Fiscal Year 2021 Review of Operations
Employees' Pension Insurance 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

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Table of Contents
・ Investment Results (Overview)……………………………………………………………………………………………………

3【Section 1 Administration and Investment of Funds in FY2021】
1 Market environment………………………………………………………………………………………………………………….. 5
2 Investment results(1) Asset mix………………………………………………………………………………………………………………………… 6(2) Investment return……………………………………………………………………………………………………………….. 7(3) Contribution analysis of excess return…………………………………………………………………………………......... 8(4) Investment income………………………………………………………………………………………………………………10(5) Value of assets………………………………………………………………………………………………………………….. 11(6) Fees……………………………………………………………………………………………………………………………… 12
3 Benchmark portfolio…………………………………………………………………………………………………………………. 13
4 Risk management(1) Approach to risk management………………………………………………………………………………………………… 14(2) Risk management efforts……………………………………………………………………………………………………… 15(3) Status of risk management (overall assets) ………………………………………………………………………………… 16
5 Investment in alternative assets…………………………………………………………………………………………………… 17
6 Stewardship activities……………………………………………………………………………………………………………….. 21
7 Other major efforts……………………………………………………………………………………………………………………24【Section 2 Businesses and Fund Investment of the Federation】
1 Organizational structure…………………………………………………………………………………………………………….. 26
2 Fund Management Committee………………………………………………………………………………………………………29
3 Basic approach to investment……………………………………………………………………………………………………… 31【Section 3 Reference Data】
1 Changes in the investment results………………………………………………………………………………………………… 33
2 Issues held…………………………………………………………………………………………………………………………… 34
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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Investment Results (Overview)

Investment return+5.62%

Modified total return (market value basis)(FY2021)

Investment income+JPY 344.0 billion

Investment income (market value basis)(FY2021)

Value of investment assets:

JPY 6,359.0 billion

Total market value(End of FY2021)
As pension funds are intended for long-term investment, the investment status must be judged from the long-term
perspective.
As investment income is based on the total market value as of the end of each term, it should be kept in mind thatit includes valuation gains/losses, which means it may change depending on market movements.
(Note) The return and income represent figures after the deduction of fees, etc. settled within the relevant period.

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Section 1 Administration and Investment of Funds in FY2021

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

1 Market environment

Change in benchmark return
The full-year benchmark return came to +5.48%. Despite the effects of the FRB’s (U.S. Federal Reserve Board’s)
stance of accelerating interest rate hikes and the rising tension in the Ukraine situation, foreign equities made significant
contributions amid the yen’s depreciation.

(Note) The level as of March 31, 2021 is the base figure of 100.
Returns
Asset class

Domestic bonds

Benchmark

NOMURA Bond Performance Index (Overall)Domestic equities TOPIX (dividend-inclusive)
Foreign bonds
Foreign equities

FTSE World Government Bond Index(ex-Japan, ex-China, no hedge, in yen)

MSCI ACWI ex. Japan(in yen, dividend-inclusive)

Total

Q1

Q2

Q3

Q4

0.31％

0.06％

-0.07％-1.50％-1.22％-0.33％

5.32％-1.69％-1.17％

1.99％

1.65％

-0.89％

2.52％-1.35％

1.89％

8.55％

-0.79％

10.92％-0.07％

19.38％

2.52％

0.95％

2.91％

-0.96％

5.48％

Full fiscal year

(Note 1) The total is the return calculated by weight-averaging the benchmark returns for individual asset classes based on the shares in
the asset mix of the benchmark portfolio.
(Note 2) The figures for foreign bonds until December, 2021 were calculated with the FTSE World Government Bond Index (ex-Japan,
ex-China, no hedge, in yen) as the benchmark.
(Source: Bloomberg)

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Investment results(1) Asset mix
The composition by asset is as follows:(Unit: %)FY2021
End of FY2020

Domestic bonds

25.8

End of Q1

End of Q2

End of Q3

End of Q4(End of FY)

20.7

26.2

23.5

26.8

Benchmarkportfolio

25.0

Short-term
assets

(7.3)

(1.4)

(5.4)

(2.7)

(6.8)

Domestic
equities

25.9

27.0

26.6

26.2

25.1

25.0

Foreign bonds

21.6

23.0

22.0

22.8

22.1

25.0

Foreign equities

26.7

29.2

25.3

27.5

25.9

25.0

Total

100.0

100.0

100.0

100.0

100.0

100.0

(Note 1) Deviation tolerances from the benchmark portfolio are ±20% for domestic bonds, ±12% for domestic equities, ±9% for foreign bonds and ±11% for foreign
equities.
(Note 2) Due to rounding, the total sum of individual figures may not necessarily add up to 100%.
(Note 3) Short-term assets held by each fund were classified into relevant asset classes in principle.
(Note 4) The ratio of alternative assets to the total amount of funds is 1.6% (the upper limit for the benchmark portfolio is 5%).

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Investment results(2) Investment return
Changes in modified total return

The modified total return for FY2021 was 5.62% for the overall assets.
(Unit: %)FY2021
Q1

Q2

Q3

Q4

FY total

Modified total return

2.79

1.05

2.81

-0.96

5.62

Domestic bonds

0.41

0.06

-0.04

-1.25

-0.96

Short-term assets(0.00)(0.00)(0.00)(0.00)(0.00)

Domestic equities

-0.04

5.22

-1.79

-1.49

1.80

Foreign bonds

1.76

-0.63

2.84

-0.66

3.27

Foreign equities

8.32

-0.62

10.51

-0.45

17.63
(Unit: %)FY2021

Realized return

Q1

Q2

Q3

1.64

2.81

1.19

Q4

FY total

1.29

6.91

(Note 1) The return in each quarter is the period rate.
(Note 2) The modified total return and realized return represent figures after the deduction of fees,
etc. settled within the relevant period.

