Statement of Assets and Liabilities

TOKIO MARINE FUNDS PLC (An Umbrella Fund with Segregated Liability between sub-funds)

Interim Report and Unaudited Financial Statements

TOKIO MARINE JAPANESE EQUITY FOCUS FUND TOKIO MARINE ASIA EX JAPAN EQUITY SELECT FUND TOKIO MARINE JAPANESE EQUITY GARP FUND TOKIO MARINE JAPANESE EQUITY SMALL CAP FUND TOKIO MARINE ASIA EX-JAPAN SMALL AND MID SELECT FUND Sub-Funds of Tokio Marine Funds plc

For the six months ended 30th June 2019

Notice for investors in the Federal Republic of Germany pursuant to Sec. 293 para. 1 No. 3 German Investment Code (Kapitalanlagegesetzbuch; “KAGB”)

For the following Sub-Fund(s) of Tokio Marine Funds plc, a notification pursuant to Sec. 310 German Investment Code has not been made:

 Tokio Marine Asia ex Japan Equity Select Fund  Tokio Marine Japanese Equity GARP Fund  Tokio Marine Japanese Equity Small Cap Fund  Tokio Marine Asia ex-Japan Small and Mid Select Fund

Shares of these Sub-Funds(s) may therefore not be distributed to investors in the Federal Republic of Germany.

TOKIO MARINE FUNDS PLC

Interim Report and Unaudited Financial Statements For the six months ended 30th June 2019

Pages

Directors of the Company 3

Management and Administration 3

Investment Manager’s Report 6

Statement of Financial Position 16

Statement of Comprehensive Income 18

Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 22

Notes to the Financial Statements 24

Schedule of Investments 42

Schedule of Portfolio Movements 86

Further Information For Swiss Investors 101

TOKIO MARINE FUNDS PLC

Directors of the Company

Denise Kinsella* (Irish) (Chairman) Karl McEneff* (Irish) Noriko Sugiyama^ (Japanese) Wataru Itoh^ (Japanese) Koichi Sato (Japanese) (Appointed 15th May 2019) Shigeki Fujii^ (Japanese) (Resigned 10th April 2019)

*Independent and non-executive ^Non-executive

REGISTERED OFFICE

Block 5 Harcourt Centre Harcourt Road Dublin 2 Ireland

Management and Administration

ADMINISTRATOR AND COMPANY SECRETARY

SMT Fund Services (Ireland) Limited Block 5 Harcourt Centre Harcourt Road Dublin 2 Ireland

INVESTMENT MANAGER

Tokio Marine Asset Management Co., Ltd. Tekko Building 1-8-2 Marunouchi Chiyoda-ku Tokyo 100-0005 Japan

SUB-INVESTMENT MANAGER

Tokio Marine Asset Management International Pte. Limited for Tokio Marine Asia ex Japan Equity Select Fund and Tokio Marine Asia ex-Japan Small and Mid Select Fund 20 McCallum Street #18-02 Tokio Marine Centre Singapore 069046

TOKIO MARINE FUNDS PLC

Management and Administration (Continued)

GOVERNANCE SERVICES PROVIDER

Bridge Consulting Limited Ferry House 48-53 Mount Street Lower Dublin 2 Ireland

DEPOSITARY

SMT Trustees (Ireland) Limited Block 5 Harcourt Centre Harcourt Road Dublin 2 Ireland

DISTRIBUTORS

Tokio Marine Asset Management (London) Limited 20 Fenchurch Street London EC3M 3BY United Kingdom

Tokio Marine Asset Management International Pte. Limited 20 McCallum Street #18-02 Tokio Marine Centre Singapore 069046

INDEPENDENT AUDITORS

PricewaterhouseCoopers Chartered Accountants and Statutory Auditors One Spencer Dock North Wall Quay Dublin 1 Ireland

IRISH STOCK EXCHANGE SPONSORING BROKER

Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 Ireland

TOKIO MARINE FUNDS PLC

Management and Administration (Continued)

IRISH LEGAL ADVISORS TO THE COMPANY

Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 Ireland

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Investment Manager’s Report For the six months ended 30th June 2019

Japanese equities

Performance summary For the financial period from January 2019 through to June 2019, the TOPIX Total Return Index (the “TOPIX Index”) returned 5.21%, while the Tokio Marine Japanese Equity Focus Fund (Class D, JPY) (the “Fund”) returned 3.45%.

Equity Market Review

January 2019-March 2019 Quarter Equity markets rallied as the Federal Open Market Committee backpedalled on the tighter monetary policy stance it had adopted at the end of 2018 and investors began to see light at the end of the tunnel in US-China trade relations. Earnings for the October–December quarter largely fell short of market consensus (which had already been priced in), which combined with a weak yen, pushed prices up during early March. Fears of a global slowdown, the pace of talks between Washington and Beijing and the ongoing Brexit debacle all weighed heavy on markets as the quarter drew to a close.

April 2019-June 2019 Quarter April saw stocks rise, as China’s stimulus package gave markets hope for a recovery, and Washington and Beijing lowered their hackles on trade. Wall Street was up, the yen was down, and earnings forecasts for the second half of the fiscal year ending March 2020 looked set to improve. Markets fell in May, as Donald Trump announced new China tariffs, and threatened punitive new levies on Mexico. June saw markets bounce back, as Fed chairman Jerome Powell hinted at a rate cut in the near future, and Donald Trump called off the dogs on Mexico. Investor sentiment improved further at the prospect of trade talks between Washington and Beijing at the G20 summit.

Fund Performance The Fund underperformed the TOPIX Index by 1.76% during the first half of 2019.

January 2019-March 2019 Quarter The Fund outperformed the TOPIX Index by 1.79% over the quarter.

Major positive contributions came from GMO Payment Gateway, with strong quarterly earnings and impressive profit growth prospects as demand for cashless payment systems spreads in Japan; Otsuka Corporation, also posted good earnings results and with strong demand for Human Resources and security solutions targeting SMEs; and Daiichi Sankyo, announcing a tie-up in cancer drug research with UK pharma giant AstraZeneca. Many names were buoyed not just by strong corporate earnings, but also by attractive long-term prospects. Main detractors, meanwhile, included Softbank, suffering a sell-off after a higher worldwide equity risk premium raised concerns for the company’s net asset value, although the company’s stock subsequently rallied at the announcement of a major share buyback; and a number of names facing continued doubts over earnings forecasts, with Denso and Kuraray both forced to cut guidance – the former as a result of sluggish auto production in China and Europe, and the latter in the face of rising material costs and falling demand in key markets. Performance overall was driven by long-term growth names, with detractors largely facing uncertainty over earnings.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Investment Manager’s Report For the six months ended 30th June 2019 (Continued)

Fund Performance (continued)

April 2019-June 2019 Quarter The Fund underperformed the TOPIX Index by 3.20% over the quarter.

Leading positive contributors included Sony, with strong showings in the company’s image sensor, music, and movie business segments; Sysmex, posting strong earnings now that business issues in China have been resolved; and Daiichi Sankyo, receiving a positive reaction to data presented to the American Society of Clinical Oncology. Many names were buoyed by attractive longer-term prospects, in addition to a recovery in corporate earnings momentum. Main detractors, meanwhile, included companies facing earnings uncertainty: Ryohin Keikaku, with delays in productivity efforts behind disappointing results; Asics, as structural reforms and upfront costs dented profits; and Yamato Holdings, where the end of price hike benefits also led to negative earnings results. Performance overall was driven by long-term growth names, with detractors largely facing uncertainty over earnings.

Tokio Marine Asset Management Co., Ltd. 12th July 2019

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Investment Manager’s Report For the six months ended 30th June 2019

Asia ex Japan equities

Performance summary Tokio Marine Asia ex Japan Equity Select Fund (the “Fund”) returned 12.5% during the review period, outperforming the MSCI Asia ex Japan Index (the “MSCI AxJ Index”) by 176bps.

Equity Market Review

Our view that the sharp pull-back in equity prices over 4Q18 had rendered Asian stock valuations to sufficiently attractive levels was borne out during the first four months of the year. But intensification of the US-China trade-war catalysed a sharp market correction in May and the MSCI AxJ Index gave up more than half of the year-to-April gains. The market sentiment began improving in late-June as optimism of a truce, if not an outright breakthrough built up around a Xi-Trump meeting during the G20 summit in Osaka. However, fundamentally speaking, economic growth expectations as well as corporate earnings outlook continued to soften over the first-half of the year. The yield on 10-Year US Treasuries dropped and the yield-curve inverted, fueling recession concerns. This prompted central bankers around the world, but most notably in EU and the US, to express their readiness for an accommodative monetary policy stance as necessary. The MSCI AxJ Index returned 10.7% in USD terms over the first half of 2019. Hong Kong, Thailand, Singapore, China and the Philippines were the best performing markets during the period. Malaysia and South Korea were relative laggards within the MSCI AxJ (net), but notably, all the major markets delivered positive return. South Korean equities underperformed due to concerns on slowdown of global trade and industrial activity. A weakening Korean Won and lingering impact of high unemployment rate impacted domestic consumption trend. The small and mid-cap names in India corrected due to tightening domestic liquidity environment. Among sectors, interest rate cut beneficiaries like Real Estate, Consumer Discretionary and Financials outperformed the index. Information Technology sector recovered after correcting sharply in the second half of 2018. Healthcare, Materials, Utilities and Industrials sectors underperformed. Fund Performance The Fund outperformed the MSCI AxJ (net) Index over the semi-annual period. In aggregate, our holdings in India, Indonesia, Taiwan and Thailand contributed positively to relative performance, while our holdings in the Philippines, South Korea, Malaysia and the Hong Kong detracted. In India, a diverse set of stocks made a positive contribution to the relative performance. Bharti Airtel, the leading telecom operator, SBI Life Insurance, a life insurance player in India, NTPC, the largest thermal power plant operator and ICICI Bank, a leading private sector bank were the key performers. XL Axiata, a key telecom operator in Indonesia, continued to perform well with strong data volume growth and rational competitive environment. PP Persero, a construction services provider, rallied as investors expect the company’s earnings to recover soon supported by a growing order backlog.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Investment Manager’s Report For the six months ended 30th June 2019 (Continued)

Fund Performance (continued) Refining and petrochemical stocks fell during the quarter as refining margin dropped to multi-year low, leading to poor performance of SK Innovation in South Korea, Petron in the Philippines and PTTGC in Thailand. We expect a recovery in the second half of 2019 with implementation of IMO2020 driving better profitability. In South Korea, Amorepacific, a cosmetic brand, detracted as restrictions on duty free purchase impacted sentiment.

Market outlook and Portfolio Strategy The Sino-US trade talks appear to have hit a road-block over a few deep-rooted fundamental disagreements that appear to be very difficult, if not impossible to resolve conclusively in the foreseeable future. Thus, a working resolution that skirts these sticking points is likely the best-case outcome, and one that will likely be appreciated by the market. Meanwhile, it appears increasingly likely that monetary policy will need to come to the rescue of global growth; the effectiveness and sustainability of that support remains to be seen, however. The recent correction in stocks, especially those that are perceived to be directly impacted by the trade conflict, seems to be overdone in our opinion. Moreover, the core economic fundamentals of Asia ex Japan continue to be strong, so regardless of market direction, we are on the alert for bottom- up opportunities.

Tokio Marine Asset Management International Pte. Limited 16th July 2019

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Investment Manager’s Report For the six months ended 30th June 2019

Japanese equities

Performance summary For the financial period from January 2019 through to June 2019 the TOPIX Total Return Index (the “TOPIX Index”) returned 5.21%, while the Tokio Marine Japanese Equity GARP Fund (Class D, JPY) (the “Fund”) returned 8.94%.

Equity Market Review

Fund Performance The Fund outperformed the TOPIX Index by 3.73% during the first half of 2019.

January 2019-March 2019 Quarter The Fund outperformed the TOPIX Index by 3.02% over the quarter.

Investment Action Taken We kept our core holdings in sectors with strong mid-term growth potential and earnings stability, including pharmaceuticals & healthcare, and electronics. We also decided to maintain a high active weight in manufacturing names sold off over US-China trade fears.

Sector Allocation We have increased our weighting in industrial electronics as earnings look set to bottom out, and have shifted away from overstretched defensive sectors into information & communication. Price fluctuations have raised our weighting in pharmaceuticals & healthcare, and lowered our weighting in autos.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Investment Manager’s Report For the six months ended 30th June 2019 (Continued)

Fund Performance (continued) January 2019-March 2019 Quarter (continued) Stock Selection We continued to focus on high quality large caps with the ability to withstand rising costs associated with materials and labour, as well as R&D.

April 2019-June 2019 Quarter The Fund outperformed the TOPIX Index by 0.70% over the quarter.

Investment Action Taken We kept our core holdings in sectors with strong mid-term growth potential and earnings stability, including pharmaceuticals & healthcare, and electronics. We have shifted portfolio weightings away from external demand and cyclical names towards domestic demand and information & communication, as the US-China trade spat threatens earnings guidance.

Sector Allocation We have trimmed down on electronic components in light of sanctions against Huawei, and increased our weighting in both industrial and consumer electronics, with an eye to high earnings stability. Within domestic demand we have trimmed down on the banking sector, where the business climate looks set to be hit by rate cuts, and increased weightings in retail, with the impact of October’s VAT hike now seemingly priced in.

Stock Selection We continue to focus on high quality large caps with the ability to withstand rising costs associated with materials and labour, as well as R&D.

Tokio Marine Asset Management Co., Ltd. 12th July 2019

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Investment Manager’s Report For the six months ended 30th June 2019

Japanese equities

Performance summary For the financial period from January 2019 through to June 2019, the Russell Nomura Small Cap Index (the “RN Small C Index”) returned 3.40%, while the Tokio Marine Japanese Equity Small Cap Fund (Class D, JPY) (the “Fund”) returned 7.24%.

Equity Market Review

January 2019-March 2019 Quarter January saw stocks climb, as the US backpedalled on tighter monetary policy, and trade talks between Washington and Beijing offered investors a glimpse at détente. Further gains came in February, with market sentiment lifted by the Federal Reserve signalling an end to balance sheet shrinking within the year. March brought stocks down, albeit only slightly, as the National People’s Congress in Beijing cut the country’s economic growth forecast, and the prospect of a no-deal Brexit loomed large.

April 2019-June 2019 Quarter Equities climbed in April, after the People’s Bank of China revealed an increase in newly issued household credit. There was a pullback in May as investors recoiled at new tariff hikes in the US- China trade war, an increasingly strong yen cast a shadow over corporate earnings, and Donald Trump threatened new levies against Mexico. Markets rose again in June as the White House shelved additional tariffs on Mexico, prospects grew for a rate cut in the US, and there was increased momentum for trade talks between Washington and Beijing at the G20 summit.

Fund Performance The Fund outperformed the RN Small C Index by 3.84% during the first half of 2019.

January 2019-March 2019 Quarter The Fund underperformed the RN Small C Index by 1.83% over the quarter.

Stock selection contributed negatively, while sector allocation was positive. Biggest winners included residential Wi-Fi service provider Fibergate and exhibition space design, engineering and construction service providers Nomura, both posting strong earnings; and Human Resources solution provider S-Pool, winning plaudits for its high growth potential. Bringing up the rear over the quarter were mobile gaming company Mynet, after profit guidance was cut to almost zero; sushi delivery players Ride On Express, as the CEO sold off a stake in the firm; and amusement park ride and stage equipment makers Sansei Technologies, with the company’s stock price rising as the 2025 World Expo was awarded to Osaka, only to plunge back down again like a proverbial rollercoaster. Overexposure to utilities contributed negatively, but an underweight position in banks pushed sector allocation into the black overall.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Investment Manager’s Report For the six months ended 30th June 2019 (Continued)

Fund Performance (continued)

April 2019-June 2019 Quarter The Fund outperformed the RN Small C Index by 5.33% over the quarter with both stock selection and sector allocation contributing positively.

Best performing names included HR management systems provider Kaonavi, with markets reacting favourably to the company’s long-term growth forecasts; Human Resources solutions provider Like, amid growing anticipation as Rakuten enter the mobile phone market; and call blocking security service providers Tobila Systems, with latest customer signup figures boosting the company’s growth outlook. Detractors included school information portal site operator ItoKuro, after a surprise guidance cut; and mobile gaming operator Mynet and social media marketing firm Allied Architects, both releasing sluggish earnings for the January–March quarter. Underexposure to electronic components contributed negatively, but an underweight position in banks pushed sector allocation into the black overall.

Tokio Marine Asset Management Co., Ltd. 12th July 2019

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Investment Manager’s Report For the six months ended 30th June 2019

Asia ex Japan equities

Performance summary Tokio Marine Asia ex-Japan Small and Mid Select Fund (the “Fund”) returned 7.4% during the review period, outperforming the MSCI Asia ex-Japan SMID Cap Index (the “MSCI AexJ SMID C Index”) by 64bps.

