Fiscal Year 2018 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
・ Investment Results (Overview)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P3【Section 1 Administration and Investment of Funds in FY2018】
・ Asset mix・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P5
・ Investment return・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P6
・ Investment income・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P7
・ Value of assets・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P8
・ Fees・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P9
・ Benchmark portfolio・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P10
・ Approach to risk management・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P11
・ Risk management efforts・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P12
・ Status of risk management・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P13【Section 2 Business and Fund Investment of National Federation of Mutual Aid Associations for Municipal Personnel】
・ Organizational structure・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P15
・ Fund Management Committee・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P17
・ Basic approach to investment・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P19【Section 3 Reference Data】
・ Changes in the investment return, etc.・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P21
・ Issues held・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P22

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

Investment Results (Overview)

Investment return+0.43% Realized return (book value basis)(FY2018)

Investment income +JPY1.3 billion Realized income(FY2018)(book value basis)

Value of investment assets: JPY355 billion Book value(End of FY2018)* As pension funds are intended for long-term investment, the investment status must be judged from the longterm 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 FY20184

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

Asset mix
The composition by asset (book value basis) is as follows:(Unit: %)FY2017FY2018End of FY

End of Q1

End of Q2

End of Q3

End of FY

Domestic bonds

97.2

96.4

99.6

96.1

97.4

Short-term assets

2.8

3.6

0.4

3.9

2.6

Total

100.0

100.0

100.0

100.0

100.0

(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) Loans are included in domestic bonds.
(Note 4) Short-term assets held by each fund were classified into relevant asset classes in principle.

5

Composition by Asset Class(as of end of FY2018)
Short-term
assets
2.6%

Domestic
bonds
97.4%

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

Investment return
The realized return for FY2018 was 0.43% for the overall assets.
Domestic bonds held by the Annuity Retirement Benefit Association Reserve Fund were evaluated based on book value on
the premise of continued holding until maturity.
Changes in realized return(Unit: %)0.50%

FY2018Each quarter

0.40%

Q1

Q2

Q3

Q4

FY total

Realized return

0.10

0.10

0.12

0.11

0.43

0.30%

Domestic bonds

0.10

0.11

0.12

0.12

0.46

0.20%

0.00

0.10%

Short-term assets

0.00

0.00

0.00

0.00

0.43%

Aggregate
0.32%

0.20%
0.10%

0.10%

Q1

Q2

0.12%

0.11%

Q3

Q4

0.00%

(Unit: %)(Reference)

Realized return by asset (aggregate for the fiscal year)

FY2018

Modified total return

Q1

Q2

Q3

Q4

FY total

0.37

-1.03

1.62

1.43

2.60

(Note 1) The return in each quarter is the period rate.
(Note 2) Loans are included in domestic bonds.
(Note 3) The realized return and modified total return represent figures after the deduction offees, etc. settled within the relevant period.
(Note 4) The modified total return represents the realized return adjusted for the effects ofchanges in valuation gains/losses that would arise if the assets are evaluated based onmarket value.

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

Investment income
The realized income for FY2018 was JPY1.3 billion (for overall assets).
Domestic bonds held by the Annuity Retirement Benefit Association Reserve Fund were evaluated based on book value on
the premise of continued holding until maturity.
Changes in realized return(Unit: JPY100M)(Unit: JPY100M)

14.00
13.00

FY2018Each quarter

12.00

Aggregate

Q1

Q2

Q3

Q4

FY total

Realized income

2.64

2.86

3.65

3.84

13.00

Domestic bonds

2.64

2.86

3.65

3.84

12.99

6.00

Short-term assets

0.00

0.00

0.00

0.00

0.01

4.00

10.00
9.16

8.00
5.51

2.64

2.86

Q1

Q2

3.65

3.84

Q3

Q4

2.00

(Unit: JPY100M)(Reference)

Realized return by asset (aggregate for the fiscal year)

FY2018Investment income

0.00(Unit: JPY100M)

Q1

Q2

Q3

Q4

FY total

14.00

9.55

-30.14

49.65

48.93

77.98

12.00

13.00

12.99

10.00

(Note 1) The realized income and investment income represent figures after the deduction offees, 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) Loans are included in domestic bonds.
(Note 4) The investment income represents the realized income adjusted for the effects ofchanges in valuation gains/losses based on market value.
(Note 5) Due to rounding, the total sum of individual figures may not necessarily add up to FY
total.

