Fiscal Year 2016 Review of Operations
Annuity Retirement Benefit Association Reserve Fund

全国市町村職員共済組合連合会
National Federation of Mutual Aid Associations for Municipal Personnel

Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Table of Contents
・Fiscal Year 2016 Investment Results (Overview)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 3
Section 1 Administration and Investment of Funds in FY2016
・Fiscal Year 2016 Market Environment・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 5
・Fiscal Year 2016 Asset Mix ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 6
・Fiscal Year 2016 Investment Return・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 7
・Fiscal Year 2016 Investment Income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 8
・Fiscal Year 2016 Value of Assets・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 9
・Fiscal Year 2016 Status of Risk Management・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 10
・Fiscal Year 2016 Status of Entrusted Investment Management Institutions・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 11
・Fiscal Year 2016 Fees・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 12
Section 2 Systems and activities concerning administration and investment of funds
・Basic Approach to Investment・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 14
・Benchmark Portfolio ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 15
・Governance ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 16
Section 3 Reference Data
・Changes in the investment return, etc. (since the integration of employee pension plans)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 22
・Changes in the value of investment assets and the asset mix (since the integration of employee pension plans)・・・・・・・・・・・・・・・ P 23
・Issues Held (as of the end of Fiscal Year 2016)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P 24

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Investment Results (Overview)

Investment return+0.39% *Realized return (book value basis)+0.40% *Total return (realized return adjusted for(FY2016)

increase/decrease of accrued income)Investment income+JPY374 million(FY2016)*Realized income (book value basis)

Value of investment assets: JPY151.7 billion(End of FY2016)* As pension investment funds are intended for long-term investment, the investment status must be judged from the long-term perspective.
(Note 1) The return and income represent figures after the deduction of fees, etc. settled within the relevant period.
(Note 2) Realized income represents the sum of trading profits/losses and interest and dividend income, etc.

3Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Section 1 Administration and Investment of Funds in FY2016

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Market Environment○ Development in domestic bond market
The yield on the 10-year government bond stayed negative because of the effects of the Quantitative and Qualitative Monetary Easing
with a Negative Interest Rate which was adopted by the Bank of Japan (BOJ) in January 2016. It further declined due to the growing risk
aversion among investors on concerns over the Brexit decision in June 2016 and growing expectations for additional monetary easing by
the BOJ (the bond price increased).
However, following the BOJ's additional monetary easing decided in late July which fell below market expectations, it turned upward(the bond price declined), and further rose from the negative range to the positive range (the bond price declined) associated with the risein the long-term interest rate of the U.S. after the U.S. presidential election in November.

[Changes in Yields of 10-year Government Bonds]

(%)
0.2

0.1

0.0

-0.1

-0.2

-0.3

March 31, 2016

June 30, 2016

September 30, 2016

5

December 31, 2016

-0.4
March 31, 2017

Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Asset Mix
The composition by asset (book value basis) is as follows:

Composition by Asset Class(as of end of FY2016)(Unit: %)FY2015FY2016End of FY

End of Q1

End of Q2

End of Q3

End of FY

Domestic bonds

85.3

99.8

99.7

99.9

95.4

Short-term assets

14.7

0.2

0.3

0.1

4.6

Total

100.0

100.0

100.0

100.0

100.0

Short-term
assets
4.6%

Domestic
bonds
95.4%

(Note 1) Concerning the benchmark portfolio, the share in the mix is 100% for domestic bonds.
(Note 2) Due to rounding, the total sum of individual figures may not necessarily add up to 100%.
(Note 3) Starting in fiscal year 2016, short-term assets held by each fund were classified into relevant asset classes in principle.

6Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Investment Return
The realized return for FY2016 was +0.39% for the overall assets.
Domestic bonds held by the Annuity Retirement Benefit Association Reserve Fund were evaluated based on book value on the premise ofcontinued holding until maturity.
(Unit: %)Changes in realized return

FY2016

Realized return
Domestic bonds
Short-term assets

Q1

Q2

Q3

Q4

FY total

0.01

0.19

0.01

0.14

0.39

0.01
0.00

0.20
0.00

0.01
0.00

0.14
0.00

0.41
0.00

0.50%

Each quarter
Aggregate

0.40%

0.39%

0.30%

0.24%

0.20%

0.19%

0.14%

0.10%
0.01%
0.01%

0.00%
Q1

(Reference)

Q2

Q3

Q4

(Unit: %)Realized return (by asset class)

FY2016
Q1

Modified total return

0.22%

3.74

Q2

-2.60

Q3

-2.14

Q4

-0.56

FY total

-3.30

0.50%
0.41%

0.39%

0.40%
0.30%

Total return

0.13

0.10

0.09

0.09

0.40

0.20%
0.10%
0.00%
0.00%
Domestic bonds

Short-term asset

Overall assets*The return in the FY total (the period rate)(Note 1) The return in each quarter is the period rate.
(Note 2) The realized return and modified total return represent figures after the deduction of fees, etc. settled within the relevant period.
(Note 3) The modified total return represents the realized return adjusted for the effects of changes in valuation profits/losses that would arise
if the assets are evaluated based on market value.
(Note 4) The total return realized return adjusted for increase/decrease of accrued income.

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Investment Income
The realized income for FY2016 was +JPY374 million (for overall assets).
Domestic bonds held by the Annuity Retirement Benefit Association Reserve Fund were evaluated based on book value on the premise ofcontinued holding until maturity.
(Unit: JPY100M)
Changes in realized income

Q1

Q2

FY2016
Q3

Realized income

0.08

1.63

0.15

1.88

3.74

Domestic bonds

0.08

1.63

0.15

1.88

3.74

2.00

Short-term assets

0.00

0.00

0.00

0.00

0.00

1.00

4.00

Q4

FY total(Unit: JPY100M)
3.74

Each quarter
Aggregate

3.50
3.00
2.50

1.71

1.50
0.50
Q1

(Reference)

Q2

Q3

Q4

(Unit: JPY100M)

FY2016

Investment income

0.15

0.08

0.00

1.88

1.86

1.63

Realized return (by asset class)

Q1

Q2

Q3

Q4

FY total

21.74-23.60-22.95-7.57-32.39(Unit: JPY100M)
4.00
3.74
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Domestic bonds

3.74

0.00
Short-term asset

Overall assets*The above figures represent income for the FY total.

(Note 1) The realized income and investment income represent figures after the deduction of fees, etc. settled within the relevant period.
(Note 2) Realized income represents the sum of trading profits/losses and interest and dividend income, etc.
(Note 3) The investment income represents the realized income adjusted for the effects of changes in valuation gains/losses based on market value.
(Note 4) Due to rounding, the total sum of individual figures may not necessarily add up to Total.
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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Value of Assets
The book value, market value and valuation gains/losses by asset is as follows.

(Unit: JPY100M)

FY2016End of Q1
Book value Market value

End of Q2

End of Q3

End of FY

Valuations
Valuations
Valuations
Valuations
Book value Market value
Book value Market value
Book value Market value
profits/losses
profits/losses
profits/losses
profits/losses

Domestic bonds

641

680

38

949

962

13

1,134

1,124

-10

1,447

1,428

-19

Short-term assets

1

1

0

2

2

0

1

1

0

70

70

0

Total

642

681

38

952

965

13

1,135

1,125

-10

1,517

1,498

-19

(Note 1) Due to rounding, the total sum of individual figures may not necessarily add up to Total.
(Note 2) The market value and valuation profits/losses are indicated here for reference. The valuation profits/losses were tentatively calculated
based on the market value.
(Note 3) Starting in fiscal year 2016, short-term assets held by each fund were classified into relevant asset classes in principle.

9Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Status of Risk Management〇 Domestic bonds(1) Changes in modified duration
A modified duration is one of the indicators of market risk for bondinvestment, which shows the sensitivity of bond prices in the case of afluctuation in interest rates to a certain degree.
The modified duration of domestic bonds was from 13.63 to 14.17.

(2) Status of holding of domestic bonds〇 Status of holding (by rating)
The Federation is required to make investment in bond issues rated A or higher. In fiscal year 2016, there was no bond issue which
was degraded to BBB or lower. (Note)(Note) This requirement is applied to bonds other than government bonds, municipal bonds, and bonds issued by juridical persons under special laws
(limited to those with a government guarantee).

10Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Status of Entrusted Investment Management Institutions

The full amount of funds of the Annuity Retirement Benefit Association Reserve Fund is invested in domestic bonds, etc. through inhouse investment.

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Fiscal Year 2016 Fees

There are no fees related to investment because the full amount of funds of the Annuity Retirement Benefit Association Reserve Fund isinvested in domestic bonds, etc. through in-house investment.

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Section 2 Systems and Activities Concerning Administration and Investment of Funds

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Basic Approach to Investment○ As a basic policy, funds shall be invested for the purpose of contributing to the stable management of annuity retirement benefit plan
operations in light of the characteristics of a cash balance-type pension program, whose benefit level is linked to the government bondyield or other benchmarks.
○ In addition, funds shall be managed appropriately by establishing a benchmark portfolio so that investment returns needed for the fund(i.e. assumed return (meaning the assumed return stipulated in Article 28, Paragraph (5) of the Ordinance for Enforcement of the Local
Public Service Mutual Aid Association Act (Cabinet Order No. 352 of 1962))) will be generated with the minimum risk.

Basic Policy for Management and Investment of Annuity Retirement Benefit Association Reserve Fund (Extract)
1. Basic Policy
The Federation shall manage the Annuity Retirement Benefit Association Reserve Fund with the objective of contributing to the stability of
the annuity retirement benefit plan operations based on the characteristics of a cash-balance pension plan whose benefit level is linked togovernment bond yields, from the long-term perspective in a safe and efficient manner.
Accordingly, the Federation shall administer and invest the Annuity Retirement Benefit Association Reserve Fund by establishing an asset
mix from the long-term perspective (the “benchmark portfolio”).
2. Investment target
The investment of the Annuity Retirement Benefit Association Reserve Fund, which has the characteristics of a cash-balance pension plan,
shall be managed appropriately by establishing the benchmark portfolio so that investment returns needed for the fund (i.e., assumed return(meaning the assumed return stipulated in Article 28, Paragraph (5) of the Ordinance for Enforcement of the Local Public Service Mutual Aid
Association Act (Cabinet Order No. 352 of 1962))) will be generated with the minimum risk.
In doing so, attention shall be paid not to distort, among other things, price formation in the market and private sector investment activities.

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Benchmark Portfolio○ Benchmark Portfolio
Domestic bonds
Asset mix

100%

The Federation manages the Annuity Retirement Benefit Association Reserve Fund with the objective of contributing to the stability of
the annuity retirement benefit plan operations based on the characteristics of a cash-balance pension plan whose benefit level is linked togovernment bond yields. To this end, the Federation determined an asset mix from the long-term perspective.
In relation to the asset mix of the Annuity Retirement Benefit Association Reserve Fund, the full amount of funds is invested in domestic
bonds.

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Governance ①(1) Organization
As of April 1, 2017, the Federation had two executives (managing director and auditor) and 119 full-time employees.
The organization consists of the General Affairs Department (General Affairs Division, Planning Division, Insurance Division and Welfare
Division), the Finance Department (Accounting Division, Investment Planning Division, In-house Investment Division, Fund Management
Division), the Pension Department (Pension Planning Division, Pension Information System Division, Pension Inspection Division, Pension
Benefit Division and Retirement Pension Benefit Division), and the Audit Office.

(2) General Assembly
The General Assembly consists of 61 members, 47 of which are elected by mutual vote the Presidents of associations which are the members of
the Federation (hereinafter the “Member Associations”). Among the members of the General Assembly, 14 are elected by mutual vote of the
Executive Directors of the Member Associations.
Revision of the articles of incorporation, the formulation and revision of the rules of operation, annual business plans, budgets and accountsettlement, disposal of important assets and assumption of significant debt are subject to resolution of the General Assembly.

(3) Fund Management Committee
This is a committee consisting of members who possess academic knowledge or practical experience in areas such as the pension system,
economics, finance and fund management, which studies expert matters pertaining to the establishment and revision of basic policies and theadministration and investment of the Employees' Pension Insurance Benefit Association Reserve Fund, Annuity Retirement Benefit Association
Reserve Fund and Transitional Long-term Benefit Association Reserve Fund (hereinafter the "Funds").