Equity Market Review

Our view that the sharp pull-back in equity prices over 4Q18 had rendered Asian stock valuations to sufficiently attractive levels was borne out during the first four months of the year. But intensification of the US-China trade-war catalyzed a sharp market correction in May and the MSCI AexJ SMID C Index gave up more than half of the year-to-April gains. The market sentiment began improving in late-June as optimism of a truce, if not an outright breakthrough built up around a Xi- Trump meeting during the G20 summit in Osaka. However, fundamentally speaking, economic growth expectations as well as corporate earnings outlook continued to soften over the first-half of the year. The yield on 10-Year US Treasuries dropped and the yield-curve inverted, fueling recession concerns. This prompted central bankers around the world, but most notably in EU and the US, to express their readiness for an accommodative monetary policy stance as necessary. The MSCI AexJ SMID C Index rose 6.8% in USD terms during the first half of 2019. Among the country constituents, Thailand, Singapore, the Philippines and Taiwan outperformed the broader regional index, while South Korea, Indonesia and India underperformed. South Korean equities underperformed due to concerns on slowdown of global trade and industrial activity. A weakening Korean Won and lingering impact of high unemployment rate impacted domestic consumption trend. The small and mid-cap names in India corrected due to tightening domestic liquidity environment. Among sectors, interest rate cut beneficiaries like Real Estate, Consumer Discretionary and Financials outperformed the regional index. Information Technology sector recovered after correcting sharply in the second half of 2018. Healthcare, Materials, Utilities and Industrials sectors underperformed. Fund Performance The Fund outperformed the MSCI AexJ SMID C Index during the semi-annual period. XL Axiata and PTPP were the key performers in Indonesia. Bank Tabungan Pensiunan (BTPS), a niche bank with ultra-micro lending business, performed well on the back of strong earnings delivery and more sell-side analysts initiating with a positive view. Petronet LNG, a LNG terminal and regasification operator, performed well with higher utilisation rate and improving demand outlook. Future Retail, a modern retail operator in India, rallied as same store growth remained resilient and management took steps to simplify group holding structure.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Investment Manager’s Report For the six months ended 30th June 2019 (Continued)

Fund Performance (continued) In China and Hong Kong, the positive contribution was from a diverse set of stocks, ranging from automobile dealer China Yongda, oilfield services provider China Oilfield Services, infrastructure construction major China State Construction, casino operator MGM China and semiconductor foundry SMIC. In South Korea, Hana Tour and Modetour, the leading outbound package tour operators, were weak due to a weak KRW and rising geopolitical tension with China and Japan. CJ Logistics, an integrated logistics provider; and E-mart, operator of the largest hypermarket chain store, were impacted by higher cost pressure and poor consumer spending. We continue to hold these names as we believe that current stock prices do not factor in future earnings growth potential. Market outlook and Portfolio Strategy The Sino-US trade talks appear to have hit a road-block over a few deep-rooted fundamental disagreements that appear to be very difficult, if not impossible to resolve conclusively in the foreseeable future. Thus, a working resolution that skirts these sticking points is likely the best-case outcome, and one that will likely be appreciated by the market. Meanwhile, it appears increasingly likely that monetary policy will need to come to the rescue of global growth; the effectiveness and sustainability of that support remains to be seen, however. The recent correction in stocks, especially those that are perceived to be directly impacted by the trade conflict, seems to be overdone in our opinion. Moreover, the core economic fundamentals of Asia ex-Japan continue to be strong, so regardless of market direction, we are on the alert for bottom-up opportunities.

Tokio Marine Asset Management International Pte. Limited 16th July 2019

TOKIO MARINE FUNDS PLC

Statement of Financial Position As at 30th June 2019

Tokio Marine Tokio Marine Tokio Marine Tokio Marine Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Focus Equity Select Equity GARP Equity Small Small and Mid Fund Fund Fund Cap Fund Select Fund Total 30th June 30th June 30th June 30th June 30th June 30th June 2019 2019 2019 2019 2019 2019 JPY USD JPY JPY USD JPY* Assets Cash and cash equivalents 735,735,658 1,752,072 34,104,085 37,745,310 1,605,738 1,169,355,480** Financial assets at fair value through profit or loss 61,141,369,621 28,101,221 2,484,139,240 1,688,965,197 15,694,158 70,032,988,193 Debtors 895,858,195 698,235 15,914,246 18,551,101 344,357 1,042,652,313

Total Assets 62,772,963,474 30,551,528 2,534,157,571 1,745,261,608 17,644,253 72,244,995,986

Liabilities Financial liabilities at fair value through profit or loss 3,193,361 - 4,955,916 3,311,746 - 11,461,023 Creditors 1,362,123,310 441,505 26,601,385 28,121,812 542,780 1,522,893,171 Liabilities (excluding Net Assets attributable to Holders of Redeemable Participating Shares) 1,365,316,671 441,505 31,557,301 31,433,558 542,780 1,534,354,194

Net Assets attributable to Holders of Redeemable Participating Shares 61,407,646,803 30,110,023 2,502,600,270 1,713,828,050 17,101,473 70,710,641,792

* For the purposes of calculating the total, Tokio Marine Asia ex Japan Equity Select Fund and Tokio Marine Asia ex-Japan Small and Mid Select Fund, have been converted to JPY at the financial period end rate of exchange.

** JPY1,169,355,480 is held with Brown Brothers Harriman & Co.

The accompanying notes and schedules form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Financial Position As at 31st December 2018

Tokio Marine Tokio Marine Tokio Marine Tokio Marine Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Focus Equity Select Equity GARP Equity Small Small and Mid Fund Fund Fund Cap Fund Select Fund Total 31st December 31st December 31st December 31st December 31st December 31st December 2018 2018 2018 2018 2018 2018 JPY USD JPY JPY USD JPY* Assets Cash and cash equivalents 1,935,500,734 2,760,862 20,427,335 32,593,567 1,410,008 2,446,128,643 Financial assets at fair value through profit or loss 78,412,665,225 38,442,536 2,337,221,312 1,602,766,073 14,524,393 88,163,919,314 Debtors 1,555,918,919 40,339 4,423,972 9,804,861 61,045 1,581,271,206

Total Assets 81,904,084,878 41,243,737 2,362,072,619 1,645,164,501 15,995,446 92,191,319,163

Liabilities Financial liabilities at fair value through profit or loss 268,728,442 - 27,121,348 18,743,325 - 314,593,115 Creditors 3,017,299,955 104,249 14,164,931 14,345,292 71,395 3,065,081,154 Liabilities (excluding Net Assets attributable to Holders of Redeemable Participating Shares) 3,286,028,397 104,249 41,286,279 33,088,617 71,395 3,379,674,269

Net Assets attributable to Holders of Redeemable Participating Shares 78,618,056,481 41,139,488 2,320,786,340 1,612,075,884 15,924,051 88,811,644,894

The accompanying notes and schedules form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Comprehensive Income For the six months ended 30th June 2019

Tokio Marine Tokio Marine Tokio Marine Tokio Marine Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Focus Equity Select Equity GARP Equity Small Small and Mid Fund Fund Fund Cap Fund Select Fund Total 30th June 30th June 30th June 30th June 30th June 30th June 2019 2019 2019 2019 2019 2019 JPY USD JPY JPY USD JPY* Income Dividend income 749,096,300 523,837 29,570,978 17,722,500 220,364 878,068,988 Interest on cash and cash equivalents 535,988 22,288 - - 11,296 4,221,907 Net gain on financial assets and liabilities at fair value through profit or loss 2,548,446,073 4,775,330 167,122,989 97,275,135 1,125,316 3,460,464,774

Total investment income 3,298,078,361 5,321,455 196,693,967 114,997,635 1,356,976 4,342,755,669

Expenses Investment manager fees (126,595,419) (20,435) (4,335,607) (4,198,288) (12,573) (138,752,046) Sub-Investment manager fees - (71,521) - - (41,910) (12,449,606) Administration fees (19,396,802) (27,314) (2,334,634) (2,266,618) (26,009) (29,850,466) Depositary fees (9,043,543) (7,357) (735,691) (735,816) (7,357) (12,129,952) Distributor fees (126,595,346) (91,956) (4,335,582) (4,198,258) (54,483) (151,201,490) Audit fees (3,632,136) (1,783) (148,024) (101,369) (1,318) (4,221,907) Directors’ fees (4,050,655) (2,172) (150,181) (113,704) (1,276) (4,693,000) Sub-Custodian fees (13,808,273) (22,535) (2,024,203) (2,550,815) (37,874) (25,013,466) Legal fees (3,831,806) (3,524) (146,774) (158,257) (1,599) (4,699,114) Regulatory fees 78,192 (1,082) 1,988,857 (9,698) (450) 1,889,294 Exchange Listing fees (34,471) (1,282) (77,122) (105,917) (728) (438,068) Capital Gains Tax - (120,431) - - (18,269) (15,222,898) Other fees and expenses (8,508,631) (16,395) (727,381) (993,444) (22,113) (14,455,820)

Total operating expenses (315,418,890) (387,787) (13,026,242) (15,432,184) (225,959) (411,238,539)

Investment manager fee waiver 9,521,994 38,471 2,621,242 4,866,759 60,906 27,917,100 Profit before Finance Costs and Taxes 2,992,181,465 4,972,139 186,288,967 104,432,210 1,191,923 3,959,434,230

TOKIO MARINE FUNDS PLC

Statement of Comprehensive Income For the six months ended 30th June 2019 (Continued)

Tokio Marine Tokio Marine Tokio Marine Tokio Marine Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Focus Equity Select Equity GARP Equity Small Small and Mid Fund Fund Fund Cap Fund Select Fund Total 30th June 30th June 30th June 30th June 30th June 30th June 2019 2019 2019 2019 2019 2019 JPY USD JPY JPY USD JPY Finance Costs and Taxes Interest expense (1,373,162) (188) (39,388) (21,669) - (1,454,834) Withholding taxes (112,364,445) (51,908) (4,435,649) (2,658,375) (14,501) (126,747,112)

(113,737,607) (52,096) (4,475,037) (2,680,044) (14,501) (128,201,946)

Increase in Net Assets attributable to Holders of Participating Shares from Operations (Dealing NAV) 2,878,443,858 4,920,043 181,813,930 101,752,166 1,177,422 3,831,232,284

* For the purposes of calculating the total, Tokio Marine Asia ex Japan Equity Select Fund, has been converted to JPY at the average rate of exchange for the six months from 1st January 2019 to 30th June 2019.

* For the purposes of calculating the total, Tokio Marine Asia ex-Japan Small and Mid Cap Select Fund, has been converted to JPY at the average rate of exchange for the six months from 1st January 2019 to 30th June 2019.

Gains and losses arose solely from continuing operations.

There are no recognised gains and losses other than those shown in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Comprehensive Income For the six months ended 30th June 2018

Tokio Marine Tokio Marine Tokio Marine Tokio Marin e Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Focus Equity Select Equity GARP Equity Small Small and Mid Fund Fund Fund Cap Fund Select Fund Total 30th June 30th June 30th June 30th June 30th June 30th June 2018 2018 2018 2018* 2018** 2018 JPY USD JPY JPY USD JPY*** Income Dividend income 809,048,675 513,508 26,387,701 17,100,401 169,091 926,662,913 Interest on cash and cash equivalents 304,511 10,609 - - 4,463 1,941,415 Net loss on financial assets and liabilities at fair value through profit or loss (2,034,686,653) (2,828,826) (163,039,978) (40,519,338) (1,019,227) (2,656,140,791)

Total investment expense (1,225,333,467) (2,304,709) (136,652,277) (23,418,937) (845,673) (1,727,536,463)

Expenses Investment manager fees (171,019,556) (16,080) (4,952,206) (3,883,362) (7,489) (182,415,050) Sub-Investment manager fees - (56,280) - - (24,963) (8,823,926) Administration fees (25,114,553) (27,635) (2,320,221) (1,973,402) (16,049) (34,153,484) Depositary fees (12,215,681) (7,398) (739,726) (616,438) (4,069) (14,817,445) Distributor fees (171,019,556) (72,360) (4,952,206) (3,883,362) (32,452) (191,238,968) Audit fees (2,286,945) (500) (65,142) (37,371) (241) (2,469,842) Directors’ fees (4,553,262) (996) (129,564) (74,391) (478) (4,917,360) Sub-Custodian fees (51,547,320) (18,286) (1,979,820) (2,415,600) (13,828) (59,431,920) Legal fees (3,936,243) (818) (105,767) (66,443) (436) (4,244,588) Regulatory fees (6,362,100) (1,001) (2,400,660) - (778) (8,956,042) Exchange Listing fees (269,082) (1,377) (134,109) (123,051) (873) (770,711) Capital Gains Tax - (7,307) - - (17,240) (2,668,988) Other fees and expenses (6,918,078) (19,994) (4,475,227) (880,245) (13,154) (15,874,848)

Total operating expenses (455,242,376) (230,032) (22,254,648) (13,953,665) (132,050) (530,783,172)

Investment manager fee waiver 39,835,194 25,232 9,815,885 4,230,021 27,271 59,586,875 Loss before Finance Costs and Taxes (1,640,740,649) (2,509,509) (149,091,040) (33,142,581) (950,452) (2,198,732,760)

TOKIO MARINE FUNDS PLC

Statement of Comprehensive Income For the six months ended 30th June 2018 (Continued)

Tokio Marine Tokio Marine Tokio Marine Tokio Marine Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Equity Select Equity GARP Equity Small Small and Mid Focus Fund Fund Fund Cap Fund Select Fund Total 30th June 30th June 30th June 30th June 30th June 30th June 2018 2018 2018 2018* 2018** 2018 JPY USD JPY JPY USD JPY*** Finance Costs and Taxes Interest expense (1,463,381) (110) (45,291) (67,328) - (1,587,913) Withholding taxes (121,357,302) (59,869) (3,958,156) (2,565,061) (11,188) (135,594,897)

(122,820,683) (59,979) (4,003,447) (2,632,389) (11,188) (137,182,810)

Decrease in Net Assets attributable to Holders of Participating Shares from Operations (Dealing NAV) (1,763,561,332) (2,569,488) (153,094,487) (33,774,970) (961,640) (2,335,915,570)

* Tokio Marine Japanese Equity Small Cap Fund commenced operations on 31st January 2018.

** Tokio Marine Asia ex-Japan Small and Mid Select Fund commenced operations on 23rd March 2018.

*** For the purposes of calculating the total, Tokio Marine Asia ex Japan Equity Select Fund, has been converted to JPY at the average rate of exchange for the six months from 1st January 2018 to 30th June 2018.

*** For the purposes of calculating the total, Tokio Marine Asia ex-Japan Small and Mid Cap Select Fund, has been converted to JPY at the average rate of exchange for the financial period from 23rd March 2018 (date of commencement of operations) to 30th June 2018.

Gains and losses arose solely from continuing operations.

There are no recognised gains and losses other than those shown in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares For the six months ended 30th June 2019

Tokio Marine Tokio Marine Tokio Marine Tokio Marine Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Focus Equity Select Equity GARP Equity Small Small and Mid Fund Fund Fund Cap Fund Select Fund Total 30th June 30th June 30th June 30th June 30th June 30th June 2019 2019 2019 2019 2019 2019 JPY USD JPY JPY USD JPY* Net Assets attributable to Holders of Redeemable Participating Shares at start of financial period 78,618,056,481 41,139,488 2,320,786,340 1,612,075,884 15,924,051 88,811,644,894

Redeemable Participating Shares issued 7,925,683,706 - - - - 7,925,683,706 Redeemable Participating Shares redeemed (28,014,537,242) (15,949,508) - - - (29,765,062,692)

Increase in Net Assets attributable to Holders of Participating Shares from Operations 2,878,443,858 4,920,043 181,813,930 101,752,166 1,177,422 3,831,232,284

Foreign currency translation - - - - - (92,856,400)** Net Assets attributable to Holders of Redeemable Participating Shares at end of financial period 61,407,646,803 30,110,023 2,502,600,270 1,713,828,050 17,101,473 70,710,641,792

** Due to the difference between average and opening/closing currency exchange rates.

Gains and losses arose solely from continuing operations. There are no recognised gains and losses other than those shown in the Statement of Comprehensive Income. The accompanying notes form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares For the six months ended 30th June 2018

Tokio Marine Tokio Marine Tokio Marine Tokio Marine Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Equity Equity GARP Equity Small Small and Mid Focus Fund Select Fund Fund Cap Fund Select Fund Total 30th June 30th June 30th June 30th June 30th June 30th June 2018 2018 2018 2018* 2018** 2018 JPY USD JPY JPY USD JPY*** Net Assets attributable to Holders of Redeemable Participating Shares at Start of Financial Period 111,164,495,110 21,840,661 2,936,812,750 - - 116,560,675,467

Redeemable Participating Shares issued 22,028,005,723 27,334,324 - 1,969,043,799 18,529,230 28,979,674,508 Redeemable Participating Shares redeemed (31,895,540,794) - - - - (31,895,540,794)

Decrease in Net Assets attributable to Holders of Participating Shares from Operations (1,763,561,332) (2,569,488) (153,094,487) (33,774,970) (961,640) (2,335,915,786)

Foreign currency translation - - - - - 49,624,390**** Net Assets attributable to Holders of Redeemable Participating Shares at End of Financial Period 99,533,398,707 46,605,497 2,783,718,263 1,933,268,829 17,567,590 111,358,517,785

* Tokio Marine Japanese Equity Small Cap Fund commenced operations on 31st January 2018. ** Tokio Marine Asia ex-Japan Small and Mid Select Fund commenced operations on 23rd March 2018.

