last day of the accounting period as
stipulated in the Contract.
(f) At the time of interim settlement or termination of the contract pertaining to swap transaction, thedifference between the book value of the subject of such transaction and the settlement value thereof
shall be recorded as the amount of profit of the Trust Property. The time to record the amount thereof
shall be the date the contract for premature settlement is established or the date of termination of thecontract.
(g) In the event that profits are earned through revaluation of the Trust Property of an open investment

trust in swap transactions, forward rate transactions, forward currency transactions andnon-deliverable forward transactions pursuant to the provisions of Article 55, Paragraph 1, Item 1 of
the Accounting Rules, the amount equivalent to the valuation gain of said swap transaction, forward
rate transaction, forward currency transaction and the amount recorded in the valuation gain
adjustment account shall be recorded. The time to record the amount thereof shall be the last day of
the accounting period as stipulated in the Contract.
(3) Profit and Loss on Buying and Selling of Securities, etc.
In preparing the Profit and Loss Statement, the amount obtained by adding the cumulative amount of
the profit and loss on buying and selling of securities, etc., which has been withdrawn at the time ofcancellation during the period to the balance at the end of the period for profit and loss on trading of
securities, etc., shall be recorded. In the case of the unit type, the amount calculated by adding(subtracting) the amount obtained by subtracting the valuation profit and loss on trading of securities,
etc. at the end of the previous accounting period from the valuation profit and loss on trading of
securities, etc. at the end of the current accounting period shall be recorded.
(4) Profit and Loss on Derivative Transactions, etc.
In preparing the Profit and Loss Statement, the amount obtained by adding the cumulative amount of
the profit and loss on derivative transactions, etc., withdrawn at the time of cancellation during theaccounting period to the balance at the end of the period for the profit and loss on derivative transactions,etc., shall be recorded. In the case of a unit type, the amount obtained by adding (subtracting) theamount obtained by deducting the valuation profit and loss on derivative transactions, etc., at the end of
the previous accounting period from the valuation profit and loss on derivative transactions, etc., at theend of the current period shall be recorded.
(5) Dividend Income
Dividends on profits held by the Trust Property shall be recorded. The time to record the amount thereof
shall be the day on which the ex-dividend stocks are purchased or sold.
For investment trust beneficiary certificates, the amount of dividends shall be recorded. The time torecord the amount thereof shall be the day on which the ex-dividend investment trusts are purchased or
sold.
In preparing the Profit and Loss Statement, the amount obtained by adding the cumulative amount ofdividend income withdrawn at the time of cancellation during the period to the balance of dividend
income at the end of the accounting period shall be recorded.
(6) Dividend Stocks
In the case of stock dividends pertaining to shares held by the Trust Property, if the quantity of such
dividends is fixed, the face value or the issue value equivalent to the total amount of dividends shall berecorded, and if the amount of dividends is not fixed, the face value or the issue value equivalent to 90%
or less of the expected amount of dividends shall be recorded. The time to record the amount thereof
shall be the day on which the ex-dividend stocks are purchased or sold.
In preparing the Profit and Loss Statement, the amount calculated by adding the cumulative amount ofdividend stocks withdrawn at the time of cancellation during the accounting period to the balance of

dividend stocks at the end of the period shall be recorded.
(7) Interest Income
The interest received on deposits, money trusts, call loans, discount bills, and other securities, as well as
the accrued interest on interest-bearing bonds (including investment corporation bonds) or discountbonds (including investment corporation bonds) after the date of ownership of the Trust Property andthe receivable swap interest rates on swap transactions shall be recorded daily. In addition, the amountreceived for settlement amount of forward rate transactions and forward currency transactions shall berecorded on the fixed date.
In preparing the Profit and Loss Statement, the amount calculated by adding the cumulative amount ofinterest income withdrawn at the time of cancellation during the accounting period to the balance ofinterest income at the end of the period shall be recorded.
(8) Foreign Exchange Gains and Losses
In preparing the Profit and Loss Statement, the amount of other foreign currency revenues less otherforeign currency expenses at the end of the period shall be recorded.
(9) Gain on Cancellation
The amount to be compensated for a part of the loss incurred in the Trust Property due to the executionof partial cancellation by the consignor shall be the difference between the initial issue value and thecancellation value of the beneficiary certificates subject to partial cancellation. However, for open
investment trusts for the purpose of investing in public and corporate bonds, the amount calculated
based on the provisions of Article 60, Paragraph 2 of the Accounting Rules shall be recorded. The time
to record the amount thereof shall be the date on which the principal amount is to be decreased inaccounting processes in accordance with the execution of partial early cancellation.
(10) Gain on Additional Subscriptions
The amount to be treated as the profit of the Trust Property associated with the additional trust of theprincipal, and the difference between the amount of the additional trust and the initial principal amountshall be recorded. The time to record the amount thereof shall be the date on which such principal isadditionally entrusted.
(11) Other Foreign Currency Revenue
Miscellaneous revenue and miscellaneous income arising from assets denominated in foreign
currencies held by the Trust Property shall be recorded.
(12) Other Revenue
Charges for securities lent and miscellaneous income and revenue arising from Trust Property shall berecorded.
(13) Reversal Amount of Reserve for Stock Price Fluctuations
The amount of any reversal of reserve for stock price fluctuations based on the terms and conditions of
the Contract shall be recorded. The time for recording such amount shall be the day specified in theContract or in the event of a partial cancellation, the day on which the reduction in principal isprocessed in accounting with the execution of such cancellation.
(14) Reversal Amount of Reserve for Value Fluctuations