(4) Long-term Benefit Fund Committee
This is a committee also participated in by the representatives of Member Associations, which conducts research and study relating to basic
policies for investment of Funds and other important matters.

(5) Operational Management Committee
This is a committee also participated in by the representatives of Member Associations, which conducts research and monitoring of businessadministration and fund management implemented by the Federation and the Member Associations, as well as assessment of business.

(6) Fund Investment Review Council
This is a council for ensuring the safe and effective investment of surplus from business operation of each of the accountings of the Federation,
discussing decision-makings as to the investment of funds, analyzing the investment status and checking the status of risk management indicators.
This council is constituted by the Managing Director, the Secretary-General, the General Manager of Finance Department, the Chief Investment
Specialist, the Senior Investment Specialist, the Manager of Investment Planning Division, the Manager of In-house Investment Division, theManager of Fund Management Division and other members as may be deemed necessary. In principle, the council regularly meets once a month,and from time to time depending on the necessity.

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Governance ②
As of April 1, 2017(7) Organizational structure of Federation
Report of status ofinvestment, risk
management, etc.

Fund Management Committee

GeneralAssembly

Use of expert
knowledge(Discussion by financial experts)
Basic policy, benchmark portfolio, risk
management, investment methods, etc.

Fund Investment Review Council(Check and discussion by officers and employees [monthly])
Status of investment, risk management, etc.

Audits of businesses

President

Recommendation

AuditorLong-term Benefit Fund
Committee

Managing Director

Cooperation(Discussion by representatives of member
associations, etc.)

Operational Management
Committee(Monitoring by certified public accountants, etc.)

Secretary-General

Audit OfficeFinance
Department

Chief Investment Specialist
Senior Investment Specialist
Investment Planning Division

In-house Investment Division

Fund Management Division

Basic policy, funding plan, benchmark
portfolio and risk management

In-house investment

Entrusted investment management

17Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Governance ③ (Fund Management Committee)○ Fund Management Committee
The Federation has established the Fund Management Committee, which is comprised of members who possess academic
knowledge or practical experience in areas such as the pension system, economics, finance and fund management. Members areappointed by the President.
As an advisory body for the President, the Fund Management Committee has a duty to conduct research on basic issues relating tofund management, discuss matters necessary for the achievement of the purpose to contribute to the safe and efficient fundmanagement, and to report the findings to the President. The Committee is also to give advice to the President for any other importantmatters relating to the fund management.
For expert matters relating to the management and investment of funds, including the adoption and amendment of basic policies forthe management and investment of funds including benchmark portfolio, deliberation at the Fund Management Committee is required.
List of Committee Members (As of April 2017)
Yoshitaka Kai

Professor, Institute of Business and Accounting, Professional
Graduate School, Kwansei Gakuin University

Yasuyuki Kato

Professor, Graduate School of Management, Kyoto University

Katsuyuki Tokushima NLI Research Institute Pension Research Center, Financial
Research Department, Chief Fixed Income Analyst
Masashi Toshino

Professor, Faculty of Economics, Seikei University◎ Hiroshi Miyai

Visiting Professor, Graduate School of International
Accounting, Chuo University

Kenji Wada

Professor, Faculty of Business and Commerce, Keio
University

・A person with a "◎" mark is the Chairperson.

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Governance ④ (Approach to Risk Management)○ Generally speaking, "risk" refers to a danger or possibility of negative impact. In the field of asset investment, risk can mean the magnitudeof price fluctuation occurring under a certain condition or uncertainty towards the future.
Risks in the field of asset investment include interest rate fluctuation risk, price fluctuation risk, credit risk and liquidity risk. For asset
investment, for various risks commensurate with investment, it is important to understand the magnitude and multifaceted impacts of risks
from a long-term perspective.
○ The Federation appropriately implements risk management for investment in consideration of the following points: that investment offunds should be made safely and efficiently from a long-term perspective; and the characteristics of a cash-balance pension plan whose
benefit level is linked to government bond yields.