**** Due to the difference between average and opening/closing currency exchange rates. Gains and losses arose solely from continuing operations. There are no recognised gains and losses other than those shown in the Statement of Comprehensive Income. The accompanying notes form an integral part of these financial statements. 23

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019

1. GENERAL INFORMATION

Tokio Marine Funds plc (the “Company”) is an open-ended umbrella investment company with variable capital and segregated liability between Sub-Funds incorporated with limited liability in Ireland under the Companies Act 2014 on 8th March 2010 with registration number 481763 and established as an undertaking for collective investment in transferable securities on 19th March 2010 pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2015. At 30th June 2019, there were five Sub-Funds of the Company approved for operation by the Central Bank: Tokio Marine Japanese Equity Focus Fund, Tokio Marine Asia ex Japan Equity Select Fund, Tokio Marine Japanese Equity GARP Fund, Tokio Marine Japanese Equity Small Cap Fund and Tokio Marine Asia ex-Japan Small and Mid Select Fund (collectively called the “Sub-Funds”).

Tokio Marine Japanese Equity Focus Fund The investment objective of Tokio Marine Japanese Equity Focus Fund is to achieve a return in excess of the TOPIX Total Return Index and to maximise medium to long term growth through investment in listed stocks in Japan. Tokio Marine Japanese Equity Focus Fund was approved by the Central Bank on 26th August 2010 and commenced operations on 31st August 2010.

Tokio Marine Asia ex Japan Equity Select Fund The investment objective of Tokio Marine Asia ex Japan Equity Select Fund is to achieve a return in excess of the MSCI AxJ Index and to maximise medium to long term growth through investment in Asia (ex-Japan) equities. Tokio Marine Asia ex Japan Equity Select Fund was approved by the Central Bank on 25th March 2011 and commenced operations on 4th August 2011.

Tokio Marine Japanese Equity GARP Fund The investment objective of Tokio Marine Japanese Equity GARP Fund is to achieve a return in excess of the TOPIX Total Return Index and to maximise middle to long term growth through investments in Japan. Tokio Marine Japanese Equity GARP Fund was approved by the Central Bank on 1st November 2016 and commenced operations on 14th November 2016.

Tokio Marine Japanese Equity Small Cap Fund The investment objective of Tokio Marine Japanese Equity Small Cap Fund is to maximise middle to long term growth through investment in Japan. Tokio Marine Japanese Equity Small Cap Fund was approved by the Central Bank on 20th December 2017 and commenced operations on 31st January 2018.

Tokio Marine Asia ex-Japan Small and Mid Select Fund The investment objective of Tokio Marine Asia ex-Japan Small and Mid Select Fund is to seek mid-to long-term capital growth through investment in small-and mid-cap Asian (ex Japan) equities through investment analysis and active portfolio management. Tokio Marine Asia ex- Japan Small and Mid Select Fund was approved by the Central Bank on 20th December 2017 and commenced operations on 23rd March 2018.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

1. GENERAL INFORMATION (continued)

The Distributors are assigned to each Sub-Fund as follows:

Sub Funds Tokio Marine Asset Tokio Marine Asset Management Management (London) (International) Pte. Limited (the Limited (the Distributor) Distributor) Tokio Marine Japanese Equity Class A, B, C, D, F, G, H, I, J, Class E, N and O Focus Fund K, L and M Tokio Marine Asia ex Japan Class G, H and I Class H and J Equity Select Fund Tokio Marine Japanese Equity Class A, B, C, D, E, F and G Class A, D and E GARP Fund Tokio Marine Japanese Equity Class A, B, C, D, E, F and G Class H and I Small Cap Fund Tokio Marine Asia ex-Japan Class A, B and C Class D and E Small and Mid Select Fund

Details of the five Sub-Funds have been included in this Interim Report and the Unaudited Financial Statements.

2. PRINCIPAL ACCOUNTING POLICIES

Basis of Preparation The accounting policies applied in the preparation of these financial statements are consistent with the accounting policies in the preparation of the annual financial statements for the financial year ended 31st December 2018. Condensed financial statements and selected note disclosures have been presented. These financial statements should be read in conjunction with the annual financial statements for the financial year ended 31st December 2018.

Transaction Costs Transaction costs are defined as the costs to sell an asset or transfer a liability in the principal (or most advantageous) market for the asset or liability that are directly attributable to the disposal of the asset or the transfer of the liability. To be defined as transaction costs they must result directly from the relevant transaction and would not have been incurred by the entity had the decision to sell the asset or transfer the liability not been made.

3. RELATED AND CONNECTED PERSON TRANSACTIONS

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The Company considers that the Investment Manager, the Sub-Investment Managers, (and their group companies) and the Directors are related parties.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

3. RELATED AND CONNECTED PERSON TRANSACTIONS (continued)

The Company engaged in the following related party transactions:

Mr. Karl McEneff who is a Director of the Company, is also an Independent Non-Executive Director of the Administrator. The fees paid to the Administrator are disclosed on pages 18 and 20 for the six months ended 30th June 2019 and 2018 and the fees payable to the Administrator as at 30th June 2019 are JPY3,681,279 (31st December 2018: JPY6,981,162).

Mr. Wataru Itoh is the Head of Business Development & Chief Product Specialist of the Distributor and leads their Business Development for traditional asset classes in Europe and Latin America. The fees paid to the Distributor are disclosed on pages 18 and 20 for the six months ended 30th June 2019 and 2018 and the fees payable to the Distributor as at 30th June 2019 are JPY20,088,014 (31st December 2018: JPY30,416,415). Both Distributors are 100% subsidiaries of Tokio Marine Asset Management Co., Ltd (the “Investment Manager”). Mr. Koichi Sato is the Head of the International Sales and Marketing Department of the Investment Manager. The fees paid to the Investment Manager are disclosed on pages 18 and 20 for the six months ended 30th June 2019 and 2018 and the fees payable to the Investment Manager as at 30th June 2019 are JPY18,487,130 (31st December 2018: JPY28,316,724).

At 30th June 2019, Tokio Marine & Nichido Fire Insurance Co., Ltd is a 100% Shareholder in all Sub-Funds except for Tokio Marine Japanese Equity Focus Fund (31st December 2018: 100% in all Sub-Funds). The Investment Manager is a 0.02% Shareholder in Tokio Marine Japanese Equity Focus Fund as at 30th June 2019 (31st December 2018: 0.01%).

The fees paid to the Directors are disclosed on pages 18 and 20 for the six months ended 30th June 2019 and 2018 and the fees payable to the Directors as at 30th June 2019 are JPY4,050,655 (31st December 2018: JPYNil).

The London Branch of Sumitomo Mitsui Trust Bank Limited, a related company of the Administrator and the Depositary, is the counterparty for FX hedging transactions for Classes C, J, K, L, M and N Shares of Tokio Marine Japanese Equity Focus Fund, for Classes E, F and G of Tokio Marine Japanese Equity GARP Fund and for Classes E, F, G and I Shares of Tokio Marine Japanese Equity Small Cap Fund.

TER Cap With effect from 27th March 2017, the Investment Manager and Distributors of the Company have reimbursed (by waiver of fees) expenses, where the TER of any Sub-Fund exceeds a pre-determined cap of the NAV of a Sub-Fund TER Cap. The Investment Manager and Distributors may at any time revoke the below waivers on the giving of 30 days’ notice to the Company.

TER Caps have been applied are as follows: 0.85% Tokio Marine Japanese Equity Focus Fund; 0.85% Tokio Marine Japanese Equity GARP Fund; 1.25% Tokio Marine Asia ex Japan Equity Select Fund; 1.25% Tokio Marine Japanese Equity Small Cap Fund and 1.75% Tokio Marine Asia ex-Japan Small and Mid Select Fund. 26

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE

Tokio Marine Japanese Class A USD Class B EUR Class C GBP Class D JPY Class E USD Class F GBP Equity Focus Fund Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating 30th June 2019 Shares Shares Shares Shares Shares Shares

Reported NAV USD42,816,271 EUR113,960,977* GBP71,753 JPY2,559,616,736 USD10,572,088 GBP59,232,421

Reported NAV per Share USD185.66 EUR202.38 GBP191.19 JPY23,563 USD185.60 GBP227.62

Class G USD Class H CHF Class I JPY Class J EUR Class K CHF Class L USD Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Shares Shares Shares Shares Shares Shares

Reported NAV USD99,118,121 CHF1,102 JPY10,420,883,026* EUR80,939,036* CHF60,314 USD9,841

Reported NAV per Share USD170.18 CHF110.18 JPY9,557 EUR95.42 CHF93.28 USD98.41

Class M USD Class N USD Class O JPY Accumulating Accumulating Accumulating Shares Shares Shares

Reported NAV USD68,710 USD9,805 JPY95,837

Reported NAV per Share USD98.44 USD98.05 JPY9,584

* Adjustment from Dealing NAV, due to subscriptions and redemptions posted in July 2019, effective June 2019.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE (continued)

Tokio Marine Japanese Class A USD Class B EUR Class C GBP Class D JPY Class E USD Class F GBP Equity Focus Fund Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating 31st December 2018 Shares Shares Shares Shares Shares Shares

Reported NAV USD61,472,551 EUR136,856,288 GBP69,330 JPY2,861,495,145 USD27,794,182 GBP58,706,462

Reported NAV per Share USD175.39 EUR190.43 GBP184.73 JPY22,777 USD175.33 GBP214.05

Class G USD Class H CHF Class I JPY Class J EUR Class K CHF Class L USD Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Shares Shares Shares Shares Shares Shares

Reported NAV USD75,664,831 CHF1,053 JPY19,868,164,905 EUR95,985,519 CHF77,216 USD9,408

Reported NAV per Share USD160.77 CHF105.27 JPY9,238 EUR92.63 CHF90.67 USD94.08

Class M USD Class N USD Class O JPY Accumulating Accumulating Accumulating Shares Shares Shares

Reported NAV USD1,203,252 USD9,374 JPY92,620

Reported NAV per Share USD93.99 USD93.74 JPY9,262

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE (continued)

Reported NAV USD94,453,196 EUR130,205,358 GBP607,685 JPY4,100,060,469 USD53,979,895 GBP106,864,577*

Reported NAV per Share USD205.00 EUR218.50 GBP216.56 JPY26,765 USD204.93 GBP242.02

Class G USD Class H CHF Class I JPY Class J EUR Class K CHF Class L USD Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Shares Shares Shares Shares Shares Shares

Reported NAV USD96,406,419 CHF1,240 JPY27,016,079,750 EUR66,709,893* CHF91,230 USD10,935

Reported NAV per Share USD187.91 CHF124.02 JPY10,856 EUR109.36 CHF107.13 USD109.35

Class M USD Class N USD Class O JPY Accumulating Accumulating Accumulating Shares Shares Shares

Reported NAV USD1,959,606 USD10,895 JPY108,827

Reported NAV per Share USD109.23 USD108.95 JPY10,883

* Adjustment from Dealing NAV, due to subscriptions and redemptions posted in July 2018, effective June 2018.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE (continued)

Tokio Marine Asia ex Japan Equity Class G EUR Class H USD Class I GBP Class J SGD Select Fund Accumulating Accumulating Accumulating Accumulating 30th June 2019 Shares Shares Shares Shares

Reported NAV EUR4,565,576 USD8,384,966 GBP8,992,522 SGD6,931,640

Reported NAV per Share EUR106.09 USD112.33 GBP110.44 SGD108.97

31st December 2018

Reported NAV EUR9,006,794 USD10,356,899 GBP7,932,237 SGD14,068,733

Reported NAV per Share EUR93.78 USD99.88 GBP97.42 SGD97.51

30th June 2018

Reported NAV EUR10,021,320 USD11,732,971 GBP8,741,728 SGD15,965,248

Reported NAV per Share EUR104.35 USD113.15 GBP107.36 SGD110.66

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE (continued)

Class A USD Class B EUR Class C GBP Class D JPY Class E USD Class F EUR Class G GBP Tokio Marine Japanese Equity Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating GARP Fund Shares Shares Shares Shares Shares Shares Shares 30th June 2019

Reported NAV USD3,260,816 EUR2,845,080 GBP2,620,882 JPY347,795,312 USD3,445,538 EUR2,953,729 GBP2,667,487

Reported NAV per Share USD120.37 EUR114.86 GBP120.12 JPY12,173 USD127.19 EUR119.25 GBP122.26

31st December 2018

Reported NAV USD2,919,529 EUR2,535,699 GBP2,352,733 JPY319,261,989 USD3,126,877 EUR2,723,664 GBP2,447,304

Reported NAV per Share USD107.77 EUR102.37 GBP107.83 JPY11,174 USD115.43 EUR109.96 GBP112.17

30th June 2018

Reported NAV USD3,458,498 EUR2,950,533 GBP2,676,787 JPY379,468,214 USD3,676,187 EUR3,254,106 GBP2,903,898

Reported NAV per Share USD127.67 EUR119.12 GBP122.68 JPY13,281 USD135.70 EUR131.38 GBP133.09

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE (continued)

Tokio Marine Japanese Class A USD Class B EUR Class C GBP Class D JPY Class E USD Class F EUR Equity Small Cap Fund Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating 30th June 2019 Shares Shares Shares Shares Shares Shares

Reported NAV USD1,787,675 EUR1,583,275 GBP1,434,808 JPY196,039,103 USD1,824,320 EUR1,425,311

Reported NAV per Share USD89.48 EUR97.40 GBP99.33 JPY8,866 USD91.31 EUR87.68

Class G GBP Class H USD Class I USD Accumulating Accumulating Accumulating Shares Shares Shares

Reported NAV GBP1,284,894 USD1,787,675 USD1,824,300

Reported NAV per Share GBP88.95 USD89.48 USD91.31

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE (continued)

Tokio Marine Japanese Class A USD Class B EUR Class C GBP Class D JPY Class E USD Class F EUR Equity Small Cap Fund Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating 31st December 2018 Shares Shares Shares Shares Shares Shares

Reported NAV USD1,625,913 EUR1,433,447 GBP1,308,402 JPY182,805,171 USD1,681,666 EUR1,334,261

Reported NAV per Share USD81.38 EUR88.18 GBP90.58 JPY8,268 USD84.17 EUR82.08

Class G GBP Class H USD Class I USD Accumulating Accumulating Accumulating Shares Shares Shares

Reported NAV GBP1,196,452 USD1,625,913 USD1,681,667

Reported NAV per Share GBP82.83 USD81.38 USD84.17

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE (continued)

Reported NAV USD1,933,122 EUR1,674,063 GBP1,494,066 JPY218,074,005 USD1,983,634 EUR1,598,349

Reported NAV per Share USD96.76 EUR102.98 GBP103.43 JPY9,863 USD99.28 EUR98.32

Class G GBP Class H USD Class I USD Accumulating Accumulating Accumulating Shares Shares Shares

Reported NAV GBP1,424,464 USD1,933,122 USD1,983,636

Reported NAV per Share GBP98.61 USD96.76 USD99.28

Tokio Marine Asia ex- Japan Small and Mid Class A EUR Class B USD Class C GBP Class D SGD Class E USD Select Fund Accumulating Accumulating Accumulating Accumulating Accumulating 30th June 2019 Shares Shares Shares Shares Shares

Reported NAV EUR2,996,044 USD3,421,183 GBP2,709,239 SGD4,616,778 USD3,421,182

Reported NAV per Share EUR99.94 USD92.29 GBP103.41 SGD94.97 USD92.29

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

4. NAV PER SHARE (continued)

Reported NAV EUR2,772,622 USD3,185,637 GBP2,506,260 SGD4,326,272 USD3,185,637

Reported NAV per Share EUR92.49 USD85.94 GBP95.66 SGD88.99 USD85.94

30th June 2018

Reported NAV EUR3,009,396 USD3,514,430 GBP2,687,189 SGD4,782,746 USD3,514,430

Reported NAV per Share EUR100.38 USD94.81 GBP102.57 SGD98.38 USD94.81

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

5. PORTFOLIO TRANSACTION COSTS

Tokio Marine Tokio Marine Tokio Marine Tokio Marine Tokio Marine Japanese Asia ex Japan Japanese Japanese Asia ex-Japan Equity Focus Equity Select Equity GARP Equity Small Small and Mid Fund Fund Fund Cap Fund Select Fund Total 30th June 30th June 30th June 30th June 30th June 30th June 2019 2019 2019 2019 2019 2019 JPY USD JPY JPY USD JPY* Total transaction costs on Purchases 23,238,078 60,064 305,222 494,701 37,809 34,779,980 Out of which are commissions 23,238,078 41,727 305,222 494,701 26,454 31,521,141 Out of which are taxes - 17,602 - - 10,880 3,126,030 Out of which are charges - 735 - - 475 132,809

Total transaction costs on Sales (32,168,665) (110,757) (314,410) (520,592) (51,309) (50,791,123) Out of which are commissions (32,168,665) (54,494) (314,410) (520,592) (26,007) (41,839,061) Out of which are taxes - (55,361) - - (24,970) (8,816,623) Out of which are charges - (902) - - (332) (135,439)

*For the purposes of calculating the total, Tokio Marine Asia ex Japan Equity Select Fund, has been converted to JPY at the average rate of exchange for the six months from 1st January 2019 to 30th June 2019.

*For the purposes of calculating the total, Tokio Marine Asia ex-Japan Small and Mid Cap Select Fund, has been converted to JPY at the average rate of exchange for the six months from 1st January 2019 to 30th June 2019.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

5. PORTFOLIO TRANSACTION COSTS (continued)

Total transaction costs on Purchases 43,088,041 54,366 418,721 1,340,904 28,629 53,862,796 Out of which are commissions 43,088,041 34,962 418,721 1,340,904 15,513 50,329,798 Out of which are taxes - 18,752 - - 12,693 3,416,260 Out of which are charges - 652 - - 423 116,738

Total transaction costs on Sales (49,450,936) (34,995) (457,022) (577,200) (24,178) (55,759,420) Out of which are commissions (49,450,936) (16,655) (457,022) (577,200) (10,448) (52,275,108) Out of which are taxes - (18,029) - - (13,555) (3,431,516) Out of which are charges - (311) - - (175) (52,796)

*For the purposes of calculating the total, Tokio Marine Asia ex Japan Equity Select Fund, has been converted to JPY at the average rate of exchange for the six months from 1st January 2018 to 30th June 2018.