7

8.00
6.00
4.00
2.00

0.01
0.00
Domestic bonds

Short-term assets

Overall assets

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

Value of assets
The book value, total market value and valuation gains/losses by asset is as follows.
(Unit: JPY100M)

FY2018FY2017
End of FY
Book
value

Total
marketvalue

Domestic
bonds

2,464

2,470

Short-term
assets

70
2,534

Total

End of Q1
Book
value

Total
market
value

6

2,569

2,585

70

0

97

2,540

6

2,666

Valuation
gains/losses

End of Q2
Book
value

Total
market
value

16

2,968

2,948

97

0

13

2,682

16

2,981

Valuation
gains/losses

End of Q3
Book
value

Total
market
value

-19

3,040

3,069

13

0

122

2,962

-19

3,163

Valuation
gains/losses

End of FY
Book
value

Total
market
value

29

3,457

3,528

71

122

0

93

93

0

3,192

29

3,550

3,621

71

Valuation
gains/losses

Valuation
gains/losses(Note 1) Due to rounding, the total sum of individual figures may not necessarily add up to Total.
(Note 2) The total market value and valuation gains/losses are indicated here for reference. The valuation gains/losses were tentatively calculated basedon the market value.
(Note 3) Loans are included in domestic bonds.
(Note 4) Short-term assets held by each fund were classified into relevant asset classes in principle.

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

Fees
There are no fees related to investment because the funds of the Annuity Retirement Benefit Association Reserve Fund areinvested in domestic bonds through in-house investment and investment of deposits by member associations.

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

Benchmark portfolio
1. Benchmark portfolio (asset mix)
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 to government bond yields or other benchmarks. 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 isinvested in domestic bonds.

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

Approach to risk management○ Generally speaking, "risk" refers to danger or possibility of negative impact. In the field of asset investment, risk means
uncertainty of returns, etc. associated with market volatility or other factors.
○ Risks in the field of asset investment include interest rate fluctuation risk, price fluctuation risk, credit risk and liquidity risk.
Therefore, it is important to understand the magnitude and multifaceted impacts of various risks commensurate withinvestment from a long-term perspective.
○ The National Federation of Mutual Aid Associations for Municipal Personnel (hereinafter the “Federation”) appropriately
implements risk management for investment in consideration of the following points: that investment of funds should bemade 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 or other benchmarks.

Implementation policy for risk management concerning investment of the fund (extract)
Basic approach concerning risk management
The National Federation of Mutual Aid Associations for Municipal Personnel appropriately conducts risk management
related to the investment of funds in light of the following matters.
(i) Investment of funds should be made safely and efficiently from a long-term perspective.
(ii) A benchmark portfolio should be developed and investment of funds should be made based on the benchmark portfolio
through appropriate diversification across multiple asset classes with different risk/return profiles and othercharacteristics (hereinafter referred to as "diversified investment") in principle.
(iii) Each fund should be invested in consideration of the relationship between all Local Public Service Personnel Mutual
Aid Associations’ liabilities and the funds of all Local Public Service Personnel Mutual Aid Associations in the future.
(iv) Risk management shall be appropriately implemented in consideration of the characteristics of a cash-balance pension
plan whose benefit level is linked to government bond yields or other benchmarks.

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

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 tosecure returns in line with the benchmark portfolio from the long-term perspective, it is important, in particular, to manage
the degree of deviation of the asset mix ratio of the fund from that of the benchmark portfolio.
• Specifically, for its asset as a whole, the Federation keeps track of and manages the status of the deviation of the fundfrom the benchmark 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 toensure compliance with laws, and appropriately manages them by keeping track of their status of asset administration.
○ 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 theFund Management Committee.

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

Status of risk management○ Domestic bonds
1. Change in duration
A duration is the one of the indicators of a market risk for bond investment, which shows sensitivity of bond prices in thecase of a fluctuation in interest rate to a certain degree.
The duration of domestic bonds was from 12.55 to 13.16.
Changes in duration of domestic bonds
14.00
13.50
13.00
12.50
12.00
11.50
11.00
Apr

May

Jun

Jul

Aug

Sep

Oct

13

Nov

Dec

Jan

Feb

Mar

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

Section 2 Business and Fund Investment of National Federation of Mutual Aid
Associations for Municipal Personnel

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

Organizational structure (1)
1.

2.

3.

4.

5.

6.

7.

Organization
As of April 1 of 2019, the Federation has executives consisting of one president, 13 managing directors and three auditors, including one full-time managing
director and one full-time auditor with academic knowledge. The maximum number of employees is 120.
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 and Fund Management Division), the Pension Department (Pension
Planning Division, Pension Information System Division, Pension Inspection Division, Pension Benefit Division and Retirement Pension Benefit Division), as wellas the Investment Risk Management Office and Audit Office.
The Investment Risk Management Office was newly established on April 1, 2018, as a section separate from the Finance Department from the standpoint of
improving and reinforcing risk management and the mutual checks and balances function.
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 operations, annual business plans, budgets and account settlement, disposalof important assets and assumption of significant debt are subject to resolution of the General Assembly.
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, financeand fund management, which studies expert matters pertaining to the establishment and revision of basic policies and the administration 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").
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 forinvestment of Funds and other important matters.
Operational Management Committee
This is a committee also participated in by the representatives of Member Associations, which conducts research and monitoring of business administration andfund management implemented by the Federation and the Member Associations, as well as assessment of business.
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. This council is constituted by a full-time managing director (hereinafter a “Senior Managing Director”), theSecretary-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, the Manager of Fund Management Division, the Manager of Investment Risk Management Office,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.
Investment Risk Management Committee
This is a committee to conduct activities such as verification, reporting and discussion so as to ensure appropriate risk management related to fund investment.
This committee is constituted by the Senior Managing Director, the Secretary-General, the Director-General of Finance Division, the Senior Investment Analyst,
the Senior Investment Analyst, the Manager of Investment and Planning Division, the Manager of In-house Investment Division, the Manager of Investment andManagement Division, the manager of Investment Risk Management Office and other members as may be deemed necessary. In principle, the council regularly
meets once a month, and from time to time as depending on the necessity.