The amount of reserve for value fluctuations reversed based on the terms and conditions of the Contract
shall be recorded. The time for recording such amount shall be the day specified in the Contract or in theevent of a partial cancellation, the day on which the reduction in principal is processed in accounting
with the execution of such cancellation.
(15) Revenue Adjustment (amount equivalent to gain on securities transactions)
The amount of profit equivalent to gain on securities transactions among the revenue adjustments
calculated based on provisions of Article 57 of the Accounting Rules shall be recorded. The time torecord the amount thereof shall be the date on which the principal is additionally entrusted.
(16) Revenue Adjustment (other revenue adjustment)
The amount of profit of any other revenue adjustment out of the revenue adjustment calculated based on
the provisions of Article 57 of the Accounting rules shall be recorded. The time to record the amountthereof shall be the date on which the principal is additionally entrusted.
(17) Valuation Gain Adjustment Account
The amount of the valuation gain adjustment account calculated based on provisions of Article 57 of the
Accounting Rules shall be recorded. The time to record the amount thereof shall be the date on which
the principal amount is to be decreased in accounting processes in accordance with the execution ofpartial early cancellation.
(18) Reversal Amount of Reserve for Dividends
The amount of any reversal of reserve for distribution based on the provisions of Article 55, Paragraph
1, Item 6 of the Accounting Rules shall be recorded. The time to record the amount thereof shall be thelast day of the accounting period as stipulated in the Contract.
(19) Current Income
The amount of the current income calculated based on the provisions of Article 56, Article 58 and
Article 63 of the Accounting Rules shall be included.

Article 7

Account Titles in the Profit and Loss Statement

In preparing the Profit and Loss Statement, in addition to the titles specified in Articles 5 and 6, the titles
specified in the following items shall be established, and the amount specified in each item shall be recorded in
the titles.
(1) Current Profit Dividends or Current Loss Dividends Due to Early Cancellation
In preparing the Profit and Loss Statement of an open investment trust, the accumulated amount ofdividends distributed as profits or losses, profit and loss on buying and selling of securities, etc., andvaluation profit and loss adjustment accounts arising from early cancellation during the accounting
period shall be recorded.
(2) Opening Surplus or Opening Deficit
In preparing the Profit and Loss Statement, the amount recorded as the ending surplus in the previous
accounting period shall be recorded.
(3) Increase or Decrease Due to Additional Trusts for the Current Period
In preparing the Profit and Loss Statement, the accumulated amount of revenue adjustments associatedwith the additional trust during the period shall be recorded. For the mother fund, the accumulated
amount of profit and loss on additional trust during the period shall be recorded.
(4) Increase or Decrease Due to Early Cancellation during the Current Period
In preparing the Profit and Loss Statement, the accumulated amount of revenue adjustment, reserve fordividends and loss carried forward due to early cancellation during the accounting period shall berecorded. In addition, for unit type securities investment trusts and mother fund beneficiary securities,
the accumulated amount of profit and loss due to early cancelation during the accounting period shall berecorded.

Article 8

Form for Supplementary Schedules

The form of supplementary schedules provided in Article 25, Paragraph 2 of the Rules shall be the form
specified in the following items with respect to the supplementary schedules specified in the items:(1) Schedule of Short Sale Securities: Appended Form 1(2) Schedule of Accounts Receivable: Appended Form 2(3) Unit Type Distributable Amount Statement: Appended Form 1 stipulated in Article 11 of the By-laws on
the “Rules concerning Valuation and Accounting of Investment Trust Property” (hereinafter referred to as
the “By-laws on Valuation, etc.”) (the name of such form shall be replaced with “Unit Type Distributable
Amount Statement.”)(4) Additional Type Dividends Statement: Appended Form 2 stipulated in Article 12 of the By-laws on
Valuation, etc.
(5) Status of Transactions with Interested Parties, etc.: Appended Form 3

Supplementary Provision
These By-laws shall come into effect on April 1, 2004.