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Modified total return by asset(aggregate for the fiscal year)Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Investment results(3) Contribution analysis of excess return ①
The modified total return for overall investment assets was 5.62%, while the excess return compared with the benchmark return was 0.15%.
As for the asset allocation factor, underweight of foreign bonds and overweight of foreign equities made positive contributions.
As for the individual asset factor, foreign and domestic equities made negative contributions.

FY2021 (April 2021 through March 2022)
OverallassetsModified total return
Benchmark return
Excess return*(Unit: %)Domestic Domestic Foreignbonds
equities
bonds

Foreignequities

5.62

-0.96

1.80

3.27

17.63

5.48

-1.22

1.99

1.89

19.38

0.15

0.26

-0.18

1.39

-1.75

* The benchmark return for overall assets is calculated by weight-averaging the benchmark
returns for individual asset classes based on the shares in the asset mix of the benchmark
portfolio. Due to rounding, the total sum of individual figures may not necessarily add up to
the total.

Asset allocation
factor①

Individual asset
factor②①＋②

Domestic bonds

0.01%

0.07%

0.08%

Domestic equities-0.04%-0.04%-0.09%

Foreign bonds

0.08%

0.33%

0.41%

Foreign equities

0.19%-0.45%-0.26%

Total

0.24%

-0.09%

0.15%(Reference) Deviation of the Federation's portfolio (book value average balance + accrued
income as of the end of previous period + valuation gains/losses as of the end of previous
period) from the benchmark portfolio

Federation's
portfolio

Benchmarkportfolio

Deviation

Deviation
tolerance

Domestic bonds

25.0%

25.0%

-0.0%

±20%

Domestic equities

26.3%

25.0%

1.3%

±12%

Foreign bonds

22.3%

25.0%

-2.7%

±9%

Foreign equities

26.4%

25.0%

1.4%

±11%

Total

100.0%

100.0%

0.0%① Asset allocation factor: A factor that is attributable to the difference between the asset mix of the fund and the benchmark portfolio.
② Individual asset factor: A factor that is attributable to the difference between the modified total return and benchmark returns concerning each asset class.

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Investment results(3) Contribution analysis of excess return ②○ Domestic bonds
The modified total return of foreign equities was -0.96%, which exceeds the benchmark return (-1.22%) by 0.26%.
Regarding passive funds, for which an overweighting of municipal bonds is tolerated, although the narrowing of the yield spread
between municipal and government bonds made positive contributions due to the bond type factor, the return was lower than thebenchmark due to the effects of the unfortunate timings of additional investments. Active funds generally performed well, as theselection of corporate bond issues was successful. Funds investing in currency-hedged foreign bonds, classified as domestic bonds,
made negative contributions, but the return for domestic bonds as a whole was higher than the benchmark.
○ Domestic equities
The modified total return of foreign bonds was 1.80%, which was below the benchmark return (1.99%) by 0.18%.
The passive funds were almost the same as the benchmark. Regarding active funds, some growth funds and small- and mid-cap
stock funds performed poorly—although the results varied depending on the funds’ strategies—on a full-year basis amid the market
environment in which value and large-cap stocks performed better. Regarding funds adopting smart beta strategies, the manager’s
benchmark return was lower than the return on the TOPIX index for those using a low-volatility strategy. As a result, the return on
domestic equities as a whole was lower than the benchmark.
○ Foreign bonds
The modified total return of domestic bonds was 3.27%, which exceeds the benchmark return (1.89%) by 1.39%.
For passive funds, the return was higher than the benchmark because of the effects of the differences between the funds and thebenchmark in the prices used for market price valuation. For active funds, funds of five out of eight entrusted investment management
institutions that adopt the Bloomberg Global Aggregate Index (3.44%) as the manager's benchmark exceeded the benchmark return,and in addition, funds of four of those five entrusted investment management institutions delivered a higher return than the manager’s
benchmark due to a successful selection of issues. As a result, the return for foreign bonds as a whole was higher than the benchmark.
Funds investing in alternative assets, which are classified as domestic bonds, also contributed to the excess return.
○ Foreign equities
The modified total return of foreign equities was 17.63%, which was below the benchmark return (19.38%) by 1.75%.
For passive funds, the return was lower than the benchmark due to the negative effects of taxation on dividends and the unfortunate
timing of some cancellations. Regarding active funds, despite the steady performance of funds whose investment management kept
portfolio volatility under control, many other funds made an unsuccessful selection of issues. As a result, the return for foreign equities
as a whole was lower than the benchmark.

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Investment results(4) Investment income
The investment income for FY2021 was JPY 344.0 billion for overall assets.

Changes in investment income(Unit: JPY100M)

FY2021
Q1

Q2

Q3

Q4

FY total

Investment income

1,665

650

1,740

-615

3,440

Domestic bonds

56

9

-7

-204

-147

Short-term assets

(0)

(0)

(0)

(0)

(0)

Domestic equities

-6

835

-297

-241

290

Foreign bonds

237

-87

390

-94

446

Foreign equities

1,379

-106

1,654

-77

2,850

(Unit: JPY100M)

FY2021
Q1
Realized income

783

Q2

1,375

Q3

587

Q4

FY total

646

3,391

(Note 1) The investment income and realized income represent figures after the deduction of fees, etc. settled
within the relevant period.
(Note 2) The investment income represents the realized income adjusted for the effects of changes invaluation gains/losses based on market value.
(Note 3) Realized income represents the sum of trading profits/losses and interest and dividend income, etc.
(Note 4) Due to rounding, the total sum of individual figures may not necessarily add up to FY total.