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

Organizational structure (2)8. 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.

As of April 1, 2019

Long-term Benefit Fund
Committee(Discussion by representatives of Member
Associations, etc.)

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

Recommendation

President

Auditor
Audits of businesses

Managing
Director

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

SecretaryGeneral

Investment Risk
Management Committee(Check and discussion by officers
and employees [monthly])
Risk management, etc.

Cooperation

Audit Office
Investment Risk
Management OfficeFinance Department
Chief Investment Specialist
Senior Investment Specialist

Investment Planning Division

In-house Investment Division

Fund Management Division

Basic policy, funding plan, benchmark portfolio

In-house investment

Entrusted investment management

16

Risk management

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

Fund Management Committee (1)○ 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 2019)

Chairperson

Kai Yoshitaka

Professor, The Kyoto College of Graduate Studies for Informatics

Kato Yasuyuki

Project Professor, Graduate School of Management, Tokyo Metropolitan
University
Adjunct Professor, Graduate School of Management, Kyoto University

Tokushima Katsuyuki

Chief Fixed Income Analyst, Financial Research Department, NLI
Research InstituteToshino Masashi

Professor, Faculty of Economics, Seikei University

Miyai Hiroshi

President and Representative Director, Asset Management Life

Wada Kenji

Professor, Faculty of Business and Commerce, Keio University

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

Fund Management Committee (2)○ Meetings of the Fund Management Committee (fiscal year 2018)

Meeting
number

41st

Meeting date

September 27, 2018

Main subjects
•
•
•
•
•
•
•

42nd

March 26, 2019

•
•
•
•
•

Consultation paper
Issues for deliberation in the current fiscal year and method of discussion
Examination of the benchmark portfolio for the Annuity Retirement Benefit
Association Reserve Fund
Recommendation paper (draft)
Status of investment of individual Funds in the first quarter of FY2018
Examination of the benchmark portfolio for the Employees' Pension
Insurance Benefit Association Reserve Fund
Examination of the benchmark portfolio for the Transitional Long-term
Benefit Association Reserve Fund
Discussion related to the review of the benchmark portfolio for the Annuity
Retirement Benefit Association Reserve Fund
Recommendation paper (draft)
Approach to safe and efficient investment of individual Funds
Status of investment of individual Funds in FY2019
Status of investment of individual Funds in the third quarter of FY201818

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 bond yield 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 Order 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 thestability of the annuity retirement benefit plan operations based on the characteristics of a cash-balance pension plan whose benefit
level is linked to government bond yields or other benchmarks, 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 Order 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.

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

Section 3 Reference Data

20

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)

FY2016FY2017FY2018FY 2015(second half)

FY2016FY2017FY2018Realized return

0.13

0.39

0.42

0.43

Realized income

0.27

3.74

8.26

13.00

Domestic bonds

0.16

0.41

0.43

0.46

Domestic bonds

0.26

3.74

8.26

12.99

Short-term assets

0.02

0.00

0.00

0.00

Short-term assets

0.01

0.00

0.00

0.01

(Reference)

Modified total return(Reference)(Unit: %)FY 2015(second half)
8.06

FY2016FY2017FY2018

-3.30

1.73

2.60

(Unit: JPY100M)
FY 2015(second half)

Investment income

16.96

FY2016FY2017FY2018-32.39

33.75

77.98

(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.

21

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

Issues held
The tables below show the top 10 bond issues held through in-house investment as of the end of March 2019, classified byissuer name. For information concerning bond issues ranked 11th or lower, see the website of the Federation.
The status of holding related to issuers does not represent the assessment of issuers, etc. by the Federation.
○ Domestic bond (in order of book value balance)
No.
1
2
3
4
5
6
7
8
9
10
Total

Names of issuer

Japan Finance Organization for Municipalities
Aichi Prefecture
Fukuoka Prefecture
Yokohama City
Kyoto Prefecture
Chiba City
Hiroshima Prefecture
Nagoya City
Hyogo Prefecture
Saitama Prefecture
54 IssuersBook value balance(in 100M yen)

1,796
41
41
38
38
37
37
36
35
33
2,770

(Note 1) The names of issuers are provided by the Federation based on data registered in the T-STAR/GX system of Nomura Research Institute and BarraOne system
of MSCI as of the end of March 2019.
(Note 2) The book value balance of bonds is an aggregated figure calculated for each issuer by the Federation based on data registered in T-STAR/GX system of
Nomura Research Institute.

22