Supplementary ProvisionThis amendment shall come into effect on March 18, 2005.

Supplementary ProvisionThis amendment shall come into effect on May 19, 2005.

Supplementary ProvisionThis amendment shall come into effect on January 20, 2006.

Supplementary ProvisionThis amendment shall come into effect on May 24, 2006.

Supplementary ProvisionThis amendment shall come into effect on June 19, 2006.

Supplementary ProvisionThis amendment shall come into effect on January 11, 2007.

Supplementary Provisions
This amendment shall come into effect from the newly recorded accrued dividend receivable from July 1,
2007.
Accrued dividends receivable already recorded on the effective date shall be applied from those renewed on
and after the effective date.
[Reference]
Provisions applicable until June 30, 2007: Article 6(5) Dividend Income
The amount of dividend on profits pertaining to shares held by Trust Property shall be recorded if theamount has been determined, or shall be recorded if not determined, in an amount equivalent to 90%of the expected dividend amount.
The time to record the amount thereof shall be the day on which the ex-dividend stocks are purchased
or sold.
For investment trust beneficiary certificates, the amount of dividends shall be recorded. The time torecord the amount thereof shall be the day on which the ex-dividend investment trusts are purchased
or sold.
In preparing the Profit and Loss Statement, the amount obtained by adding the cumulative amount ofdividend income withdrawn at the time of early cancellation during the period, to the balance ofdividend income at the end of the period shall be recorded.

Supplementary ProvisionThis amendment shall come into effect on January 19, 2007.

Supplementary Provisions
This amendment shall come into effect on September 30, 2007.
However, any documents specified in Article 8, Item 1 prior to the amendment intended for the calculation
period whose preparation commenced prior to the implementation date, the provisions then in force may
remain applicable.

Supplementary ProvisionThis amendment shall come into effect on November 16, 2007.

Supplementary ProvisionThis amendment shall come into effect on December 21, 2007.

Supplementary ProvisionThis amendment shall come into effect from the date on which the Option Certificates, etc., are listed on the
Osaka Securities Exchange, Inc.
Provided, however, with regard to investment Trust Property for which the calculation period commenced
prior to the implementation date, the provisions then in force may remain applicable.

Supplementary Provisions
This amendment shall come into effect on January 16, 2009.
Provided, however, that short-term commercial and industrial bonds stipulated in Article 38 of the
Supplementary Provisions of the Shoko Chukin Bank Limited Act (Act No. 74 of 2007) shall be deemed to be
short-term corporate bonds stipulated in Article 2, Item 21.

Supplementary ProvisionThis amendment shall come into effect on March 19, 2009.

Supplementary Provisions
This amendment shall come into effect on December 1, 2014.
* The amended provisions are as follows:
Article 2, Items 12 and 48

Supplementary Provisions
This amendment shall come into effect on May 1, 2019.
* Necessary arrangement in connection with the change of era nameSupplementary Provisions
This amendment shall come into effect on September 12, 2019.
* Amendment of the deviation, etc. of the provisions due to partial amendment of the “Rules concerning Valuation andAccounting of Investment Trust Property” (Amended to move Article 63 to Article 56, etc.)

Supplementary Provisions
This amendment shall come into effect on January 1, 2021.
* New establishment of Article 2, Item 1 (34) (g)Appended Form No. 1

Schedule of Short Sale Securities(Unit:
Short sale securities
Issue

Face value ofthe sellcontract

Book value

Valuation

Valuation
profit and loss

Remarks)

Appended Form No. 2

Schedule of Accounts Receivable(Unit:
Description

Scheduled date of income(YYYY/MM/DD):

Total

Issue

Quantity

AmountRemarks)

Appended Form No. 3

Status of Transactions with Interested Parties, etc.
From (YYYY/MM/DD)
To (YYYY/MM/DD)
Transaction amount, etc.
Division

Purchase
Of which, the amountamount, etc.
of transactions withA
interested parties B
Millions of yen

Stock certificates

Stock options certificates(Warrant certificates)
Option Certificates, etc.
Public and corporate
bonds
Corporate bonds withstock options(Convertible bonds)
Corporate bonds withstock options(Corporate bonds withstock warrants)

Other securities

Stock futures transactions
Stock option transactions
Bond futures transactions
Bond option transactions
Other futures transactions
Other option transactions
Deposits
Negotiable certificates ofdeposits
Money trusts
OthersMillions of yen

B
A

Sales
Of which, the amountamount, etc.
of transactions withC
interested parties D% Millions of yen

Millions of yen

DC%