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Total investment income by asset(aggregate for the fiscal year)Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Investment results(5) Value of assets
The book value, total market value and valuation gains/losses by asset is as follows.
(Unit: JPY100M)

FY2021
End of FY2020
End of Q1

End of Q2

End of Q3

End of Q4 (End of FY)

Book value

Total market
value

Valuation
gains/losses

Book value

Total market
value

Valuation
gains/losses

Book value

Total market
value

Valuation
gains/losses

Book value

Total market
value

Valuation
gains/losses

Book value

Total market
value

Valuation
gains/losses

Domestic bonds

15,791

16,032

241

12,057

12,357300

16,014

16,267254

14,324

14,568243

17,032

17,07341

Short-term
assets(4,561)(4,561)

(0)

(831)

(831)

(0)

(3,334)(3,334)(0)(1,642)(1,642)(0)(4,328)(4,328)(0)

Domestic
equities

11,901

16,111

4,210

12,022

16,105

4,083

11,744

16,4994,755

11,99916,202

4,204

12,222

15,961

3,739

Foreignbonds

12,895

13,435540

12,963

13,718754

13,071

13,658588

13,27314,147874

13,464

14,074610

Foreign equities

9,496

16,623

7,127

9,389

17,387

7,998

8,769

15,688

6,919

8,793

17,034

8,240

8,706

16,482

7,776

Total

50,08362,201

12,11846,43259,567

13,13549,597

62,113

12,51548,38961,951

13,561

51,424

63,59012,167(Note 1) Due to rounding, the total sum of individual figures may not necessarily add up to Total.
(Note 2) Short-term assets held by each fund were classified into relevant asset classes in principle.

The amounts of funds allocated and withdrawn in FY2021 by asset class are as follows.
(Unit: JPY100M)

Domestic bonds Domestic equities Foreign bonds

Amount of funds
allocated and withdrawn

1,420

- 440

193

Foreign equities- 2,991(Note) The above figures are the total sums of asset cancellations (cash-out) for the purpose of securing funds for pension benefits and fund transfer for each asset
class related to asset cancellation and reinvestment for the purpose of asset portfolio mix adjustment (rebalancing).

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Investment results(6) Fees
The amount of fees totaled about JPY4.2 billion in FY2021.
The fee rate relative to the value of investment assets came to 0.07%.
(Unit: JPY100M, %)FY2021Fees

Fee rate

Domestic bonds

6

0.05

Domestic equities

12

0.08

Foreign bonds

6

0.05

Foreign equities

15

0.09

Alternative assets

3

0.38

Overall assets

42

0.07

(Note 1) Fees include management fees and custodian fees related to investment.
(Note 2) The amount of fee is rounded off to the nearest hundred million yen.
(Note 3) Fee rate = fee amount/month-end market value average balance(Note 4) In the above table, the figures for alternative assets are separately indicated.

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

3 Benchmark portfolio

Benchmark portfolio
1. Benchmark portfolio
Domestic bonds

Domestic equities

Foreign bonds

Foreign equities

Asset mix

25%

25%

25%

25%

Deviation tolerance

±20%

±12%

±9%

±11%

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

4 Risk management(1) Approach to risk management○ Generally speaking, "risk" refers to danger or possibility of negative impact. In the field of asset investment. In the field ofasset investment, risk means uncertainty of returns, etc. associated with market volatility or other factors. ("Uncertainties
of returns, etc." refers to the risk of the value of assets rising as well as falling)○ 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 Federation appropriately implements risk management concerning investment in accordance with the implementation
policy for risk management concerning investment of the funds in consideration of the points including the following: thatinvestment of funds should be made safely and efficiently from a long-term perspective; and that diversified investments
should be maintained in principle.
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 the benchmark portfolio throughappropriate diversification across multiple asset classes with different risk/return profiles and other characteristics (hereinafter referred
to as "diversified investment") in principle.
3. Method of risk management(2) Matters unique to each reserve fund
① Employees' Pension Insurance Benefit Association Reserve Fund
A. For the basic portfolio, the Federation shall identify the probability of falling below the nominal wage growth rate (hereinafter referred
to as "Lower Partial Probability") and the average shortfall rate when falling below the nominal wage growth rate (hereinafter referred
to as the "Conditional Average Shortage Rate") at least once a year and manage them appropriately.

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

4 Risk management(2) 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, as the asset mix constantly changes due to asset price fluctuations, the Federation keeps track of the statusof the deviation of the asset mix of the fund from that of the benchmark portfolio and manages the actual portfolio so as tokeep the degree of deviation within a certain range (deviation tolerance). In this way, the Federation checks whether or
not there are problems such as a deviation from the benchmark portfolio in excess of the deviation tolerance.
○ Monitoring of market risk, etc.
• The Federation identifies downside risks by using the value at risk approach, which measures the maximum foreseeable
amount of losses expected under certain conditions, and the simulation of impact on funds in the case of fluctuation ofshare price and interest rate within a certain range (a stress test).
• As it also uses active investment in its investment of funds, the Federation seeks to earn an excess rate of return over thebenchmark by diversifying investment strategies and investment issues within each asset class. Therefore, theFederation monitors the status of market risk (price volatility risk, etc. in each asset market), credit risk (default risk), etc.
with respect to each asset class, mainly from the viewpoint of difference from the benchmark for each asset class.