*For the purposes of calculating the total, Tokio Marine Asia ex Japan Small and Mid Cap Select Fund, has been converted to JPY at the average rate of exchange for the financial period from 23rd March (date of commencement of operations) to 30th June 2018.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

6. FEES AND EXPENSES

Administration Fee Tokio Marine Japanese Equity Focus Fund The Administrator receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.05% per annum of the NAV of the Sub-Fund, subject to a minimum annual fee of JPY3,608,000 for the Sub-Fund (plus VAT, if any thereon). For the calculation of hedged currency arrangements relating to the hedged classes, the Administrator is paid a fee of up to 0.02% per annum of the NAV of the Sub-Fund, calculated and accrued on each valuation day and payable monthly in arrears. This fee is applicable to Shareholders who hold shares in hedged classes only.

The Administrator also receives an annual fee of JPY315,000 per Sub-Fund (plus VAT, if any thereon) for performing fund accounting services.

The Administrator also receives an annual fee of JPY902,000 (plus VAT, if any thereon) for performing company secretarial duties, for the Sub-Fund.

The Administrator also receives all of its reasonable out of pocket expenses incurred on behalf of the Sub-Fund, which shall include legal fees, courier fees and telecommunication costs and expenses together with VAT, if any, thereon. The Administrator is entitled to additional fees for ancillary services to be agreed between the parties up to a maximum of JPY1,000,000 per annum.

Tokio Marine Asia ex Japan Equity Select Fund The Administrator receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.08% per annum of the NAV of the Sub-Fund, subject to a minimum annual fee of USD45,000 for the Sub-Fund (plus VAT, if any thereon).

The Administrator also receives an annual fee of USD3,500 (plus VAT, if any thereon) for performing fund accounting services.

The Administrator also receives an annual fee of USD7,500 (plus VAT, if any thereon) payable semi-annually for performing company secretarial duties, for the Sub-Fund.

The Administrator also receives all of its reasonable out of pocket expenses incurred on behalf of the Sub-Fund, which shall include legal fees, courier fees and telecommunication costs and expenses together with VAT, if any, thereon. The Administrator is entitled to additional fees to be agreed between the parties up to a maximum of USD10,000 per annum.

Tokio Marine Japanese Equity GARP Fund Prior to 1st October 2018, the Administrator received a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.08% per annum of the NAV of the Sub-Fund, subject to a minimum annual fee of JPY3,600,000 for the Sub-Fund (plus VAT, if any thereon). Effective 1st October 2018, the Administrator receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.06% per annum of the NAV of the Sub-Fund, subject to a minimum annual fee of JPY3,600,000 for the Sub-Fund (plus VAT, if any thereon). 38

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

6. FEES AND EXPENSES (continued)

Administration Fee (continued) Tokio Marine Japanese Equity GARP Fund (continued) For the calculation of hedged currency arrangements relating to the hedged classes, the Administrator is paid a fee of up to 0.02% per annum of the NAV of the Sub-Fund, calculated and accrued on each valuation day and payable monthly in arrears. This fee is applicable to Shareholders who hold shares in hedged classes only.

The Administrator also receives an annual fee of JPY350,000 (plus VAT, if any thereon) for performing fund accounting services.

The Administrator also receives an annual fee of JPY750,000 (plus VAT, if any thereon) for performing company secretarial duties, for the Sub-Fund.

Tokio Marine Japanese Equity Small Cap Fund The Administrator receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.06% per annum of the NAV of the Sub-Fund, subject to a minimum annual fee of JPY3,600,000 for the Sub-Fund (plus VAT, if any thereon). For the calculation of hedged currency arrangements relating to the hedged classes, the Administrator is paid a fee of up to 0.02% per annum of the NAV of the Sub-Fund, calculated and accrued on each valuation day and payable monthly in arrears. This fee is applicable to Shareholders who hold shares in hedged classes only.

The Administrator also receives an annual fee of JPY350,000 (plus VAT, if any thereon) for performing fund accounting services.

The Administrator also receives an annual fee of JPY750,000 (plus VAT, if any thereon) payable semi-annually for performing company secretarial duties, for the Sub-Fund.

The Administrator also receives all of its reasonable out of pocket expenses incurred on behalf of the Sub-Fund, which shall include legal fees, courier fees and telecommunication costs and expenses together with VAT, if any, thereon. The Administrator is entitled to additional fees to be agreed between the parties up to a maximum of JPY1,000,000 per annum.

The Administrator also received a once off fee of JPY500,000 (plus VAT, if any thereon) in relation to the set-up of the Sub-Fund.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

6. FEES AND EXPENSES (continued)

Administration Fee (continued) Tokio Marine Asia ex-Japan Small and Mid Select Fund The Administrator receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.08% per annum of the NAV of the Sub-Fund, subject to a minimum annual fee of USD45,000 for the Sub-Fund (plus VAT, if any thereon).

The Administrator also receives an annual fee of USD3,500 (plus VAT, if any thereon) for performing fund accounting services.

The Administrator also receives an annual fee of JPY7,500 (plus VAT, if any thereon) payable semi-annually for performing company secretarial duties for the Sub-Fund.

The Administrator also receives all of its reasonable out of pocket expenses incurred on behalf of the Sub-Fund, which shall include legal fees, courier fees and telecommunication costs and expenses together with VAT, if any, thereon. The Administrator is entitled to additional fees to be agreed between the parties up to a maximum of USD10,000 per annum.

The Administrator also received a once off fee of USD5,000 (plus VAT, if any thereon) in relation to the set-up of the Sub-Fund.

7. SOFT COMMISSION ARRANGEMENTS

The Company did not have any soft commission arrangements in place for the six months ended 30th June 2019 or for the financial year ended 31st December 2018.

8. SIGNIFICANT EVENTS

Effective 10th April 2019, Mr. Shigeki Fujii resigned as a Director of the Company and effective 15th May 2019, Mr. Koichi Sato was appointed as a Director of the Company.

There were no other significant events in the financial period that require disclosure in the financial statements.

9. SUBSEQUENT EVENTS

Effective 31st July 2019, a new chief portfolio manager of Japanese Equity Focus Fund was appointed.

Subsequent to the financial period end and up to 14th August 2019, Tokio Marine Japanese Equity Focus Fund received subscriptions of JPY719,319,907 and paid redemptions of JPY12,098,428,008. Tokio Marine Asia ex Japan Equity Select Fund paid redemptions of JPY6,479,681. There were no other subscriptions or redemptions during this period.

There were no other events subsequent to the financial period end that require disclosure in the financial statements. 40

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 30th June 2019 (Continued)

10. APPROVAL OF FINANCIAL STATEMENTS

The Directors approved the financial statements on 14th August 2019.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 30th June 2019 Fair Nominal Value % of Equities Holding JPY NAV

Japan Asics Corp 1,242,000 1,449,414,000 2.36 Dai-ichi Life Holdings Inc 369,200 2,080,442,000 3.39 Daikin Industries Ltd 110,400 1,552,776,000 2.53 Denso Corp 381,200 1,727,979,600 2.81 Fuji Oil Co Ltd 398,800 1,296,100,000 2.11 Fujitsu Ltd 335,600 2,521,027,200 4.11 GMO Payment Gateway 180,700 1,338,987,000 2.18 Izumi Co Ltd 267,800 1,166,269,000 1.90 Keyence Corp 29,500 1,950,835,000 3.18 Kuraray Co Ltd 2,134,000 2,746,458,000 4.47 Kyocera Corp 244,700 1,721,464,500 2.80 M3 Inc 742,300 1,461,588,700 2.38 Mitsubishi Corp 810,000 2,300,400,000 3.75 Mitsubishi Estate Co Ltd 844,300 1,692,821,500 2.76 Murata Manufacturing Co Ltd 194,500 941,380,000 1.53 Nidec Corp 119,600 1,761,110,000 2.87 Nihon M & A Center 589,800 1,524,043,200 2.48 Nitori Holdings Co Ltd 181,900 2,597,532,000 4.19 NTT Corp 513,400 2,575,727,800 4.23 Otsuka Corp 370,600 1,606,551,000 2.62 Pan Pacific International Holdings Corp 262,100 1,792,764,000 2.92 Recruit Holdings Co Ltd 289,900 1,041,900,600 1.70 Relo Group Inc 549,800 1,491,607,400 2.43 Rengo Co Ltd 860,300 744,159,500 1.21 Resorttrust Inc 893,700 1,473,711,300 2.40 Rohm Co Ltd 90,000 651,600,000 1.06 Rohto Pharmaceutical Co Ltd 361,700 1,057,610,800 1.72 Shimano Inc 88,400 1,417,052,000 2.31 Sony Corp 354,900 2,004,475,200 3.26 Sumitomo Mitsui Financial Group Inc 608,300 2,315,189,800 3.77 Sysmex Corp 191,300 1,344,265,100 2.19 Takara Bio Inc 488,000 1,001,864,000 1.63 Takeda Pharmaceutical Co Ltd 626,400 2,394,727,200 3.90

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Nominal Value % of Equities (continued) Holding JPY NAV

Japan (continued) Terumo Corp 412,300 1,323,483,000 2.16 Tokyu Corp 826,500 1,579,441,500 2.57 West Japan Railway Co 200,300 1,745,814,800 2.84 Yakult Honsha Co Ltd 268,200 1,703,070,000 2.77

Total Equities 61,095,642,700 99.49

All securities are transferable and are admitted to an official stock exchange listing at financial period end. Notional Unrealised Nominal Cost Gain Forward currency contracts Holding JPY JPY

British Pound Forward currency contracts 31-Jul-19 (1,960) (268,648) 1,401

Euro Forward currency contracts 01-Jul-19 59,992 7,340,678 15,848 Forward currency contracts 02-Jul-19 57,351 7,028,682 4,034 Forward currency contracts 31-Jul-19 93,999,823 11,483,229,533 45,630,563

Swiss Franc Forward currency contracts 31-Jul-19 62,338 6,823,550 70,486

United States Dollar Forward currency contracts 31-Jul-19 (16,890) (1,818,203) 4,589

Total Forward Currency Contracts 11, 502,335,592 45,726,921

Total Financial Assets at Fair Value Through Profit or Loss 61,141,369,621

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 30th June 2019 (Continued) Notional Unrealised Nominal Cost Loss Forward currency contracts (continued) Holding JPY JPY

British Pound Forward currency contracts 31-Jul-19 74,142 10,184,014 (74,219)

Euro Forward currency contracts 01-Jul-19 (3,377) (413,184) (892) Forward currency contracts 02-Jul-19 (3,714) (455,166) (261) Forward currency contracts 31-Jul-19 (12,531,439) (1,533,873,274) (3,078,589)

Swiss Franc Forward currency contracts 31-Jul-19 (1,634) (178,324) (2,418)

United States Dollar Forward currency contracts 31-Jul-19 105,600 11,376,242 (36,982)

Total Forward Currency Contracts (1,513,359,692) (3,193,361)

Total Financial Liabilities at Fair Value Through Profit or Loss (3,193,361)

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 30th June 2019 (Continued)

Analysis of NAV

Fair Value % of JPY NAV Cash and cash equivalents 735,735,658 1.20 Total financial assets and liabilities at fair value through profit or loss 61,138,176,260 99.56 Other assets and liabilities (466,265,115) (0.76)

Total Net Assets attributable to Holders of Redeemable Participating Shares 61,407,646,803 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 1.17 Financial assets at fair value through profit or loss 97.40 Debtors 1.43

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Investments As at 30th June 2019 Fair Equities Nominal Value % of Holding USD NAV Bermuda * Sinopec Kantons Holdings Ltd 600,000 251,239 0.84 251,239 0.84 Cayman Islands* AAC Technologies Holdings Inc 70,000 397,538 1.32 Alibaba Group Holding Ltd 12,500 2,136,250 7.09 China State Construction International Holdings Ltd 160,000 164,317 0.55 China ZhengTong Auto Services Holdings Ltd 700,000 290,423 0.96 Goodbaby International Holdings Ltd 2,300,000 521,301 1.73 Meituan-Dianping 10,000 87,716 0.29 Melco Resorts & Entertainment Ltd 20,000 437,200 1.45 Nexteer Automotive Co 150,000 186,700 0.62 Sands China Ltd 80,000 382,620 1.27 Tencent Holdings Ltd 36,000 1,625,444 5.40 Tencent Music Entertainment Group 10,000 149,700 0.50 Xiabu Xiabu Catering Management Co Ltd 200,000 290,935 0.97 6,670,144 22.15 China Air China Ltd 120,000 121,086 0.40 China Construction Bank Corp H 1,400,000 1,206,509 4.01 China Petroleum & Chemical Corp H 460,000 312,781 1.04 Jinjiang International (Group) Co Ltd H 604,000 122,976 0.41 New China Life Insurance Co Ltd H 40,000 194,639 0.65 Pacific Textiles Holdings Ltd 400,000 316,545 1.05 PetroChina Co Ltd H 1,000,000 551,905 1.83 Ping An Insurance Co of China Ltd H 25,000 300,283 1.00 Sinopharm Group Co Ltd H 100,000 352,144 1.17 Tong Ren Tang Technologies Co Ltd 221,000 263,469 0.87 3,742,337 12.43 Hong Kong AIA Group Ltd 80,000 863,072 2.87 China Mobile Ltd 150,000 1,366,638 4.54 China Overseas Land and Investment Ltd 100,000 368,791 1.22 CSPC Pharmaceutical Group Ltd 110,000 177,481 0.59 Hysan Development Co Ltd 53,000 273,846 0.91 3,049,828 10.13 * The country analysis is based on the country of incorporation of the security issuer. However, the underlying companies have significant operations in the regions relevant to the Sub-Fund.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV India Bharti Airtel Ltd 93,447 469,232 1.56 Fortis Healthcare Ltd 73,379 138,286 0.46 Icici Bank 50,000 316,579 1.05 Sun Pharmaceutical Industries Ltd 60,000 348,475 1.16 Union Bank of India 268,310 315,007 1.04 1,587,579 5.27 Indonesia PT HM Sampoerna Tbk 3,200,000 710,508 2.36 PT Telekomunikasi Indonesia Tbk 400,000 117,098 0.39 PT XL Axiata 2,271,100 478,566 1.59 1,306,172 4.34 Luxembourg * Samsonite International SA 255,000 585,147 1.94 585,147 1.94 Philippines Bank of the Philippine Islands 380,000 581,368 1.93 Petron Corp 5,000,000 567,141 1.88 1,148,509 3.81 Singapore CapitaLand Ltd 140,000 365,225 1.21 Genting Singapore PLC 900,000 611,910 2.04 977,135 3.25 South Korea Amorepacific Corp 3,300 469,630 1.56 CJ Logistics Corp 3,400 395,619 1.31 Cosmax Inc 3,600 339,473 1.13 Korea Kolmar Co Ltd 5,600 292,618 0.97 Modetour Network Inc 20,000 340,857 1.13 Samsung Electronics Co Ltd 40,000 1,626,424 5.40 Samsung Life Insurance Co Ltd 9,100 658,148 2.19 SK Innovation Co Ltd 5,600 770,302 2.56 4,893,071 16.25

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV Taiwan Province of China China Life Insurance Co Ltd 399,732 320,079 1.07 MediaTek Inc 45,000 455,307 1.51 Taiwan Semiconductor Manufacturing Co Ltd 230,000 1,771,283 5.88 2,546,669 8.46 Thailand Major Cineplex Group PCL 28,500 27,176 0.09 PTT Global Chemical PCL 200,000 417,278 1.38 Siam Commercial Bank 108,400 492,968 1.64 Thai Oil PCL 100,000 216,789 0.72 1,154,211 3.83 United States Cognizant Technology Solutions 3,000 189,180 0.63 189,180 0.63

Total Equities 28,101,221 93.33

To tal Financial Assets at Fair Value Through Profit or Loss 28,101,221 93.33

All securities are transferable and are admitted to an official stock exchange listing at financial period end.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Investments As at 30th June 2019 (Continued)

Analysis of NAV

Fair Value % of USD NAV Cash and cash equivalents 1,752,072 5.82 Total financial assets and liabilities at fair value through profit or loss 28,101,221 93.33 Other assets and liabilities 256,730 0.85

Total Net Assets attributable to Holders of Redeemable Participating Shares 30,110,023 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 5.73 Financial assets at fair value through profit or loss 91.98 Debtors 2.29

