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Request for Asset Manager Applications
(Non-Japanese Bonds)

  1. Asset Class/ Investment Style and Benchmark

    （1）Asset Class / Investment Style
    　Active Investment of non-Japanese Bonds
    　Passive Investment of non-Japanese Bonds

    （2）Benchmark
    　①Active Investment
    　Benchmark in accordance with investment products proposal (in JPY).
    　The major active investment benchmarks adopted by GPIF are as follows:

    • Bloomberg Global Aggregate Index (ex-JPY Unhedged)
    • Bloomberg US Aggregate Bond Index (Unhedged)
    • Bloomberg Euro Aggregate Bond Index
    • Bloomberg U.S. High Yield 2% Issuer Capped Bond Index
    • Bloomberg Euro High Yield 2% Issuer Capped Bond Index
    • J.P. Morgan GBI-EM Global Diversified Index
    • J.P. Morgan EMBI Global Diversified Index

    　②Passive Investment
    　The benchmark for passive investment will be assigned by GPIF.
    　The major passive investment benchmarks adopted by GPIF are as follows:

    • FTSE World Government Bond Index (ex Japan and China, Unhedged, in JPY terms) and Other Regional Index
    • Bloomberg U.S. High Yield 2% Issuer Capped Bond Index (Unhedged, in JPY terms)
    • Bloomberg Euro High Yield 2% Issuer Capped Bond Index (Unhedged, in JPY terms)
  2. Application Process
    Please visit here for details on the registration process.
  3. Application Deadline
    GPIF does not have a deadline for accepting applications, so please apply at any time. We will review your application as needed.
  4. Notes

    （1）Bonds eligible for investment are stated in the Operation Policy. In addition, GPIF's investment guidelines exclude the following from investable instruments:
    List of non-investable instruments

    • Options
    • Defaulted securities
    • Non-rated securities (except for those with an issuer rating or guarantor rating)
    • ABS (only those considered "securities" according to the Japanese Financial Instruments and Exchange Act)
    • MTNs with the above characteristics

    （2）GPIF requests passive investment managers to add value in excess of the benchmark within a certain range of tracking error.

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