○ Management of entrusted investment management institutions, etc.
The Federation manages liquidity risk (risk that purchasing and selling assets will become difficult due to a decline intrading volume) from the viewpoint of revising asset allocations (rebalancing) and smooth conversion of assets into cash. In
addition, as the Federation entrusts the operation of some investment-related activities to external institutions, it monitors
the status of management (status of risk management and asset administration) of the institutions to which it entrusts asset
management or asset administration (entrusted investment management institutions and asset administration institutions),from the viewpoint of ensuring the smooth operation.
○ 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.
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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

4 Risk management(3) Status of risk management (overall assets)○ Asset mix and estimated tracking error
The asset-by-asset share in the asset mix stayed mostly at around the median value for all asset classes. The
estimated tracking error for all assets exceeded 1% temporarily mainly due to the expansion of the difference between theshares of foreign equities in the actual and benchmark portfolios in the first half of the fiscal year. From July, the estimatedtracking error stayed at around 0.5% due to rebalancing.
【Changes in the asset mix】
【Changes in the estimated tracking error】

Estimated tracking error:
A benchmark used to estimate the degreeof deviation (standard deviation) of the
future excess return (the difference
between the return for the portfolio and thebenchmark return)16

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

5 Investment in alternative assets

Investment in alternative assets ①
For the purpose of ensuring safe and efficient investment management of the Employees' Pension Insurance Benefit
Association Reserve Fund from a long-term perspective, the Federation started investment in alternative assets in FY2018 inorder to promote diversified investment.
Investment policy pertaining to diversification of eligible investment instruments (investment in alternative assets) (Excerpt)1.

Definition of diversification of eligible investment instruments① Definition of diversification of eligible investment instruments
Diversification of eligible investment instruments means making investments in assets whose characteristics, such as the risk/return profiles, are different fromthose of traditional assets such as equities and bonds (hereinafter referred to as "alternative assets").
② Scope of alternative assets
Alternative assets are assets such as real estate, infrastructure and private equities, and negotiable securities, trust beneficiary rights and other assets backed
by those assets.

2.

Purpose of diversification of eligible investment instruments
Diversification is used to promote diversified investment of the Employees' Pension Insurance Benefit Association Reserve Fund for the purpose of investing thefunds safely and efficiently from a long-term perspective.

3.

Classification of alternative assets in the benchmark portfolio① Classification of alternative assets in the benchmark portfolio
Alternative assets are classified into domestic bonds, domestic equities, foreign bonds or foreign equities according to their risk/return profiles and othercharacteristics.
② Share of alternative assets in the asset mix of the portfolio
The share of alternative assets in the asset mix is limited to a maximum of 5% of the overall assets of the Employees' Pension Insurance Benefit Association
Reserve Fund.

4.

Matters to note when diversifying eligible investment instruments
The National Federation of Mutual Aid Associations for Municipal Personnel (hereinafter referred to as the "Federation") takes note of the following matters when
diversifying eligible investment instruments.
① In principle, investment shall be diversified between traditional assets, such as equities and bonds, and alternative assets and across different types ofalternative assets.
② Diversification shall made after the effects of diversified investment have been recognized and sufficient evidence to support the expectation that an excess
returns can be obtained has been obtained.
③ Because alternative assets are different from traditional assets in many points, such as marketability, profitability, individuality, transaction cost, and information
disclosure status, the Federation shall conduct a study with due consideration of the development of the market environment, including the steady improvementof the earning capacity of each asset and the development of the secondary market.
④ The Federation shall make alternative investment after developing the investment and risk management systems necessary for the investment (including hiring
personnel with advanced expert skills).
⑤ The Federation shall use the expert knowledge of the Fund Management Committee.

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Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

5 Investment in alternative assets

Investment in alternative assets ②(1) Invitation of public applications for entrusted investment management institutions through Asset Manager Registration
SystemThe Federation started accepting entries with respect to products investing in real estate from fiscal year 2017 andproducts investing in infrastructure and private equity from fiscal year 2018.
(Reference)
Asset class

Main investment
targets

Main income source and characteristics

Real estate

Real estate

Stable rent income earned from invested real estates

Infrastructure

Infrastructure operatingcompanies

Stable business income earned from investee companies and projects

Private equity

Unlisted stocks

Rise in corporate value due to medium- to long-term investments incompanies with high growth potential(2) Adoption of entrusted investment management institutions
In FY2021, the Federation adopted an entrusted investment management institution for one fund related to real estate
investment.
 Sumitomo Mitsui Trust Bank, Limited (Domestic real estate)18

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

5 Investment in alternative assets

Investment in alternative assets ③(3) Status of investments○ Domestic real estate investments (included in domestic bonds)

Entrusted investment management institutions

Outline of investment funds

Total market
Timevalue
Starting date of weighted(End of theinvestment
Returns
fiscal year)(Fiscal year)

Nomura Asset Management

Diversified investment in sectors such as rental houses, offices,
and industrial and commercial facilities mainly in the three major
metropolitan areas¥3.1 billion December 2018

5.99%

Sumitomo Mitsui Trust Bank

Diversified investment in privately placed REITs and privately
placed funds focusing primarily on investment in domestic offices,
industrial facilities, rental houses, commercial facilities, etc.

¥2.3 billion

0.00%

January 2022

○ Foreign real estate investments (included in foreign bonds)

Entrusted investment management institutions

Outline of investment funds

Total market
Timevalue
Starting date of weighted(End of theinvestment
Returns
fiscal year)(Fiscal year)

Tokio Marine Asset Management

Diversified investment in real estate funds focusing mainly on
investment in properties across the world excluding Japan,¥55.6 billion December 2018
including industrial facilities, offices, rental houses, and commercial
facilities

29.60%PGIM Japan

Diversified investment in U.S. industrial facilities, rental houses,
offices and commercial facilities

33.01%

19¥21.2 billion December 2018

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

5 Investment in alternative assets

Investment in alternative assets ④○ Foreign infrastructure investment (included in foreign bonds)

Entrusted investment management institutions

Outline of investment funds

Total market
Timevalue
Starting date of weighted(End of theinvestment
Returns
fiscal year)(Fiscal year)

J.P. Morgan Asset Management

Diversified investment in infrastructure assets centered on stably
operating assets at global level¥11.3 billion February 2020

10.91%

Tokio Marine Asset Management(Fund of funds manager:
BlackRock Financial Management, Inc.)