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 30th June 2019 Fair Equities Nominal Value % of Holding JPY NAV Japan Advantest Corp 20,000 59,300,000 2.37 Anritsu Corp 10,800 20,228,400 0.81 Aruhi Corp 6,100 12,877,100 0.52 Asahi Breweries Ltd 6,700 32,461,500 1.30 Asahi Kasei Corp 12,300 14,126,550 0.56 Bandai Namco Holdings Inc 9,700 50,731,000 2.03 Dai-ichi Life Holdings Inc 27,300 44,362,500 1.77 Daiichi Sankyo Co Ltd 14,300 80,580,500 3.22 Daikin Industries Ltd 1,800 25,317,000 1.01 Daiwa House Industry Co Ltd 5,800 18,217,800 0.73 Denso Corp 10,500 47,596,500 1.90 Eisai Co Ltd 4,000 24,364,000 0.97 FANCL Corp 2,900 7,685,000 0.31 Fujifilm Holdings Corp 5,000 27,315,000 1.09 Fuji Oil Co Ltd 4,400 14,300,000 0.57 Fujitsu Ltd 1,800 13,521,600 0.54 GMO Payment Gateway 6,500 48,165,000 1.93 Hitachi Ltd 8,000 31,592,000 1.26 Hitachi Transport System Ltd 8,800 30,800,000 1.23 Hoya Corp 7,300 60,254,200 2.41 Isuzu Motors Ltd 19,600 24,049,200 0.96 Itochu Techno-Solutions Co Ltd 5,800 16,019,600 0.64 JCR Pharmaceuticals Co Ltd 6,200 38,874,000 1.55 JX Holdings Inc 22,900 12,237,760 0.49 Kakaku.com Inc 10,500 21,840,000 0.87 Kao Corp 3,300 27,093,000 1.08 Katitas Co Ltd 2,200 8,811,000 0.35 Kawasaki Heavy Industries Ltd 6,500 16,464,500 0.66 Keyence Corp 600 39,678,000 1.59 Koito Manufacturing Co Ltd 1,900 10,925,000 0.44 Kubota Corp 11,300 20,260,900 0.81 Mercari Inc 4,200 12,003,600 0.48 Mitsubishi Chemical Holdings Corp 16,300 12,267,380 0.49 Mitsubishi Corp 16,400 46,576,000 1.86 Mitsubishi Estate Co Ltd 5,800 11,629,000 0.46

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Equities (continued) Nominal Value % of Holding JPY NAV Japan (continued) Mitsubishi UFJ Financial Group 125,900 64,460,800 2.58 Mitsui Chemicals Inc 5,400 14,401,800 0.58 Murata Manufacturing Co Ltd 4,800 23,232,000 0.93 Nidec Corp 1,900 27,977,500 1.12 Nintendo Co Ltd 900 35,541,000 1.42 Nippon Shinyaku Co Ltd 3,100 23,560,000 0.94 Nippon Steel Corp 5,900 10,909,100 0.44 Nitori Holdings Co Ltd 1,700 24,276,000 0.97 Nomura Research Institute Ltd 21,150 36,526,050 1.46 Orix Corp 22,600 36,340,800 1.45 Outsourcing Inc 9,700 12,668,200 0.51 Pan Pacific International Holdings Corp 3,600 24,624,000 0.98 Pilot Corp (New) NPV 3,500 14,577,500 0.58 Rakuten Inc 10,600 13,568,000 0.54 Recruit Holdings Co Ltd 11,300 40,612,200 1.62 Relo Group Inc 14,300 38,795,900 1.55 Round One Entertainment Inc 8,800 12,029,600 0.48 Sakata Seed Corp 3,500 11,007,500 0.44 Sankyu Inc 6,300 35,658,000 1.42 Sansan Inc 500 2,840,000 0.11 Seino Transportation Co Ltd 12,100 17,363,500 0.69 Shimadzu Corp 9,600 25,363,200 1.01 Shimamura Co Ltd 2,100 16,905,000 0.68 Shimano Inc 1,300 20,839,000 0.83 Shin-Etsu Chemical Co Ltd 8,200 82,287,000 3.29 Shiseido Co Ltd 2,500 20,302,500 0.81 Sho-Bond Holdings Co Ltd 4,000 15,200,000 0.61 Showa Denko K.K. 4,500 14,265,000 0.57 SMC Corp 1,200 48,204,000 1.93 SoftBank Group Corp 23,200 119,828,000 4.79 Sony Corp 17,600 99,404,800 3.97 Subaru Corp 6,200 16,237,800 0.65 Sumitomo Metal Mining Co Ltd 5,900 18,992,100 0.76 Sumitomo Mitsui Financial Group Inc 17,700 67,366,200 2.69 Sumitomo Realty & Development Co Ltd 4,400 16,931,200 0.68 Suzuki Motor Corp 4,800 24,307,200 0.97

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Equities (continued) Nominal Value % of Holding JPY NAV Japan (continued) Sysmex Corp 2,800 19,675,600 0.79 Taisei Corp 4,200 16,443,000 0.66 Takeda Pharmaceutical Co Ltd 17,100 65,373,300 2.61 Toho Co Ltd 5,200 23,816,000 0.95 Tokyo Electron Ltd 3,300 49,896,000 1.99 Tokyu Corp 6,300 12,039,300 0.48 Toyota Motor Corp 12,600 84,268,800 3.37 Trusco Nakayama Corp 6,000 13,848,000 0.55 West Japan Railway Co 2,800 24,404,800 0.98 Yakult Honsha Co Ltd 2,500 15,875,000 0.63 Yamaha Corp 5,800 29,696,000 1.19 Zozo Inc 8,400 16,959,600 0.68

Total Equities 2,482,222,440 99.19

All securities are transferable and are admitted to an official stock exchange listing at financial period end. Notional Unrealised Forward currency contracts Nominal Cost Gain Holding JPY JPY British Pound Forward currency contracts 31-Jul-19 (80,695) (11,067,318) 63,986

Euro Forward currency contracts 31-Jul-19 3,048,051 372,027,859 1,808,551

United States Dollar Forward currency contracts 31-Jul-19 (103,858) (11,196,520) 44,263

Total Forward Currency Contracts 349,764,021 1,916,800

Total Financial Assets at Fair Value Through Profit or Loss 2,484,139,240

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 30th June 2019 (Continued) Notional Unrealised Forward currency contracts (continued) Nominal Cost Loss Holding JPY JPY British Pound Forward currency contracts 31-Jul-19 2,746,433 377,670,468 (3,173,333)

Euro Forward currency contracts 31-Jul-19 (94,918) (11,552,846) (88,618)

United States Dollar Forward currency contracts 31-Jul-19 3,542,527 382,088,597 (1,693,965)

Total Forward Currency Contracts 748,206,219 (4,955,916)

Tot al Financial Liabilities at Fair Value Through Profit or Loss (4,955,916)

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 30th June 2019 (Continued)

Analysis of NAV

Fair Value % of JPY NAV Cash and cash equivalents 34,104,085 1.37 Total financial assets and liabilities at fair value through profit or loss 2,479,183,324 99.06 Other assets and liabilities (10,687,139) (0.43)

Total Net Assets attributable to Holders of Redeemable Participating Shares 2,502,600,270 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 1.34 Financial assets at fair value through profit or loss 98.03 Debtors 0.63

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Investments As at 30th June 2019 Fair Equities Nominal Value % of Holding JPY NAV Japan Aeon Fantasy Co Ltd 16,800 37,514,400 2.19 Allied Architects Inc 60,900 24,969,000 1.46 Anest Iwata Corp 37,100 35,578,900 2.08 Daihen Corp 9,900 30,591,000 1.78 Daiki Axis Co Ltd 40,600 34,550,600 2.02 Digital Arts Inc 2,700 25,650,000 1.50 Edulab Inc 4,700 25,192,000 1.47 EF On Inc 56,200 44,960,000 2.62 EGuarantee Inc 21,800 28,187,400 1.64 Giken Seisakusho Co Ltd 12,500 42,187,500 2.46 Globeride Inc 13,000 43,485,000 2.54 Hagihara Industries Inc 30,800 40,348,000 2.35 Isolite Insulating Products Co Ltd 95,400 43,216,200 2.52 Itokuro Inc 5,500 7,612,000 0.44 JCR Pharmaceuticals Co Ltd 3,000 18,810,000 1.10 Kaonavi Inc 3,500 24,325,000 1.42 Katitas Co Ltd 2,300 9,211,500 0.54 KFC Ltd 33,600 58,228,800 3.40 KH Neochem Co Ltd 10,500 27,730,500 1.62 Kotobuki Spirits Co Ltd 6,100 30,866,000 1.80 Kureha Corp 4,000 29,400,000 1.72 Like Co Ltd 38,100 52,425,600 3.06 Maeda Kosen Co Ltd 7,200 14,205,600 0.83 MCJ Co Ltd 35,400 27,930,600 1.63 Morita Corp 21,000 39,585,000 2.31 Nakanishi Inc 12,900 25,529,100 1.49 Nichirei Corp 13,200 33,752,400 1.97 Nichirin Co Ltd 16,600 24,933,200 1.45 Nippon Electric Glass Co Ltd 10,600 28,927,400 1.69 Nippon Paper Industries Co Ltd 17,700 33,771,600 1.97 Nippon Ski Resort Development Co Ltd 13,700 12,056,000 0.70 Nomura Co Ltd 15,600 20,982,000 1.22 Open House Co Ltd 8,100 35,721,000 2.08 Rheon Auto Machinery Co Ltd 5,300 9,730,800 0.57

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Equities (continued) Nominal Value % of Holding JPY NAV Japan (continued) Ride on Express Holdings Co Ltd 19,700 23,364,200 1.36 Round One Entertainment Inc 24,000 32,808,000 1.92 Saizeriya Co Ltd 9,800 22,922,200 1.34 Sakata Seed Corp 9,500 29,877,500 1.74 Sansan Inc 2,600 14,768,000 0.86 Sansei Technologies Inc 30,500 36,996,500 2.16 Seikagaku Corp 31,200 38,532,000 2.25 Shibaura Mechatronics Corp 10,000 27,020,000 1.58 Shikoku Chemicals Corp 28,200 31,753,200 1.85 S-Pool Inc 9,200 25,244,800 1.47 Sumitomo Osaka Cement Co Ltd 8,000 34,240,000 2.00 Takara Bio Inc 3,100 6,364,300 0.37 Tobila Systems Inc 3,600 34,560,000 2.02 Totetsu Kogyo Co Ltd 15,400 45,091,200 2.63 Trusco Nakayama Corp 9,000 20,772,000 1.21 UL Systems Inc 17,000 39,950,000 2.33 Vector Inc 21,800 22,388,600 1.31 Weathernews Inc 13,000 43,225,000 2.52 Welby Inc 1,600 26,736,000 1.56 Yamami Co Ltd 16,200 42,039,000 2.46 Yaoko Co Ltd 7,700 37,537,500 2.19 Zigexn Co Ltd 37,700 29,707,600 1.73

Total Equities 1,688,061,700 98.50

All securities are transferable and are admitted to an official stock exchange listing at financial period end.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Investments As at 30th June 2019 (Continued) Notional Unrealised Forward currency contracts Nominal Cost Gain Holding JPY JPY Euro Forward currency contracts 31-Jul-19 1,453,924 177,493,448 826,922

United States Dollar Forward currency contracts 31-Jul-19 (97,680) (10,565,401) 76,575

Total Forward Currency Contracts 166,928,047 903,497

Total Financial Assets at Fair Value Through Profit or Loss 1,688,965,197

Notional Unrealised Nominal Cost Loss Holding JPY JPY British Pound Forward currency contracts 31-Jul-19 (35,331) (4,797,508) (20,128) Forward currency contracts 31-Jul-19 1,310,025 180,072,460 (1,440,575)

Euro Forward currency contracts 31-Jul-19 (39,525) (4,800,996) (46,614)

United States Dollar Forward currency contracts 31-Jul-19 3,714,447 400,659,790 (1,804,429)

Total Forward Currency Contracts 571,133,746 (3,311,746)

Total Financial Liabilities at Fair Value Through Profit or Loss (3,311,746)

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Investments As at 30th June 2019 (Continued)

Analysis of NAV

Fair Value % of JPY NAV Cash and cash equivalents 37,745,310 2.20 Total financial assets and liabilities at fair value through profit or loss 1,685,653,451 98.36 Other assets and liabilities (9,570,711) (0.56)

Total Net Assets attributable to Holders of Redeemable Participating Shares 1,713,828,050 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 1.98 Financial assets at fair value through profit or loss 97.42 Debtors 0.60

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 30th June 2019 Fair Equit ies Nominal Value % of Holding USD NAV Bermuda * Sinopec Kantons Holdings Ltd 400,000 167,494 0.98 167,494 0.98 Cayman Islands* AAC Technologies Holdings Inc 50,500 286,798 1.68 China State Construction International Holdings Ltd 106,000 108,861 0.64 China ZhengTong Auto Services Holdings Ltd 700,000 290,425 1.70 Goodbaby International Holdings Ltd 1,573,000 356,528 2.08 Gourmet Master Co Ltd 38,000 212,684 1.24 Logan Property Holdings Co Ltd 60,000 97,116 0.57 Melco Resorts and Entertainment Ltd 12,000 262,320 1.53 Minth Group Ltd 45,000 121,299 0.71 Nexteer Automotive Co 108,000 134,425 0.79 Silergy Corp 2,000 39,227 0.23 Xiabu Xiabu Catering Management Co Ltd 140,000 203,656 1.19 Xinyi Glass Holdings Ltd 140,000 147,005 0.86 2,260,344 13.22 China China Dongxiang Group Co Ltd 2,418,750 297,340 1.74 China Machinery Engineering Corp H 450,000 202,837 1.19 Fuyao Glass Industry Group Co Ltd H 79,800 247,803 1.45 Jinjiang International (Group) Co Ltd H 1,282,000 261,022 1.53 Pacific Textiles Holdings Ltd 300,000 237,411 1.39 Tong Ren Tang Technologies Co Ltd 290,000 345,731 2.02 TravelSky Technology Ltd H 136,000 273,420 1.59 Zhuzhou CRRC Times Electric Co Ltd 38,000 200,237 1.17 2,065,801 12.08 Hong Kong CSPC Pharmaceutical Group Ltd 60,000 96,808 0.57 Huaneng Renewables Corp Ltd H 500,000 137,658 0.80 Hysan Development Co Ltd 62,000 320,351 1.87 Link REIT 32,000 393,380 2.30 SJM Holdings Ltd 231,000 262,969 1.54 1,211,166 7.08

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV India Allcargo Logistics Ltd 80,000 123,366 0.72 Container Corporation of India Ltd 10,000 82,502 0.48 Emami Ltd 56,000 242,414 1.42 Exide Industries Ltd 26,940 78,486 0.46 Fortis Healthcare Ltd 189,000 355,871 2.08 Future Retail Ltd 12,000 84,223 0.49 IRB Infrastructure Developers Ltd 208,944 290,003 1.70 L & T Finance Holdings Ltd 40,000 66,662 0.39 Petronet LNG Ltd 56,000 198,648 1.16 Shriram Transport Finance Co Ltd 7,500 117,279 0.69 Union Bank of India 207,324 243,196 1.42 1,882,650 11.01 Indonesia PT Pembangunan Perumahan 500,000 78,197 0.46 PT XL Axiata 1,810,000 381,700 2.23 459,897 2.69 Jersey C.I.* West China Cement Ltd 700,000 107,565 0.63 107,565 0.63 Luxembourg * Samsonite International SA 181,900 417,409 2.44 417,409 2.44 Malaysia Digi.com BHD 110,000 134,406 0.79 134,406 0.79 Philippines Bank of the Philippine Islands 200,000 306,043 1.79 Petron Corp 2,900,000 329,006 1.92 635,049 3.71

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV Singapore City Developments Ltd 10,000 69,990 0.41 First Resources Ltd 133,000 156,290 0.91 Genting Singapore PLC 570,000 387,566 2.26 Keppel Corp Ltd 17,000 83,677 0.49 Uol Group Ltd 45,000 251,097 1.47 Venture Corp 14,000 168,551 0.99 1,117,171 6.53 South Korea Aekyung Industrial Co Ltd 2,000 64,057 0.37 Amorepacific Corp 1,600 227,836 1.33 CJ Logistics Corp 2,900 337,641 1.98 Cosmax Inc 3,000 283,063 1.66 e-mart 2,650 321,151 1.88 GS Retail Co 3,500 119,068 0.70 Hanatour Service Inc 4,500 195,547 1.14 Korea Gas Corp 6,900 329,392 1.93 Korea Kolmar Co Ltd 6,300 252,056 1.47 Modetour Network Inc 17,500 298,428 1.75 Orange Life Insurance Ltd 9,000 246,577 1.44 S-Oil Corp 4,000 289,815 1.69 2,964,631 17.34 Taiwan Province of China AsuTek Computer Inc 24,000 172,651 1.01 Catcher Technology Co Ltd 16,000 114,843 0.67 China Life Insurance Co Ltd 469,732 376,555 2.20 King Yuan Electronics 254,000 219,594 1.29 Nien Made Enterprise Co Ltd 20,000 150,650 0.88 Pegatron Corp 90,000 155,908 0.91 Powertech Technology Inc 40,000 98,068 0.57 1,288,269 7.53

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 30th June 2019 (Continued) Fair Equi ties (continued) Nominal Value % of Holding USD NAV Thailand Major Cineplex Group PCL 267,000 254,596 1.49 PTT Global Chemical PCL 120,000 250,367 1.46 Ratch Group PCL 50,000 108,802 0.64 Thai Oil PCL 170,000 368,541 2.15 982,306 5.74

Total Equities 15,694,158 91.77

Total Financial Assets at Fair Value Through Profit or Loss 15,694,158 91.77

* The country analysis is based on the country of incorporation of the security issuer. However, the underlying companies have significant operations in the regions relevant to the Sub-Fund.