Implementation policy for risk management concerning investment of the fund (extract)
1. Basic approach concerning risk management
The National Federation of Mutual Aid Associations for Municipal Personnel appropriately conducts risk management related to theinvestment of funds in light of the following matters.
(1) Investment of funds should be made safely and efficiently from a long-term perspective.
(2) A benchmark portfolio should be developed and investment of funds should be made based on it.
(3) Annuity Retirement Benefit Association Reserve Fund should be invested in consideration of the relationship between all local public
service personnel mutual aid associations’ liabilities and the funds related to annuity retirement benefit plan operations in the future.
(4) The Federation shall manage the Annuity Retirement Benefit Association Reserve Fund by conducting appropriate risk management
based on the characteristics of a cash-balance pension plan whose benefit level is linked to government bond yields.

19Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Governance ⑤ (Risk Management Efforts)
Management of the deviation of the asset mix○ Investment based on the benchmark portfolio requires the management of various risk factors. Therefore, in order to secure profits in linewith the benchmark portfolio from the long-term perspective, it is important, in particular, to manage the degree of deviation of the asset
mix of the actual portfolio from that of the benchmark portfolio.
○ Specifically, for its assets as a whole, the Federation keeps track of and manages the status of the deviation of the actual portfolio from thebenchmark portfolio in terms of the asset mix.
Management of asset administration institutions○ The Federation requires asset administration institutions to fulfill the fiduciary responsibilities and develop systems to ensure compliancewith laws, and appropriately manages them by keeping track of their status of asset administration.
Verification of the benchmark portfolio○ It is necessary to periodically verify the benchmark portfolio, which is formulated in consideration of long-term economic forecasts, bychecking its assumptions, for example.
In the verification, the Federation also considers it necessary to check whether the existing benchmark portfolio is appropriate from theviewpoint of ensuring safe and efficient investment over the long term.
Reporting on the status of risk management and improvement measures implemented○ The status of risk management and improvement measures implemented are reported to the General Assembly and the Fund Management
Committee.

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Section 3 Reference Data

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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Changes in the investment return, etc. (since the integration of employee pension plans)(1) Investment
return(2) Value of investment income(Unit: JPY100M)(Unit: %)FY 2015(second half)

FY 2015(second half)

FY2016FY2016

Realized return

0.13

0.39

Realized income

0.27

3.74

Domestic bonds

0.16

0.41

Domestic bonds

0.26

3.74

Short-term assets

0.02

0.00

Short-term assets

0.01

0.00

(Reference)(Unit: %)FY 2015(second half)
Modified total return

8.06(Reference)(Unit: JPY100M)

FY 2015(second half)

FY2016-3.30

Investment income

16.96

FY2016-32.39(Note 1) The investment return for fiscal year 2015 is the period rate for the second half of fiscal year 2015.
(Note 2) The investment income for fiscal year 2015 is the aggregate amount of investment income for the second half of fiscal year 2015.
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Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Changes in the value of investment assets and the asset mix (since the integration of employee pension plans)(Unit: JPY100M, %)End of FY2015

End of FY2016

Book value balance

Composition

Book value balance

Composition

Domestic bonds

434

85.33

1,447

95.41

Short-term assets

75

14.67

70

4.59

Total

509

100.001,517

100.0023

Annuity Retirement Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Issues held (as of the end of Fiscal Year 2016)
The tables below show the top 10 bond issues held through in-house investment as of the end of March 2017, classified by issuer name.
The status of holding of issues does not represent the assessment of investees by the Federation.
For information concerning bond issues ranked 11th or lower, see the website of the Federation.
○Domestic bond issues held (by issuer, in order of total market value)No.

Names of issuer

1 Japan Finance Organization for Municipalities
2 Yokohama City
3 Osaka Prefecture
4 Hyogo Prefecture
5 Saitama Prefecture
6 Kyoto Prefecture
7 Fukuoka Prefecture
8 Hiroshima Prefecture
9 Joint LGB
10 Aichi Prefecture
Total
54 Issuers

Total market value(in 100M yen)
805
31
27
26
26
25
25
25
25
24
1,428

(Note 1) The names of issuers are provided by the Federation based on data registered with the T-STAR/GX system of the Nomura Research Institute, Ltd. as of March 2017.
(Note 2) The total market value of bonds is an aggregated figure calculated for each issuer by the Federation based on data registered in the T-STAR/GX system of the Nomura ResearchInstitute, Ltd.

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