Diversified investment in infrastructure funds centered on stably
operating assets at global level¥4.5 billion

21.33%March 2020

○ Foreign private equity investment (included in foreign equities)
Total market
Timevalue
Starting date of weighted(End of theinvestment
Returns
fiscal year)(Fiscal year)

Entrusted investment management institutions

Outline of investment funds

J.P. Morgan Asset Management(Fund of funds manager:
J.P. Morgan Investment Management Inc.)

Diversified investment in PE funds centered on buy-outs at global
level¥2.0 billion

March 2021

12.58%

Nomura Asset Management(Fund of funds manager:
HarbourVest Partners, LLC)

Diversified investment in PE funds centered on buy-outs at global
level¥3.3 billion

March 2021

12.85%(Note 1) Foreign investment funds were affected by changes in market price valuation due to foreign exchange fluctuations.
(Note 2) The above table covers only items for which entrusted investment management institutions consented to disclosure.
(Note 3) The investment start date is the date of signing the discretionary investment contract.
(Note 4) The return earned by JP Morgan Asset Management in overseas infrastructure investment is underrepresented compared with the actual figure because the amount ofdividends scheduled to be paid out in the following term is booked as a negative figure.

20

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

6 Stewardship activities(1) Efforts in FY2021 ①○ As part of its stewardship activity in FY2021, the Federation conducted surveys and interviews with entrusted investment
management institutions regarding the status of their exercise of shareholders’ voting rights and engagement andencouraged them to conduct efficient stewardship activity in accordance with their own investment styles and staffing
situations. The Federation conducted surveys and interviews with investment management institutions entrusted with foreign
equities as well as those entrusted with domestic equities.
Surveys and hearings of entrusted investment management institutions
Subjects

PeriodTargets

Survey on exercise of voting rights

September 2021

Entrusted investment management
institutions for domestic and foreign equities(12 companies for domestic equities and 8
companies for foreign equities)

Survey on performance of
stewardship activities

October 2021

Interviews regarding the above
two items

November 2021

Entrusted investment management
institutions for domestic and foreign equities(12 companies for domestic equities and 8
companies for foreign equities)

Main subjects••

results of exercise of voting rights
structure for exercise of voting rights

•
•
•
•

structure for managing conflicts of interest
details of engagement
strengthened efforts, challenges and issues
reason for the decision to exercise voting rights in relation to
specific, individual proposals(Note 1) The following twelve companies are entrusted with the investment management of domestic equities: Asset Management One Co., Ltd., Invesco Asset Management (Japan) Limited,
Capital International K.K., Schroder Investment Management (Japan) Limited, Nikko Asset Management Co., Ltd., Nissay Asset Management Corporation, Nomura Asset Management
Co., Ltd., Mizuho Trust & Banking Co., Ltd., Sumitomo Mitsui DS Asset Management Company, Limited, Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking
Corporation and Resona Bank, Limited(Note 2) The following eight companies are entrusted with the investment management of foreign equities: Wellington Management, MFS Investment Management, State Street Global Advisors,
SEIRYU Asset Management Ltd., Tokio Marine Asset Management Co., Ltd., Natixis Investment Managers, BlackRock Japan Co., Ltd. and Sumitomo Mitsui Trust Bank, Limited

Periodical reports related to stewardship activities
Subjects

PeriodTargets

Main subjects

Report of the Federation's stewardship
activity in its PR papers

February 2022

Executives and employees of the Federation
Executives and employees of member
associations

Federation's approach to stewardship activities

Providing information on an as-neededbasis in addition to regular reports at
executive meetings

As necessary

Executives of the Federation
Executives and employees of member
associations

Federation's approach to stewardship activities and ESG
investment

FY2021 stewardship
activity report

March 2022

Publicized on the Federation's website

•
•

21

Results of monitoring of stewardship activities conducted by
entrusted investment management institutions
Status of exercise of voting rights of shareholders

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

6 Stewardship activities(1) Efforts in FY2021 ②○ In FY2021, following the revision of the Corporate Governance Code (June 2021) by the Tokyo Stock Exchange and the
Financial Services Agency, the Federation revised the Corporate Governance Principles and the Guidelines for Exercising
Shareholders' Voting Rights (see (ii) in the next item). In addition, it expressed support for the Task Force on Climate-related
Financial Disclosures (TCFD),* established by the Financial Stability Board (FSB).
* The TCFD was established by the FSB upon the request of the G20 Finance Ministers and Central Bank Governors.
In June 2017, the TCFD published voluntary recommendations intended to encourage information disclosure regarding
the financial impacts of climate-related risks and opportunities in order to enable investors to make appropriate
investment decisions. By now, many organizations around the world, including pension funds and other asset owners,
asset managers, financial institutions such as banks, non-financial companies, and governments, have announced theirsupport for the TCFD's recommendations.