All securities are transferable and are admitted to an official stock exchange listing at financial period end.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 30th June 2019 (Continued)

Analysis of NAV

Fair Value % of USD NAV Cash and cash equivalents 1,605,738 8.85 Total financial assets at fair value through profit or loss 15,694,158 91.77 Other assets and liabilities (198,423) (0.06)

Total Net Assets attributable to Holders of Redeemable Participating Shares 17,101,473 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 8.82 Financial assets at fair value through profit or loss 90.80 Debtors 0.38

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2018 Fair Equities Nominal Value % of Holding JPY NAV Japan Asics Corp 1,403,400 1,971,777,000 2.51 Bandai Namco Holdings Inc 255,900 1,260,307,500 1.60 Dai-ichi Life Holdings Inc 671,800 1,154,152,400 1.47 Daikin Industries Ltd 185,800 2,172,931,000 2.76 Daiwa House Industry Co Ltd 874,700 3,059,700,600 3.89 Denso Corp 535,400 2,619,712,200 3.33 Don Quijote 391,100 2,667,302,000 3.39 Eisai Co Ltd 151,000 1,283,802,000 1.63 Fuji Oil Co Ltd 548,000 1,923,480,000 2.45 Fujitsu Ltd 343,900 2,354,683,300 3.00 GMO Payment Gateway 248,200 1,161,576,000 1.48 Izumi Co Ltd 359,800 1,838,578,000 2.34 Keyence Corp 47,300 2,633,664,000 3.35 Komatsu Ltd 588,800 1,392,806,400 1.77 Kyocera Corp 424,500 2,338,146,000 2.97 M3 Inc 686,300 1,011,606,200 1.29 Mitsubishi Corp 856,500 2,586,630,000 3.29 Murata Manufacturing Co Ltd 138,000 2,063,790,000 2.63 Nidec Corp 197,900 2,468,802,500 3.14 Nihon M & A Center 489,800 1,085,396,800 1.38 Nintendo Co Ltd 52,400 1,534,534,000 1.95 NTT Corp 685,500 3,072,411,000 3.91 Nitori Holdings Co Ltd 188,600 2,589,478,000 3.29 Otsuka Corp 740,600 2,236,612,000 2.84 Relo Group Inc 755,200 1,943,129,600 2.47 Rengo Co Ltd 2,448,600 2,125,384,800 2.70 Resorttrust Inc 1,227,800 1,977,985,800 2.52 Ryohin Keikaku Co 77,400 2,054,970,000 2.61 Shimano Inc 137,200 2,129,344,000 2.71 SoftBank Group Corp 174,000 1,271,070,000 1.62 Sony Corp 438,700 2,336,516,200 2.97 Sumitomo Mitsui Financial Group Inc 609,600 2,221,992,000 2.83 Sysmex Corp 215,700 1,138,033,200 1.45 Takara Bio Inc 670,400 1,714,212,800 2.18 Takeda Pharmaceutical Co Ltd 807,200 2,990,676,000 3.80

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding JPY NAV Japan (continued) Terumo Corp 336,300 2,093,131,200 2.66 Tokyu Corp 913,500 1,639,732,500 2.09 Yakult Honsha Co Ltd 236,400 1,825,008,000 2.32 Yamato Holdings Co Ltd 804,600 2,433,110,400 3.10

Total Equities 78,376,175,400 99.69

All securities are transferable and are admitted to an official stock exchange listing at financial year end. Notional Unrealised Nominal Cost Gain Forward currency contracts Holding JPY JPY

British Pound Forward currency contracts 04-Jan-19 (1,022,364) (144,172,889) 753,418 Forward currency contracts 31-Jan-19 (463,560) (66,113,440) 1,133,981

Euro Forward currency contracts 04-Jan-19 (46,355) (5,906,551) 66,951 Forward currency contracts 04-Jan-19 (732,868) (93,362,511) 1,039,293 Forward currency contracts 07-Jan-19 (96,486) (12,237,174) 82,067 Forward currency contracts 07-Jan-19 (12,791) (1,621,561) 10,156 Forward currency contracts 08-Jan-19 (38,213) (4,830,595) 16,594 Forward currency contracts 08-Jan-19 (11,243) (1,420,587) 4,214 Forward currency contracts 31-Jan-19 (17,940,294) (2,293,358,586) 32,986,088

Swiss Franc Forward currency contracts 31-Jan-19 (10,328) (1,170,414) 14,924

United States Dollar Forward currency contracts 31-Jan-19 (237,387) (26,467,360) 382,139

Total Forward Currency Contracts (2,650,661,668) 36,489,825

Total Financial Assets at Fair Value Through Profit or Loss 78,412,665,225

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2018 (Continued) Notional Unrealised Forward currency contracts Nominal Cost Loss Holding JPY JPY British Pound Forward currency contracts 04-Jan-19 1,505 212,404 (1,215) Forward currency contracts 31-Jan-19 533,892 76,752,592 (1,914,486)

Euro Forward currency contracts 04-Jan-19 49,278 6,277,645 (69,881) Forward currency contracts 04-Jan-19 11,861 1,511,994 (17,747) Forward currency contracts 07-Jan-19 18,233 2,312,425 (15,508) Forward currency contracts 07-Jan-19 4,190 531,307 (3,469) Forward currency contracts 08-Jan-19 1,327,663 167,833,374 (576,559) Forward currency contracts 08-Jan-19 39,274 4,964,009 (16,313) Forward currency contracts 31-Jan-19 115,407,433 14,799,687,093 (259,023,010)

Swiss Franc Forward currency contracts 31-Jan-19 88,741 10,066,665 (138,768)

United States Dollar Forward currency contracts 04-Jan-19 18,053 2,012,959 (25,126) Forward currency contracts 08-Jan-19 10,000,000 1,103,701,960 (2,927,852) Forward currency contracts 08-Jan-19 52,057 5,749,809 (19,480) Forward currency contracts 31-Jan-19 1,476,592 166,234,190 (3,979,028)

Total Forward Currency Contracts 16,347,848,426 (268,728,442)

Total Financial Liabilities at Fair Value Through Profit or Loss (268,728,442)

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2018 (Continued)

Analysis of NAV

Fair Value % of JPY NAV Cash and cash equivalents 1,935,500,734 2.46 Total financial assets and liabilities at fair value through profit or loss 78,143,936,783 99.40 Other assets and liabilities (1,461,381,036) (1.86)

Total Net Assets attributable to Holders of Redeemable Participating Shares 78,618,056,481 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 2.36 Financial assets at fair value through profit or loss 95.74 Debtors 1.90

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Investments As at 31st December 2018 Fair Equities Nominal Value % of Holding USD NAV Cayman Islands* AAC Technologies Holdings Inc 40,000 232,115 0.56 Alibaba Group Holding Ltd 14,500 2,016,805 4.90 China State Construction International Holdings Ltd 550,000 436,780 1.06 CK Asset Holdings Ltd 139,000 1,016,903 2.47 Goodbaby International Holdings Ltd 1,845,000 579,484 1.41 MGM China Holdings Ltd 160,000 268,427 0.65 Semiconductor Manufacturing International Corp 400,000 349,833 0.85 Tencent Holdings Ltd 73,500 2,946,640 7.16 7,846,987 19.06 China China Construction Bank Corp H 2,150,000 1,773,296 4.31 China Oilfield Services Co Ltd 700,000 601,483 1.46 China Southern Airlines Co Ltd 300,000 185,769 0.45 Guangdong Investment Ltd 120,000 231,962 0.57 Jinjiang International (Group) Co Ltd H 2,250,000 545,816 1.33 New China Life Insurance Co Ltd H 160,000 635,317 1.55 Ping An Insurance Co of China Ltd H 125,000 1,103,602 2.68 Tong Ren Tang Technologies Co Ltd 450,000 589,481 1.43 5,666,726 13.78 Hong Kong AIA Group Ltd 200,000 1,659,791 4.04 China Mobile Ltd 200,000 1,924,081 4.68 China Overseas Land and Investment Ltd 200,000 686,898 1.67 Cnooc Ltd 200,000 308,977 0.75 CSPC Pharmaceutical Group Ltd 320,000 461,677 1.12 5,041,424 12.26

* The country analysis is based on the country of incorporation of the security issuer. However, the underlying companies have significant operations in the regions relevant to the Sub-Fund.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV India Bharti Airtel Ltd 100,000 448,318 1.09 Icici Bank 60,000 310,006 0.75 ITC Ltd 114,142 461,202 1.12 Larsen & Toubro Ltd 25,000 515,584 1.26 NTPC Ltd 300,000 641,489 1.56 Reliance Industries Ltd 30,000 482,569 1.17 Sun Pharmaceutical Industries Ltd 30,000 185,281 0.45 Syndicate Bank 400,000 225,522 0.55 Union Bank of India 300,000 369,701 0.90 3,639,672 8.85 Indonesia PT Pembangunan Perumahan 2,000,000 250,538 0.61 PT XL Axiata 5,452,500 749,250 1.82 999,788 2.43 Jersey C.I.* West China Cement Ltd 2,472,000 334,553 0.81 334,553 0.81 Luxembourg * Samsonite International SA 199,500 566,739 1.38 566,739 1.38 Malaysia Malayan Banking Berhad 175,000 402,348 0.98 402,348 0.98 Singapore City Developments Ltd 30,000 178,882 0.43 Mapletree Logistic REIT Co 420,000 388,606 0.95 Singapore Exchange Ltd 120,000 630,053 1.53 1,197,541 2.91 South Korea Amorepacific Corp 4,500 845,235 2.05 BS Financial Group 100,000 657,181 1.60 Korea Kolmar Co Ltd 6,000 379,246 0.92 Samsung Electronics Co Ltd 70,000 2,428,791 5.91 Samsung Life Insurance Co Ltd 9,000 658,436 1.60 4,968,889 12.08

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV Taiwan Province of China Cathay Financial Holding Co Ltd 600,000 921,418 2.24 Hon Hai Precision Industry Co Ltd 272,800 631,081 1.53 Largan Precision Co Ltd 5,000 525,241 1.28 MediaTek Inc 105,000 787,372 1.91 Pegatron Corp 200,000 335,893 0.82 Taiwan Semiconductor Manufacturing Co Ltd 275,000 2,026,221 4.92 5,227,226 12.70 Thailand Major Cineplex Group PCL 850,800 541,693 1.32 Siam Cement Group PCL 40,000 539,020 1.31 Thai Oil PCL 200,000 409,520 0.99 1,490,233 3.62 United States Cognizant Technology Solutions 12,000 755,160 1.84 Ctrip.com International ADS 11,000 305,250 0.74 1,060,410 2.58

Total Equities 38,442,536 93.44

Total Financial Assets at Fair Value Through Profit or Loss 38,442,536 93.44

All securities are transferable and are admitted to an official stock exchange listing at financial year end.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Investments As at 31st December 2018 (Continued)

Analysis of NAV

Fair Value % of USD NAV Cash and cash equivalents 2,760,862 6.71 Total financial assets and liabilities at fair value through profit or loss 38,442,536 93.44 Other assets and liabilities (63,910) (0.15)

Total Net Assets attributable to Holders of Redeemable Participating Shares 41,139,488 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 6.69 Financial assets at fair value through profit or loss 93.21 Debtors 0.10

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 31st December 2018 Fair Equities Nominal Value % of Holding JPY NAV Japan Advantest Corp 15,000 33,660,000 1.45 Asahi Breweries Ltd 8,500 36,286,500 1.56 Asahi Kasei Corp 12,600 14,238,000 0.61 Bandai Namco Holdings Inc 11,100 54,667,500 2.36 Bic Camera Inc 7,800 10,873,200 0.47 Cosmos Pharmaceutical Ltd 1,100 20,185,000 0.87 Cyber Agent Inc 4,800 20,376,000 0.88 Dai-ichi Life Holdings Inc 27,900 47,932,200 2.07 Daiichi Sankyo Co Ltd 8,400 29,492,400 1.27 Daikin Industries Ltd 1,500 17,542,500 0.76 Daiwa House Industry Co Ltd 9,200 32,181,600 1.39 Denso Corp 9,100 44,526,300 1.92 Don Quijote 1,900 12,958,000 0.56 Eisai Co Ltd 2,700 22,955,400 0.99 Fuji Oil Co Ltd 4,300 15,093,000 0.65 Fujitsu Ltd 2,800 19,171,600 0.83 GMO Payment Gateway 6,600 30,888,000 1.33 Hitachi Transport System Ltd 9,000 28,080,000 1.21 Honda Motor Co Ltd 11,400 32,997,300 1.42 Hoya Corp 7,500 49,612,500 2.14 Isuzu Motors Ltd 20,000 30,970,000 1.33 Itochu Techno-Solutions Co Ltd 5,900 12,531,600 0.54 Japan Airlines Co Ltd 4,900 19,065,900 0.82 JCR Pharmaceuticals Co Ltd 6,300 29,326,500 1.26 JX Holdings Inc 20,200 11,649,340 0.50 Kabu.com Securities Co Ltd 45,000 16,965,000 0.73 Kakaku.com Inc 10,000 19,420,000 0.84 Kao Corp 3,300 26,908,200 1.16 Kddi Corp 8,000 20,992,000 0.90 Keyence Corp 700 38,976,000 1.68 Komatsu Ltd 8,100 19,160,550 0.83 Kubota Corp 6,700 10,462,050 0.45 M3 Inc 22,800 33,607,200 1.45 Makita Corp 5,400 21,087,000 0.91 Mitsubishi Chemical Holdings Corp 16,600 13,821,160 0.60 Mitsubishi Corp 16,800 50,736,000 2.19

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding JPY NAV Japan (continued) Mitsubishi UFJ Financial Group 143,400 77,134,860 3.32 Mitsui Chemicals Inc 5,500 13,662,000 0.59 Murata Manufacturing Co Ltd 2,700 40,378,500 1.74 Nidec Corp 2,800 34,930,000 1.51 Nintendo Co Ltd 800 23,428,000 1.01 Nippon Shinyaku Co Ltd 3,200 22,368,000 0.96 Nippon Steel & Sumitomo Metal Corp 6,000 11,355,000 0.49 Nomura Research Institute Ltd 7,250 29,543,750 1.27 Orix Corp 23,100 37,087,050 1.60 Outsourcing Inc 9,900 10,454,400 0.45 Pilot Corp (New) NPV 2,500 13,325,000 0.57 Recruit Holdings Co Ltd 11,600 30,885,000 1.33 Relo Group Inc 14,600 37,565,800 1.62 Rohm Co Ltd 3,800 26,752,000 1.15 Round One Entertainment Inc 5,800 6,542,400 0.28 Ryohin Keikaku Co 800 21,240,000 0.92 Sakata Seed Corp 3,300 11,121,000 0.48 Sankyu Inc 6,400 31,840,000 1.37 Seibu Holdings Inc 6,000 11,484,000 0.49 Seino Transportation Co Ltd 11,100 16,006,200 0.69 Shimadzu Corp 6,400 13,913,600 0.60 Shimano Inc 1,300 20,176,000 0.87 Shin-Etsu Chemical Co Ltd 8,300 70,848,800 3.05 Shiseido Co Ltd 2,000 13,784,000 0.59 Sho-Bond Holdings Co 2,100 17,157,000 0.74 Showa Denko K.K. 4,600 15,042,000 0.65 SMC Corp 1,200 39,888,000 1.72 SoftBank Corp 6,000 8,148,000 0.35 SoftBank Group Corp 11,700 85,468,500 3.68 Sony Corp 17,300 92,139,800 3.97 Sumitomo Metal Mining Co Ltd 6,000 17,685,000 0.76 Sumitomo Mitsui Financial Group Inc 18,000 65,610,000 2.83 Sumitomo Realty & Development Co Ltd 4,500 18,117,000 0.78 Suzuki Motor Corp 10,600 59,010,200 2.54 Sysmex Corp 3,600 18,993,600 0.82 Taisei Corp 4,300 20,231,500 0.87

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding JPY NAV Japan (continued) Takeda Pharmaceutical Co Ltd 17,500 64,837,500 2.79 Toho Co Ltd 4,900 19,502,000 0.84 Tokyo Electron Ltd 3,900 48,808,500 2.10 Toyota Motor Corp 11,400 73,028,400 3.15 Trusco Nakayama Corp 4,800 13,900,800 0.60 Yakult Honsha Co Ltd 2,500 19,300,000 0.83 Yamaha Corp 4,200 19,656,000 0.85 Yamato Holdings Co Ltd 6,500 19,656,000 0.85 Yaskawa Electric Corp 8,700 23,472,600 1.01

Total Equities 2,334,873,260 100.61

All securities are transferable and are admitted to an official stock exchange listing at financial year end. Notional Unrealised Nominal Cost Gain Forward currency contracts Holding JPY JPY

British Pound Forward currency contracts 31-Jan-19 (350,279) (49,773,257) 930,517

Euro Forward currency contracts 31-Jan-19 (390,300) (49,907,968) 602,271

United States Dollar Forward currency contracts 31-Jan-19 (440,767) (49,334,091) 815,264

Total Forward Currency Contracts (149,015,316) 2,348,052

Total Financial Assets at Fair Value Through Profit or Loss 2,337,221,312

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 31st December 2018 (Continued) Notional Unrealised Forward currency contracts Nominal Cost Loss Holding JPY JPY British Pound Forward currency contracts 31-Jan-19 2,838,967 407,940,472 (12,076,421)

Euro Forward currency contracts 31-Jan-19 3,161,480 405,399,715 (6,017,469)

United States Dollar Forward currency contracts 31-Jan-19 3,617,627 407,249,050 (9,027,458)

Total Forward Currency Contracts 1,220,589,237 (27,121,348)

Total Financial Liabilities at Fair Value Through Profit or Loss (27,121,348)

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Investments As at 31st December 2018 (Continued)

