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      <registrantType>IM</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
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          <cik>0001481045</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>06/30/2025</periodOfReport>
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      <reportCalendarYear>2025</reportCalendarYear>
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        <address>
          <com:street1>GRANTOKYO NORTH TOWER</com:street1>
          <com:street2>9-1 MARUNOUCHI 1-CHOME, CHIYODA-KU</com:street2>
          <com:city>Tokyo</com:city>
          <com:stateOrCountry>M0</com:stateOrCountry>
          <com:zipCode>100-6751</com:zipCode>
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      </reportingPerson>
      <reportInfo>
        <reportType>INSTITUTIONAL MANAGER VOTING REPORT</reportType>
        <confidentialTreatment>N</confidentialTreatment>
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      <fileNumber>028-14426</fileNumber>
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          <form13FFileNumber>028-14945</form13FFileNumber>
          <leiNumber>5493000E1DCA4NYQ5H32</leiNumber>
          <name>DAIWA INTERNATIONAL HOLDINGS INC.</name>
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          <form13FFileNumber>028-14429</form13FFileNumber>
          <leiNumber>35380037AFGIKLSVYZ25</leiNumber>
          <name>DAIWA ASSET MANAGEMENT CO. LTD</name>
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          <name>DAIWA AMERICA STRATEGIC ADVISORS CORP.</name>
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          <name>DAIWA SECURITIES CO. LTD.</name>
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      <reportingPerson>Daiwa Securities Group Inc.</reportingPerson>
      <txSignature>TADASHI MORI</txSignature>
      <txPrintedSignature>TADASHI MORI</txPrintedSignature>
      <txTitle>HEAD OF COMPLIANCE CONTROL DEPARTMENT</txTitle>
      <txAsOfDate>08/14/2025</txAsOfDate>
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