22

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

6 Stewardship activities(2) Main activities and future initiatives①Periodical report〇Annual Stewardship Activity Report FY2021〇Federation’s Newsletter (February issue)

https://ssl.shichousonren.or.jp/fund/stewardship_active.html②Points of the revisions ofregulations and guidelines〇Corporate Governance Principles
Introduced explicit provisions
concerning the exercise of thesupervisory function by the board of
directors, securing of workforce
diversity, and resolution of challenges
related to sustainability.
〇Guidelines for Exercising
Shareholders' Voting Rights
Made changes associated with therevision of the Corporate Governance
Code, including requirements fortightening the criteria concerning
outside directors and reforming
executive remuneration plans.

③Future initiatives〇Discussion of methods for evaluating entrusted investment
management institutions according to their characteristics〇Gathering wide range of information
The Federation will continue gathering information through activities such as
meetings with a broad range of institutional investors, participation in online
seminars featuring outside experts as instructors and information exchange with
entrusted investment management institutions. Regarding assets other thandomestic equities as well, the Federation has already held seminars with analysts
on themes such as the ESG approach concerning bonds, ESG rating techniques
adopted in foreign countries, and the status of ESG efforts by Japanese companies
as viewed from abroad. Going forward, the Federation will enhance its knowledge
in the ESG field by gathering information from farther and wider than before withrespect to ways of reflecting the ESG factors into investment, techniques for
efficient measurement of the effects of ESG investment, and points of discussion
regarding product evaluation. The Federation will also keep a close watch on how
entrusted investment management institutions deal with the COVID-19 crisis.

The Federation believes that it is necessary to evaluate stewardship activity withdue consideration given to the differences across entrusted investment
management institutions in the business model and product lineup. The
Federation will continue discussing the methods for monitoring entrusted
investment management institutions’ effective stewardship activities and theappropriate methods for evaluation.

〇Strengthening of information feedback
The Federation will publicize information through its website and other means andexercise its efforts to deepen the understanding by its members (beneficiaries) as
to its stewardship activity by such means as PR papers and periodical reports at
its general meetings.

23

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

7 Other major efforts

Administration and evaluation of entrusted investment management institutions, etc. (traditional assets)① Administration and evaluation of entrusted investment management institutions
The Federation requires entrusted investment management institutions to submit monthly reports on investment results and the risk
status and checks the status of compliance with the investment guidelines. The Federation also requires quarterly reports on theportfolio status, a factor breakdown of the excess return, and changes in the organizational structure and investment management
system and conducts administration through measures such as receiving explanations about summary investment results and future
investment policy, among other matters, as necessary at meetings.
The evaluation is conducted with the end of each fiscal year as the reference date based comprehensively on qualitative evaluation(e.g., investment management systems and processes, risk management, and compliance) and quantitative evaluation (the excess
return and tracking error in the case of passive investment and the excess return and the information ratio, among other items, in thecase of active investment). Quantitative evaluation is conducted based on actual results in the past three years and in the past five
years, with the possible effects of the market environment and investment style taken into consideration.
☞ Five funds were partially cancelled (reduction) in the comprehensive evaluation whose base date is at the end of FY2020.

② Administration and evaluation of asset administration institutions
The Federation requires monthly reports on the asset administration status in order to check the status of compliance with the asset
administration guidelines and conducts administration through measures such as receiving explanations at meetings as necessary.
Qualitative evaluation is conducted with respect to such items as the business operation system and asset administration system.

March

December

September

June

March

【Performance check】◇ Monthly

＊

＊

＊

＊

＊

＊

＊

＊

＊

＊

＊

＊

☆

・・・

【Report on the investment status】◇Quarterly

☆

☆

☆

【Comprehensive evaluation】◇Annual

☆

24

・・・

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Section 2 Businesses and Fund Investment of the Federation

25

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

1 Organizational structure

Organizational structure ①
1. Organization
As of April 1, 2022, it is required that 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 122.
The organization consists of the General Affairs Department (General Affairs Division, Planning Division, Insurance Division andWelfare Division), the Finance Department (Accounting Division, Investment Planning Division, In-house Investment Division, FundManagement Division and Alternative 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.
2. General Assembly
The General Assembly consists of 61 members, 47 of which are elected by mutual vote of the Presidents of associations which are
the members of the Federation (hereinafter the "Member Associations"). Among the members of the General Assembly, 14 are electedby 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 andaccount settlement, 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 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").
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 tobasic 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 ofbusiness administration and fund management implemented by the Federation and the Member Associations, as well as assessmentof business.

26

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

1 Organizational structure

Organizational structure ②
6. Fund Investment Review Council
This is a council for ensuring the safe and effective investment of surplus from business operation of each of theaccountings of the Federation, discussing decision-makings as to the investment of funds. This council is constituted by afull-time managing director (hereinafter a "Senior Managing Director"), the Secretary-General, the General Manager ofFinance 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 Alternative 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 thenecessity.
7. 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 SecretaryGeneral, the Manager of Investment Risk Management Office, the General Manager of Finance Department and othermembers as may be deemed necessary. In principle, the council regularly meets once a month, and from time to timedepending on the necessity.

27

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

1 Organizational structure

Organizational structure ③
8. Organizational structure of Federation

As of April 1, 2022

Report of status of investment,risk management, etc.

Fund Management
Committee(Discussion by financial experts)
Basic policy, benchmark portfolio,risk management, investment
methods, etc.