Analysis of NAV

Fair Value % of JPY NAV Cash and cash equivalents 20,427,335 0.88 Total financial assets and liabilities at fair value through profit or loss 2,310,099,964 99.54 Other assets and liabilities (9,740,959) (0.42)

Total Net Assets attributable to Holders of Redeemable Participating Shares 2,320,786,340 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 0.86 Financial assets at fair value through profit or loss 98.95 Debtors 0.19

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Investments As at 31st December 2018 Fair Equities Nominal Value % of Holding JPY NAV Japan Anest Iwata Corp 40,300 40,058,200 2.48 Avex Group Holdings Inc 29,600 41,292,000 2.56 Cosmos Pharmaceutical Ltd 900 16,515,000 1.02 Daido Steel Co Ltd 12,600 54,495,000 3.38 Daihen Corp 14,100 31,175,100 1.93 Daiken Medical Co Ltd 31,000 18,941,000 1.17 Daiki Axis Co Ltd 27,000 24,948,000 1.55 Digital Arts Inc 1,000 6,100,000 0.38 DKK-TOA Corp 35,100 27,448,200 1.70 EF On Inc 37,000 31,006,000 1.92 EGuarantee Inc 27,800 27,244,000 1.69 Eiken Chemical Co Ltd 15,200 36,586,400 2.27 Fibergate Inc 12,800 20,992,000 1.30 Fukusima Industries Corp 7,000 24,990,000 1.55 Furukawa Co Ltd 34,000 42,772,000 2.65 Giken Seisakusho Co Ltd 13,500 46,777,500 2.90 Globeride Inc 28,400 72,817,600 4.52 Hagihara Industries Inc 22,900 34,601,900 2.15 Heroz Inc 2,000 14,260,000 0.88 Isolite Insulating Products Co Ltd 40,000 18,480,000 1.15 Itokuro Inc 10,000 30,850,000 1.91 KFC Ltd 28,300 50,543,800 3.14 KH Neochem Co Ltd 7,300 16,804,600 1.04 Kotobuki Spirits Co Ltd 1,000 4,245,000 0.26 Lifull Co Ltd 11,400 8,344,800 0.52 Maeda Kosen Co Ltd 8,700 22,985,400 1.43 MCJ Co Ltd 83,300 55,227,900 3.43 Morita Corp 28,200 50,647,200 3.14 Mynet Inc 37,800 66,830,400 4.15 Nakanishi Inc 21,200 39,601,600 2.46 Nichirin Co Ltd 12,200 22,899,400 1.42 Nippon Electric Glass Co Ltd 14,500 39,048,500 2.42 Nippon Ski Resort Development Co Ltd 7,200 6,076,800 0.38 Nomura Co Ltd 18,100 45,666,300 2.84 Rheon Auto Machinery Co Ltd 5,300 7,308,700 0.45

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding JPY NAV Japan (continued) Ride on Express Holdings Co Ltd 27,600 38,805,600 2.41 Roland DG Corp 18,500 39,035,000 2.42 Round One Entertainment Inc 23,200 26,169,600 1.62 RPA Holdings Inc 3,000 9,405,000 0.58 Sakata Seed Corp 15,500 52,235,000 3.24 Sansei Technologies Inc 24,200 43,656,800 2.71 Shoei Foods Corp 5,100 13,785,300 0.86 Sourcenext Corp 40,400 21,977,600 1.36 S-Pool Inc 10,500 15,645,000 0.97 Sumitomo Osaka Cement Co Ltd 14,400 64,944,000 4.03 Takakita Co Ltd 26,700 15,379,200 0.95 Trusco Nakayama Co Ltd 9,000 26,064,000 1.62 UL Systems Inc 14,800 27,602,000 1.71 Vector Inc 2,000 2,868,000 0.18 Weathernews Inc 15,200 42,712,000 2.65 Yamami Co Ltd 19,200 36,230,400 2.25 Yaoko Co Ltd 2,500 15,000,000 0.93 Zigexn Co Ltd 21,500 10,900,500 0.68

Total Equities 1,600,995,300 99.31

All securities are transferable and are admitted to an official stock exchange listing at financial year end.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Investments As at 31st December 2018 (Continued) Notional Unrealised Forward currency contracts Nominal Cost Gain Holding JPY JPY British Pound Forward currency contracts 31-Jan-19 (209,965) (29,779,288) 501,892

Euro Forward currency contracts 31-Jan-19 (234,799) (29,990,129) 328,542

United States Dollar Forward currency contracts 31-Jan-19 (581,170) (64,914,500) 940,339

Total Forward Currency Contracts (124,683,917) 1,770,773

Total Financial Assets at Fair Value Through Profit or Loss 1,602,766,073

Notional Unrealised Nominal Cost Loss Forward currency contracts Holding JPY JPY

British Pound Forward currency contracts 31-Jan-19 1,394,218 200,497,533 (6,088,451)

Euro Forward currency contracts 31-Jan-19 1,556,046 199,655,315 (3,083,765)

United States Dollar Forward currency contracts 31-Jan-19 3,908,389 439,799,282 (9,571,109)

Total Forward Currency Contracts 839,952,130 (18,743,325)

Total Financial Liabilities at Fair Value Through Profit or Loss (18,743,325)

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Investments As at 31st December 2018 (Continued)

Analysis of NAV

Fair Value % of JPY NAV Cash and cash equivalents 32,593,567 2.02 Total financial assets and liabilities at fair value through profit or loss 1,584,022,748 98.26 Other assets and liabilities (4,540,431) (0.28)

Total Net Assets attributable to Holders of Redeemable Participating Shares 1,612,075,884 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 1.98 Financial assets at fair value through profit or loss 97.42 Debtors 0.60

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 31st December 2018 Fair Equities Nominal Value % of Holding USD NAV Bermuda * Brilliance China Automotive Holdings Ltd 70,000 52,105 0.33 52,105 0.33 Cayman Islands* AAC Technologies Holdings Inc 12,000 69,635 0.44 ASM Pacific Technology Ltd 13,000 125,232 0.79 China State Construction International Holdings Ltd 260,000 206,479 1.30 China Yongda Automobiles Services Holdings Ltd 160,000 97,238 0.61 Cifi Holdings Group Co Ltd 400,000 212,455 1.33 Goodbaby International Holdings Ltd 1,050,000 329,790 2.07 MGM China Holdings Ltd 120,000 201,321 1.26 Semiconductor Manufacturing International Corp 300,000 262,376 1.65 SITC International Holdings Co Ltd 284,000 267,601 1.68 1,772,127 11.13 China China Dongxiang Group Co Ltd 1,922,750 294,589 1.85 China Machinery Engineering Corp H 450,000 213,157 1.34 China Oilfield Services Co Ltd 400,000 343,707 2.16 Jinjiang International (Group) Co Ltd H 1,200,000 291,104 1.83 Tong Ren Tang Technologies Co Ltd 260,000 340,591 2.14 Wynn Macau Ltd 25,000 54,518 0.34 1,537,666 9.66 Hong Kong AAC Technologies Holdings Inc 12,000 69,635 0.44 CSPC Pharmaceutical Group Ltd 100,000 144,275 0.91 HKT Trust & HKT Ltd 180,000 259,236 1.62 Huangeng Renewables Corp Ltd H 900,000 241,310 1.52 Link REIT 32,000 323,993 2.03 968,814 6.08

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV India Allcargo Logistics Ltd 80,000 124,552 0.78 Anveshan Heavy Engineering Ltd 1,851 103,315** 0.65 Arvind Fashions Ltd 10,000 41,326** 0.26 Arvind Ltd 50,000 70,168 0.44 Bharat Heavy Electricals Ltd 160,000 167,829 1.05 Cesc Ltd 6,000 74,386** 0.47 Cesc Ventures Ltd 1,200 -** - IRB Infrastructure Developers Ltd 75,000 176,657 1.11 L & T Finance Holdings Ltd 80,000 175,176 1.10 Mahanagar Gas Ltd 8,000 103,820 0.65 Petronet LNG Ltd 100,000 321,639 2.02 Spencer Retail Ltd 3,600 -** - Syndicate Bank 200,000 112,785 0.71 Union Bank of India 230,000 283,498 1.78 1,755,151 11.02 Indonesia PT Pembangunan Perumahan 1,400,000 175,535 1.10 PT XL Axiata 3,206,900 441,071 2.77 616,606 3.87 J ersey C.I.* West China Cement Ltd 2,190,000 296,390 1.86 296,390 1.86 Luxembourg * Samsonite International SA 120,000 340,898 2.14 340,898 2.14 Malaysia Digi.com BHD 190,000 206,946 1.30 IJM Corp BHD 300,000 117,633 0.74 324,579 2.04 Philippines GT Capital Holdings Inc 3,800 70,518 0.44 70,518 0.44

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV Singapore City Developments Ltd 40,000 238,531 1.50 Genting Singapore Ltd 251,200 179,867 1.13 Mapletree Logistic REIT Co 270,000 249,840 1.57 Singapore Exchange Ltd 56,600 297,201 1.86 Singapore Technologies Engineering Ltd 76,400 195,815 1.23 Uol Group Ltd 50,000 227,295 1.43 1,388,549 8.72 South Korea BS Financial Group 48,000 315,583 1.98 CJ Logistics Corp 1,600 239,665 1.51 Cosmax Inc 1,200 139,924 0.88 DGB Financial Group 10,000 74,536 0.47 e-mart 1,500 245,540 1.54 Hanatour Service Inc 2,500 154,275 0.97 Korea Kolmar Co Ltd 3,600 227,646 1.43 Modetour Network Inc 10,000 216,165 1.36 Orange Life Insurance Ltd 11,500 288,818 1.81 1,902,152 11.95 Taiwan Province of China Basso Industry Corp 100,000 148,722 0.94 Catcher Technology Co Ltd 16,000 117,670 0.74 China Life Insurance Co Ltd 231,600 210,828 1.32 King Yuan Electronics Co Ltd 254,000 193,028 1.21 Pegatron Corp 200,000 336,014 2.11 Powertech Technology Inc 75,000 162,041 1.02 Quantra Computer Inc 200,000 344,512 2.16 Silergy Corp 7,000 103,648 0.65 Voltronic Power Technology Corp 16,000 280,839 1.76 Win Semiconductors Corp 30,000 115,709 0.73 2,013,011 12.64

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 31st December 2018 (Continued) Fair Equities (continued) Nominal Value % of Holding USD NAV Thailand Glow Energy PCL 120,000 330,139 2.08 Major Cineplex Group PCL 440,000 280,185 1.76 Minor International PCL 140,000 147,141 0.92 Ratchaburi Electricity Generating Holding PCL 200,000 313,756 1.97 Star Petroleum Refining PCL 500,000 148,377 0.93 Thai Oil PCL 130,000 266,229 1.67 1,485,827 9.33

Total Equities 14,524,393 91.21

Total Financial Assets at Fair Value Through Profit or Loss 14,524,393 91.21

* The country analysis is based on the country of incorporation of the security issuer. However, the underlying companies have significant operations in the regions relevant to the Sub-Fund.

** These equities are fair valued.

All securities are transferable and are admitted to an official stock exchange listing at financial year end.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Investments As at 31st December 2018 (Continued)

Analysis of NAV

Fair Value % of USD NAV Cash and cash equivalents 1,410,008 8.85 Total financial assets and liabilities at fair value through profit or loss 14,524,393 91.21 Other assets and liabilities (10,350) (0.06)

Total Net Assets attributable to Holders of Redeemable Participating Shares 15,924,051 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 8.82 Financial assets at fair value through profit or loss 90.80 Debtors 0.38

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Portfolio Movements 30th June 2019 Acquisitions Disposals Nominal Nominal Asics Corp 304,400 465,800 Bandai Namco Holdings Inc 29,700 285,600 Dai-ichi Life Holdings Inc 28,700 700,500 Dai-ichi Sankyo Co Ltd 486,600 117,400 Daikin Industries Ltd 70,400 145,800 Daiwa House Industry Co Ltd 224,800 1,099,500 Denso Corp 149,600 303,800 Eisai Co Ltd 6,500 157,500 Fuji Oil Co Ltd 23,400 172,600 Fujitsu Ltd 103,700 112,000 GMO Payment Gateway 10,700 78,200 Izumi Co Ltd 40,200 132,200 Keyence Corp 2,000 19,800 Komatsu Ltd 25,100 613,900 Kuraray Co Ltd 3,270,000 1,136,000 Kyocera Corp 70,400 250,200 M3 Inc 747,800 691,800 Mitsubishi Corp 411,200 457,700 Mitsubishi Estate Co Ltd 845,700 1,400 Murata Manufacturing Co Ltd 383,000 326,500 Nidec Corp 30,500 108,800 Nihon M & A Center 293,100 193,100 Nintendo Co Ltd - 52,400 Nitori Holdings Co Ltd 51,200 57,900 NTT Corp 124,000 296,100 Otsuka Corp 2,400 372,400 Pan Pacific International Holdings Corp 143,900 272,900 Recruit Holdings Co Ltd 290,200 300 Relo Group Inc 32,300 237,700 Rengo Co Ltd 104,100 1,692,400 Resorttrust Inc 52,400 386,500 Rohm Co Ltd 301,000 211,000 Rohto Pharmaceutical Co Ltd 391,600 29,900 Ryohin Keikaku Co 31,100 108,500 Shimano Inc 17,200 66,000 SoftBank Group Corp - 174,000 Sony Corp 224,100 307,900 Sumitomo Mitsui Financial Group Inc 342,300 343,600 Sysmex Corp 178,100 202,500

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Portfolio Movements 30th June 2019 (Continued) Acquisitions Disposals Nominal Nominal Takara Bio Inc 28,700 211,100 Takeda Pharmaceutical Co Ltd 400,300 581,100 Terumo Corp 397,300 321,300 Tokyu Corp 220,800 307,800 West Japan Railway Co 258,100 57,800 Yakult Honsha Co Ltd 127,100 95,300 Yamato Holdings Co Ltd 34,300 838,900

In accordance with the UCITS Regulations the annual report documents material changes that have occurred in the disposition of the assets of the Company during the financial period. A material change is defined as aggregate purchases of a security exceeding 1 per cent of the total value of purchases for the financial period and/or aggregate disposals greater than 1 per cent of the total value of sales for the financial period. If there are fewer than 20 purchases that meet the material changes definition, the Company shall disclose those purchases and such number of the next largest purchases so that at least 20 purchases are disclosed. If there are fewer than 20 sales that meet the material changes definition, the Company shall disclose those sales and such number of the next largest sales so that at least 20 sales are disclosed. This schedule is not intended to provide a reconciliation between holdings at the beginning of the financial period and holdings at the end of the financial period.

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Portfolio Movements 30th June 2019 Acquisitions Disposals Nominal Nominal AAC Technologies Holdings Inc 67,000 37,000 Advanced Information Services PCL 85,000 85,000 AIA Group Ltd - 120,000 Air China Ltd 120,000 - Alibaba Group Holding Ltd - 2,000 Amorepacific Corp 1,500 2,700 Bank BTPN 1,400,000 - Bank of the Philippine Islands 380,000 - Bharti Airtel Ltd 351,341 357,894 BS Financial Group - 100,000 CapitaLand Ltd 220,000 80,000 Cathay Financial Holding Co Ltd - 600,000 China Construction Bank Corp H - 750,000 China Life Insurance Co Ltd H 1,493,854 699,464 China Mobile Ltd 95,500 145,500 China Oilfield Services Co Ltd - 700,000 China Overseas Land and Investment Ltd - 100,000 China Petroleum & Chemical Corp H 460,000 - China Southern Airlines Co Ltd - 300,000 China State Construction International Holdings Ltd 200,000 590,000 China Yongda Automobiles Services Holdings Ltd 674,500 674,500 China ZhengTong Auto Services Holdings Ltd 1,340,000 640,000 City Developments Ltd 30,000 60,000 CJ Logistics 3,400 - CK Asset Holdings Ltd - 139,000 Cnooc Ltd - 200,000 Cognizant Technology Solutions - 9,000 Cosmax Inc 3,600 - CSPC Pharmaceutical Group Ltd 110,000 320,000 Ctrip.com International ADS - 11,000 Fortis Healthcare Ltd 73,379 - Genting Singapore PLC 900,000 - Goodbaby International Holdings Ltd 455,000 - Guangdong Investment Ltd - 120,000 Hon Hai Precision Industry Co Ltd - 272,800 Hysan Development Co Ltd 53,000 - Icici Bank 40,000 50,000 Inari Amertron Berhad 642,800 642,800 ITC Ltd - 114,142

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Portfolio Movements 30th June 2019 (Continued) Acquisitions Disposals Nominal Nominal Jinjiang International (Group) Co Ltd H 604,000 2,250,000 KB Financial Group 20,000 20,000 Korea Kolmar Co Ltd 5,600 6,000 Largan Precision Co Ltd - 5,000 Larsen & Toubro Ltd 13,000 38,000 Mahindra & Mahindra 40,000 40,000 Major Cineplex Group PCL - 822,300 Malayan Banking Berhad 85,000 260,000 Mapletree Logistic REIT Co - 420,000 Max Financial Services Ltd 80,000 80,000 MediaTek Inc - 60,000 Meituan-Dianping 100,000 90,000 Melco Resorts & Entertainment Ltd 20,000 - MGM China Holdings Ltd - 160,000 Modetour Network Inc 20,000 - New China Life Insurance Co Ltd H 130,000 250,000 Nexteer Automotive Co 150,000 - NTPC Ltd 660,000 960,000 Pacific Textiles Holdings Ltd 400,000 - Pegatron Corp - 200,000 Ping An Insurance Co of China Ltd H - 100,000 PetroChina Co Ltd H 1,000,000 - Petron Corp 5,000,000 - Power Grid Corp of India Ltd 225,257 225,257 PT Bank BTPN - 1,400,000 PT HM Sampoerna Tbk 3,200,000 - PT Pembangunan Perumahan 1,500,000 3,500,000 PT Telekomunikasi Indonesia Tbk 2,800,000 2,400,000 PT XL Axiata 1,283,300 4,464,700 PTT Global Chemical PCL 200,000 - Reliance Industries Ltd - 30,000 Samsonite International SA 233,700 178,200 Samsung Electronics Co Ltd - 30,000 Samsung Life Insurance Co Ltd 2,500 2,400 Sands China Ltd 80,000 - SBI Life Insurance Co Ltd 78,750 78,750 Semiconductor Manufacturing International Corp 200,000 600,000 Siam Cement Group PCL - 40,000

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex Japan Equity Select Fund Schedule of Portfolio Movements 30th June 2019 (Continued) Acquisitions Disposals Nominal Nominal Siam Commercial Bank PCL 150,000 41,600 Singapore Exchange Ltd - 120,000 Singapore Telecommunications Ltd 500,000 500,000 Sinopec Kantons Holdings Ltd 600,000 - Sinopharm Group Co Ltd H 100,000 - SK Innovation Co Ltd 5,600 - S-Oil Corp 6,000 6,000 Sun Pharmaceutical Industries Ltd 30,000 - Sunny Optical Technology (Group) Co Ltd 13,600 13,600 Syndicate Bank - 400,000 Taiwan Semiconductor Manufacturing Co Ltd 35,000 80,000 Tencent Holdings Ltd 4,500 42,000 Tencent Music Entertainment Group 10,000 - Thai Oil PCL - 100,000 Tong Ren Tang Technologies Co Ltd 433,000 662,000 Union Bank of India 268,310 300,000 West China Cement Ltd 4,070,000 6,542,000 Xiabu Xiabu Catering Management Co Ltd 200,000 -

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Portfolio Movements 30th June 2019 Acquisitions Disposals Nominal Nominal Advantest Corp 5,400 400 Anritsu Corp 10,900 100 Aruhi Corp 6,100 - Asahi Breweries Ltd - 1,800 Asahi Kasei Corp - 300 Bandai Namco Holdings Inc - 1,400 Bic Camera Inc - 7,800 Cosmos Pharmaceutical Ltd - 1,100 Cyber Agent Inc - 4,800 Dai-ichi Life Holdings Inc - 600 Daiichi Sankyo Co Ltd 6,000 100 Daikin Industries Ltd 300 - Daiwa House Industry Co Ltd - 3,400 Denso Corp 2,700 1,300 Eisai Co Ltd 1,400 100 FANCL Corp 2,900 - Fujifilm Holdings Corp 5,000 - Fuji Oil Co Ltd 200 100 Fujitsu Ltd - 1,000 GMO Payment Gateway - 100 Hitachi Chemical Co Ltd 8,100 100 Hitachi Transport System Ltd - 200 Honda Motor Co Ltd - 11,400 Hoya Corp - 200 Isuzu Motors Ltd - 400 Itochu Techno-Solutions Co Ltd - 100 Japan Airlines Co Ltd - 4,900 JCR Pharmaceuticals Co Ltd - 100 JX Holdings Inc 3,200 500 Kabu.com Securities Co Ltd - 45,000 Kakaku.com Inc 700 200 Katitas Co Ltd 2,200 - Kawasaki Heavy Industries Ltd 6,500 - Kddi Corp - 8,000 Keyence Corp - 100 Koito Manufacturing Co Ltd 1,900 - Komatsu Ltd - 8,100 Kubota Corp 4,800 200 M3 Inc - 22,800

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Portfolio Movements 30th June 2019 (Continued) Acquisitions Disposals Nominal Nominal Makita Corp - 5,400 Mercari Inc 4,200 - Mitsubishi Chemical Holdings Corp - 300 Mitsubishi Corp - 400 Mitsubishi Estate Co Ltd 5,900 100 Mitsubishi UFJ Financial Group - 17,500 Mitsui Chemicals Inc - 100 Murata Manufacturing Co Ltd 6,000 3,900 Nidec Corp - 900 Nintendo Co Ltd 100 - Nippon Shinyaku Co Ltd - 100 Nippon Steel Corp - 100 Nitori Holdings Co Ltd 1,700 - Nomura Research Institute Ltd 14,100 200 Orix Corp - 500 Outsourcing Inc - 200 Pan Pacific International Holdings Corp 1,800 100 Pilot Corp (New) NPV 1,000 - Rakuten Inc 10,700 100 Recruit Holdings Co Ltd - 300 Relo Group Inc - 300 Rohm Co Ltd 600 4,400 Round One Entertainment Inc 3,100 100 Ryohin Keikaku Co 500 1,300 Sakata Seed Corp 200 - Sankyu Inc 100 200 Sansan Inc 500 - Seibu Holdings Inc - 6,000 Seino Transportation Co Ltd 1,100 100 Shimadzu Corp 3,400 200 Shimamura Co Ltd 2,100 - Shin-Etsu Chemical Co Ltd - 100 Shiseido Co Ltd 500 - Sho-Bond Holdings Co Ltd 2,000 100 Showa Denko K.K. - 100 SoftBank Corp - 6,000 SoftBank Group Corp 11,600 100 Sony Corp 600 300

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity GARP Fund Schedule of Portfolio Movements 30th June 2019 (Continued) Acquisitions Disposals Nominal Nominal Subaru Corp 6,200 - Sumitomo Metal Mining Co Ltd - 100 Sumitomo Mitsui Financial Group Inc - 300 Sumitomo Realty & Development Co Ltd - 100 Suzuki Motor Corp - 5,800 Sysmex Corp 300 1,100 Taisei Corp - 100 Takeda Pharmaceutical Co Ltd - 400 Toho Co Ltd 500 200 Tokyo Electron Ltd - 600 Tokyu Corp 6,300 - Toyota Motor Co 1,500 300 Trusco Nakayama Corp 1,300 100 West Japan Railway Co 2,900 100 Yahoo Japan Corp 52,300 52,300 Yamaha Corp 1,800 200 Yamato Holdings Co Ltd - 6,500 Yaskawa Electric Corp 800 9,500 Zozo Inc 8,400 -

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Portfolio Movements 30th June 2019 Acquisitions Disposals Nominal Nominal Aeon Fantasy Co Ltd 16,800 - Allied Architects Inc 60,900 - Anest Iwata Corp 5,300 8,500 Avex Group Holdings Inc - 29,600 Cosmos Pharmaceutical Ltd - 900 Daido Steel Co Ltd - 12,600 Daihen Corp 6,800 11,000 Daiken Medical Co Ltd - 31,000 Daiki Axis Co Ltd 17,100 3,500 Digital Arts Inc 1,700 - DKK-TOA Corp - 35,100 EduLab Inc 7,200 2,500 EF On Inc 19,200 - EGuarantee Inc - 6,000 Eiken Chemical Co Ltd - 15,200 Fibergate Inc - 12,800 Fukusima Industries Corp - 7,000 Furukawa Co Ltd - 34,000 Giken Seisakusho Co Ltd 9,000 10,000 Globeride Inc 10,100 15,400 Hagihara Industries Inc - 2,200 Heroz Inc 500 2,500 Isolite Insulating Products Co Ltd 69,600 14,200 Itokuro Inc 4,000 8,500 JCR Pharmaceuticals Co Ltd 5,100 2,100 Kaonavi Inc 11,600 8,100 Katitas Co Ltd 5,700 3,400 KFC Ltd 5,300 - KH Neochem Co Ltd 7,000 3,800 Kotobuki Spirits Co Ltd 8,300 3,200 Kureha Corp 7,400 3,400 Lifull Co Ltd - 11,400 Like Co Ltd 49,800 11,700 Maeda Kosen Co Ltd - 1,500 MCJ Co Ltd - 47,900 Morita Corp 3,000 10,200 Mynet Inc 18,200 56,000 Nakanishi Inc 2,400 10,700 Nichirei Corp 13,200 -

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Portfolio Movements 30th June 2019 (Continued) Acquisitions Disposals Nominal Nominal Nichirin Co Ltd 5,600 1,200 Nippon Electric Glass Co Ltd 3,300 7,200 Nippon Paper Industries Co Ltd 23,800 6,100 Nippon Ski Resort Development Co Ltd 6,500 - Nomura Co Ltd 12,100 14,600 Open House Co Ltd 11,900 3,800 Ride on Express Holdings Co Ltd - 7,900 Roland DG Corp - 18,500 Round One Entertainment Inc 6,800 6,000 RPA Holdings Inc - 3,000 Saizeriya Co Ltd 19,900 10,100 Sakata Seed Corp - 6,000 Sansan Inc 2,600 - Sansei Technologies Inc 17,500 11,200 Seikagaku Corp 31,200 - Shibaura Mechatronics Corp 11,000 1,000 Shikigaku Co Ltd 200 200 Shikoku Chemicals Corp 41,400 13,200 Shoei Foods Corp - 5,100 Sourcenext Corp - 40,400 S-Pool Inc 7,100 8,400 Sumitomo Osaka Cement Co Ltd - 6,400 Takakita Co Ltd - 26,700 Takara Bio Inc 7,200 4,100 Tobila Systems Inc 4,900 1,300 Totetsu Kogyo Co Ltd 16,600 1,200 UL Systems Inc 4,100 1,900 Vector Inc 21,800 2,000 Weathernews Inc - 2,200 Welby Inc 2,200 600 Yamami Co Ltd 2,300 5,300 Yaoko Co Ltd 5,200 - Zigexn Co Ltd 26,100 9,900

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Small Cap Fund Schedule of Portfolio Movements 30th June 2019 (Continued)

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Portfolio Movements 30th June 2019 Acquisitions Disposals Nominal Nominal AAC Technologies Holdings Inc 38,500 - Aekyung Industrial Co Ltd 4,000 2,000 AmorePacific Corp 2,400 800 Arvind Fashions Ltd - 10,000 Arvind Ltd - 50,000 ASM Pacific Technology Ltd - 13,000 AsuTek Computer Inc 24,000 - Bank BTPN 1,200,000 1,200,000 Bank of the Philippine Islands 200,000 - Basso Industry Corp - 100,000 Bharat Heavy Electricals Ltd - 160,000 Brilliance China Automotive Holdings Ltd - 70,000 BS Financial Group 12,000 60,000 Catcher Technology Co Ltd 22,000 22,000 Cesc Ltd 29,779 35,779 China Dongxiang Group Co Ltd 496,000 - China Life Insurance Co Ltd 1,563,854 931,064 China Oilfield Services Co Ltd 200,000 600,000 China State Construction International Holdings Ltd 70,000 224,000 China Yongda Automobiles Services Holdings Ltd 252,500 412,500 China Zhengtong Auto Services Holdings Ltd 840,000 140,000 Cifi Holdings Group Co Ltd - 400,000 City Developments Ltd - 30,000 CJ Logistics Corp 1,650 350 Container Corporation of India Ltd 10,000 - Cosmax Inc 3,150 1,350 CSPC Pharmaceutical Group Ltd 60,000 100,000 DGB Financial Group - 10,000 Digi.com BHD - 80,000 e-mart 1,650 500 Emami Ltd 56,000 - Exide Industries Ltd 26,940 - First Resources Ltd 205,500 72,500 Fortis Heathcare Ltd 189,000 - Future Retail Ltd 41,246 29,246 Fuyao Glass Industry Group Co Ltd 79,800 - Genting Singapore PLC 318,800 - Glow Energy PCL - 120,000 Goodbaby International Holdings Ltd 696,000 173,000

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Portfolio Movements 30th June 2019 (Continued) Acquisitions Disposals Nominal Nominal Gourmet Master Co Ltd 38,000 - GS Retail Co Ltd 7,500 4,000 GT Capital Holdings Inc - 3,800 Haitian International Holdings Ltd 40,000 40,000 Hanatour Service Inc 6,700 4,700 Health and Happiness International Holdings Ltd 31,000 31,000 HKT Trust & HKT Ltd 90,000 270,000 Huaneng Renewables Corp Ltd H - 400,000 Hysan Development Co Ltd 62,000 - IJM Corp BHD - 300,000 Inari Amertron BHD 457,600 457,600 IRB Infrastructure Developers Ltd 178,944 45,000 Jinjiang International (Group) Co Ltd H 590,000 508,000 Keppel Corp Ltd 17,000 - Korea Gas Corporation 6,900 - Korea Kolmar Co Ltd 6,500 3,800 L & T Finance Holdings Ltd 31,696 71,696 LG Innotek Co Ltd 1,400 1,400 LG Telecom Ltd 24,000 24,000 L’Occitane International SA 76,500 76,500 Logan Property Holdings Co Ltd 60,000 - Mahanagar Gas Ltd - 8,000 Major Cineplex Group PCL - 173,000 Mapletree Logistic REIT Co - 270,000 Max Financial Services Ltd 53,000 53,000 Melco Resorts and Entertainment Ltd 12,000 - MGM China Holdings Ltd 50,000 170,000 Minor International PCL - 140,000 Minth Group Ltd 68,000 23,000 Modetour Network Inc 11,500 4,000 Nexteer Automotive Group Ltd 208,000 100,000 Nien Made Enterprise Co Ltd 20,000 - Orange Life Insurance Ltd 3,400 5,900 Pacific Textiles Holdings Ltd 429,000 129,000 Pegatron Corp 40,000 150,000 Persistent Systems Co 10,000 10,000 Petron Corp 2,900,000 - Petronet LNG Ltd - 44,000

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Portfolio Movements 30th June 2019 (Continued) Acquisitions Disposals Nominal Nominal Powertech Technology Inc - 35,000 PT Pembangunan Perumahan 1,100,000 2,000,000 PT Ramayana Lestari Sentosa 170,400 170,400 PT XL Axiata 1,136,000 2,532,900 PTT Global Chemical PCL 120,000 - Quanta Computer Inc - 200,000 - 150,000 Samsonite International SA 159,600 97,700 SBI Life Insurance Co 41,765 41,765 Semiconductor Manufacturing International Corp 65,000 365,000 Shirram Transport Finance Co Ltd 7,500 - Silergy Corp 5,000 10,000 Singapore Exchange Ltd 10,500 67,100 Singapore Technologies Engineering Ltd 33,600 110,000 Sinopec Kantons Holdings Ltd 400,000 - SIM Holdings Ltd 231,000 - SITC International Holdings Co Ltd - 284,000 S-Oil Corp 4,000 - Spencer Retail Ltd 3,600 3,600 Star Petroleum Refining PCL - 500,000 Sunny Optical Technology (Group) Co Ltd 7,200 7,200 Syndicate Bank - 200,000 Thai Oil PCL 80,000 40,000 The Anup Engineering Ltd - 1,851 Tong Ren Tang Technologies Co Ltd 407,000 377,000 TravelSky Technology Ltd H 136,000 - Union Bank of India 127,324 150,000 Uol Group Ltd 15,000 20,000 Venture Corp Ltd 21,000 7,000 Voltronic Power Technology Corp - 16,000 West China Cement Ltd 1,574,000 3,064,000 Win Semiconductors Corp - 30,000 Wynn Macau Ltd - 25,000 Xiabu Xiabu Catering Management Co Ltd 190,000 50,000 Xinyi Glass Holdings Ltd 140,000 - Zhuzhou CSR Times Electric Co Ltd 55,000 17,000

TOKIO MARINE FUNDS PLC

Tokio Marine Asia ex-Japan Small and Mid Select Fund Schedule of Portfolio Movements 30th June 2019 (Continued)

100

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Further Information For Swiss Investors 30th June 2019

Country of Origin of the Fund: Ireland

Swiss Representative: The Swiss Representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, Switzerland.

The registered office of the Swiss Representative is the place of performance and place of jurisdiction for the fund shares distributed in and from Switzerland.

Paying Agent in Switzerland: The Paying Agent in Switzerland is NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue P.O. Box CH-8024 Zürich.

Legal Documents for Swiss Investors: The most relevant legal documents such as the Memorandum and Articles of Association, Prospectuses, Key Investor Information Document (KIID), Financial Reports in addition to the list of purchases and sales may be obtained for free from the Swiss Representative.

Publication of Ongoing Charge Figure: The ongoing charges figure is based on expenses for the twelve months ending 30th June 2019. This figure may vary from year to year. It excludes: Portfolio transaction costs, except in the case of an entry/exit charge paid by the UCITS when buying or selling shares in another collective investment undertaking.

The Ongoing Charge Figure is known as the Total Expense Ratio to the Swiss Funds & Asset Management Association (“SFAMA”). The Total Expense Ratios were calculated based on the version currently applicable of the “Guidelines on the calculation and disclosure of the Total Expense Ratio (“TER”) of the collective investment schemes” of the SFAMA.

For the period from 1st July 2018 to 30th June 2019:

Class B Class G Class H Class I Class J Class K Class M EUR USD CHF JPY EUR CHF USD

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

In order to assist the Fund in minimising its on-going expenses, the Investment Manager and the Distributor will waive its fee if the total expense ratio of the Fund exceeds 0.85%. Shareholders will promptly be notified at least 30 days in advance of any determination by the Investment Manager and Distributors to withdraw this fee waiver.

101