GeneralAssembly

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

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

Use of expert
knowledge

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

Audit Office

Investment Risk
Management Office

General Manager ofFinance Department
Chief Investment Specialist

Risk management

Senior Investment Specialist

Investment Planning
Division
Basic policy, funding plan, benchmark portfolio

In-house Investment
Division

Fund Management
Division

Alternative FundManagement Division

In-house investment

Entrusted investment concerning
bonds and equities

Entrusted investment concerning
alternative assets

28

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Fund Management Committee

Fund Management Committee ①○ Fund Management Committee
A Fund Management Committee is established within the Federation. The Committee shall comprise of members who possess
academic knowledge or practical experience in areas such as the pension system, economics, finance and fund management.
Members are appointed 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 Fund Management Committee Members (As of April 2022)
Ohno Sanae

Vice President, Musashi University

Kato Yasuyuki

Professor, Graduate School of Business Administration, Kyoto University of Advanced Science
Specially Appointed Professor, Graduate School of Management, Tokyo Metropolitan University
Adjunct Professor, Graduate School of Management, Kyoto University

Takehara Hitoshi

Professor, Waseda Business School (Graduate School of Business and Finance)

Tokushima Katsuyuki

NLI Research Institute
Director, Member of the Board, Head of Pension Research, CMA
Financial Research Department

Toshino Masashi

Professor, Faculty of Business Administration , Seikei University

Miwa Yumiko

Professor, Faculty of Commerce, Meiji University(Note) In Japanese alphabetical order, honorifics omitted.

29

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Fund Management Committee

Fund Management Committee ②○ Meetings of the Fund Management Committee (FY2021)
Meeting
number49th

Meeting date

September 28, 2021
(Web conference)

Main subjects
•
•
•
•
•
•
•

50th

December 7, 2021
(Web conference)

•
•

51st

March 14, 2022
(Web conference)

•
•
•
•
•
•

Consultation paper
Subjects to be discussed this year and how to proceed with themExamination of the benchmark portfolio for the Annuity Retirement Benefit
Association Reserve Fund
Recommendation paper (draft)
ESG efforts related to the investment of pension funds
Status of investment of pension funds
Response to inclusion of Chinese government bonds in the FTSE World
Government Bond Index
Partial revision of the Basic Policy concerning Administration and Investment ofPension Funds
Status of investment of pension funds
Investment of pension funds in FY2022
Status of investment of pension funds
Effects of the Russia-Ukraine situation and status of investment
Status of stewardship activities
Partial Revision of the Corporate Governance Principles and Guidelines for
Exercising Shareholders’ Voting Rights
Support for the Task Force on Climate-Related Financial Disclosures (TCFD)

30

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

3 Basic approach to investment

Basic approach to investment○Basic policy
The Federation shall make investments for the purpose of contributing to the stable management of the Employees Pension Insurance ("EPI")
scheme operations in the future, from a long-term perspective and in a stable and efficient manner for the benefit of the insured persons of the
EPI.
In the management of funds, investments shall be made in a way that ensures appropriate diversification across multiple assets with different
risk/return profiles and other characteristics.
In addition, in order to ensure investment returns which is set as the investment targets of managed funds provided in Article 79-6, Paragraph(1) of the Employees' Pension Insurance Act, a benchmark portfolio shall be set and appropriately managed, and efforts shall be made to earn
the benchmark return for overall assets and each asset class, as well as generating benchmark returns for overall assets and each asset classover the long term.

Basic Policy for Management and Investment of Employees' Pension Insurance Benefit Association Reserve Fund (Extract)1.

Basic Policy
Especially keeping in mind that the Employees' Pension Insurance Benefit Association Reserve Fund is part of insurance premiums collected from insured
persons of the EPI and valuable resources for funding future pension benefits, the funds shall be managed with the objective of contributing to the stable operationof EPI schemes in the future by investing it safely and efficiently "solely for" ("for" in the case of investing in line with the objectives of the Act under Article 79-3,
Paragraph (3), of the EPI Act) the interests of insured persons of the EPI from the long-term perspective.
Accordingly, the Employees' Pension Insurance Benefit Association Reserve Fund shall be managed and invested with an asset mix established from the longterm perspective (the "benchmark portfolio") based on appropriately diversifying investments in multiple assets that differ in risk/return and other characteristics("diversified investment").

2.

Investment target
Investment of the Employees' Pension Insurance Benefit Association Reserve Fund shall be managed appropriately by establishing a Benchmark Portfolio, so as
to secure investment returns targeted for managed funds provided in Article 79-6, Paragraph (1) of the EPI Act (the "managed funds").
In doing so, attention shall be paid not to distort price formation in the market and private sector investment activities.
In addition, efforts shall be made to secure benchmark returns for overall assets and each asset class in each fiscal year by appropriately selecting, managing
and assessing entrusted investment management institutions, as well as securing benchmark returns for overall assets and each asset class over the long term.

31

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

Section 3 Reference Data

32

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

1 Changes in the investment results

Changes in the investment return, etc. (since the integration of employee pension plans)①Investment return②Value of investment income(Unit: %)FY 2015(second half)

FY2016FY2017FY2018FY2019FY2020

FY2021(Unit: JPY100M)

FY 2015(second half)

FY2016FY2017FY2018FY2019FY2020

FY2021

Modified total
return

0.89

4.16

6.40

1.59

-4.60

23.55

5.62

Investment
income

473

2,150

3,429

879

-2,506

11,7743,440

Domestic
bonds

3.32

-0.79

1.25

1.94

0.13

-0.13

-0.96

Domestic
bonds

984

-188

248

364

23

-23

-147

-0.03

0.00

0.00

0.00

0.00

(0.00)(0.00)

-1

0

0

0

0

(0)

(0)

Domestic
equities

-3.98

14.76

15.85

-5.24

-9.58

41.97

1.80

Domestic
equities

-330

1,331

1,836

-702

-1,2054,801

290

Foreign
bonds

-2.32

-5.23

3.47

2.64

3.88

6.17

3.27

Foreign
bonds

-105

- 320

247

204

304

606

446

Foreignequities

-1.04

14.43

9.34

7.82

-12.35

59.17

17.63

Foreignequities

-75

1,327

1,098

1,013

-1,629

6,391

2,850

Short-term
assetsShort-term
assets(Unit: JPY100M)(Unit: %)FY 2015(second half)
Realized return

2.29

FY2016FY2017FY2018FY2019FY2020

FY2021

2.24

4.37

2.96

2.98

3.62

6.91

FY 2015(second half)

FY2016FY2017FY2018FY2019FY2020

FY2021

Realized income

1,111

1,066

2,112

1,436

1,442

1,734

3,391

(Income gain)

(349)

(820)

(1,170)(1,017)

(972)

(890)

(1,027)(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.
(Note 3) Income gains comprise interest and dividend income.
(Note 4) The figures for short-term assets after fiscal year 2020 are included in domestic bonds.

33

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Issues held

Issues held ①
The tables below show the top 10 bond and equity issues held indirectly through entrusted investment and directly throughin-house investment as of the end of March 2022, with bond issues classified by issuer name and equity issues by issuename. For information concerning bond and equity issues ranked 11th or lower, see the website of the Federation (available inJapanese only).
The status of holding of issues does not represent the assessment of investees by the Federation.
○ Domestic bond (in order of total market value)No.

Names of issuer

1 Government of Japan
2 Japan Finance Organization for Municipalities
3 Japan Expressway Holding and Debt Repayment Agency
4 Joint LGB
5 Tokyo Metropolitan Government
6 Kanagawa Prefecture
7 Osaka Prefecture
8 Japan Housing Finance Agency
9 Shizuoka Prefecture
10 Saitama Prefecture
Total
290 Issuers○ Domestic equity (in order of total market value)
Total market value(in 100M yen)
5,105
495
385
336
285
253
223
210
178
174
11,518○ Foreign bond (in order of total market value)No.

Names of issuer

1 UNITED STATES TREASURY
2 ITALY, REPUBLIC OF (GOVERNMENT)3 FRANCE, REPUBLIC OF (GOVERNMENT)4 GERMANY, FEDERAL REPUBLIC OF (GOVERNMENT)
5 SPAIN, KINGDOM OF (GOVERNMENT)
6 UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT)
7 CANADA (GOVERNMENT)
8 AUSTRALIA, COMMONWEALTH OF (GOVERNMENT)
9 BELGIUM, KINGDOM OF (GOVERNMENT)
10 NETHERLANDS, KINGDOM OF THE (GOVERNMENT)
Total
738 Issuers

No.

Issue names

1 Toyota Motor Corporation
2 Sony Corporation
3 Keyence Corporation
4 Mitsubishi UFJ Financial Group
5 Tokyo Electron
6 Nippon Telegraph and Telephone Corporation
7 Recruit Holdings
8 Shin-Etsu Chemical
9 Mitsubishi Corporation
10 ITOCHU Corporation
2,203 Issues
Total

Total market value(in 100M yen)
26,175,300
589
3,304,700
422
489,800
281
35,458,600
275
361,500231
6,250,300
225
3,758,400
204
1,043,000
199
4,160,300
194
4,387,900
185
15,859No. of shares○ Foreign equity (in order of total market value)
Total market value(in 100M yen)
6,150
1,222
1,159
877
740
730
280
277
259
216
14,22534

No.

Issue names

1 APPLE INC
2 MICROSOFT CORP
3 AMAZON.COM INC
4 ALPHABET INC-CL A
5 ALPHABET INC-CL C
6 TESLA INC
7 NVIDIA CORP
8 TAIWAN SEMICONDUCTOR MANUFACTURING
9 VISA INC
10 META PLATFORMS INC
2,933 Issues
Total

Total market value(in 100M yen)
3,104,673
658
1,401,085
524
91,725363
68,238230
61,285
208
154,126202
454,613151
5,336,808
136
466,767126
449,342
121
16,316

No. of shares

Employees' Pension Insurance Benefit Association Reserve Fund(National Federation of Mutual Aid Associations for Municipal Personnel)

2 Issues held

Issues held ②○ Alternative investment (classified by asset class and arranged in the descending order of total market value)
Asset class

Names of entrusted investment
management institutions

Names of beneficial investment institutions

Domestic real
Nomura Asset Management
Nomura Real Estate Asset Management
estateDomestic real
Sumitomo Mitsui Trust Bank
Sumitomo Mitsui Trust Bank
estateForeign real
Tokio Marine Asset Management Tokio Marine Asset Management
estateForeign real
PGIM Japan
PGIM, INC.
estateForeign
J.P. Morgan Asset Management J.P.MORGAN INVESTMENT MANAGEMENT INC.
infrastructure
Foreign
Tokio Marine Asset Management BLACKROCK FINANCIAL MANAGEMENT, INC.
infrastructure
Foreign PE Nomura Asset Management
HARBOURVEST PARTNERS, LLC
Foreign PE J.P. Morgan Asset Management J.P.MORGAN INVESTMENT MANAGEMENT INC.

Total market value(in 100M yen)
31
23
556
212
113
45
33
20

(Note 1) The names of issuers and issues are those assigned by the Federation as of the end of March 2022 using data from the Nomura Research Institute’s T-STAR/GX
system, MSCI’s Barra One, and Bloomberg(Note 2) The total market value of bonds is an aggregated figure calculated for each issuer by the Federation based on data registered in T-STAR/GX system of Nomura ResearchInstitute.
(Note 3) Issuers of bonds held in relation to active investment of hedged foreign bonds are classified as issuers of foreign bonds.
(Note 4) The names of issuers and issues may be different from those on the list of all issues held published separately on the website.
(Note 5) The above table covers only items for which entrusted investment management institutions consented to disclosure.

35