Audited Annual Report G oyo Fund - J.P. Morgan Asset ... Tokyo Funds [A… · Management Company 1 ... supplemented by the latest audited annual report and, if published thereafter,

GIM Tokyo Fund

Fonds Commun de Placement, Luxembourg

Specialised Investment Fund

Register of Commerce Luxembourg No. B 27900

Audited Annual Report

31 December 2017

GIM Tokyo Fund

Audited Annual Report

As at 31 December 2017

Contents

Management Company 1

Administration 2

Board of Managers’ Report 3

Investment Manager’s Report 6

Audit Report 7

Financial Statements and Statistical Information

Combined Statement of Net Assets 9

Combined Statement of Operations and Changes in Net Assets 10

Statement of Changes in the Number of Units 11

Statistical Information 11

Notes to the Financial Statements 12

Schedule of Investments

GIM Tokyo Fund - GIM International Bond Fund 14

GIM Tokyo Fund - GIM International Equity Fund 21

Appendix - Unaudited Additional Disclosures

1. Fund Total Expense Ratios 24

2. Summary of Investment Objectives of the Sub-Funds 24

3. Performance and Volatility 24

4. Interest Rate Received/(Charged) on Bank Accounts 24

5. AIFMD Remuneration Disclosure 25

6. Calculation Method of the Risk Exposure 25

7. Historical Statement of Changes in the Number of Units 26

For additional information, please consult www.jpmorganassetmanagement.com/EUalternatives

No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus,supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report.

The current prospectus, the audited annual reports, as well as the unaudited semi-annual reports can be obtained free of charge from theregistered office of the Management Company and from the local paying agents.

GIM Tokyo Fund

Management Company

Board of Managers of the Management CompanyJonathan P. GriffinManaging DirectorJPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Massimo GrecoManaging DirectorJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

Beate GrossManaging DirectorJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

Jean-Jacques LavaExecutive DirectorJPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Alternative Investment Fund ManagerJPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Maria Paola ToschiExecutive DirectorJPMorgan Asset Management (Europe) S.à r.l.Via Catena 4Milan, 20121Italy

Hendrik Van RielIndependent Board memberJPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Daniel J. WatkinsManaging DirectorJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

Graham A. GoodhewIndependent Board memberJPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

1

GIM Tokyo Fund

Administration

Investment ManagerJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

Depositary and Administrative AgentBrown Brothers Harriman (Luxembourg) S.C.A.80, route d’EschL-1470 LuxembourgGrand Duchy of Luxembourg

Independent AuditorPricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorB.P. 1443L-1014 LuxembourgGrand Duchy of Luxembourg

Legal AdvisersElvinger Hoss Prussen2, place Winston ChurchillB.P. 425L-2014 LuxembourgGrand Duchy of Luxembourg

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The Board of Managers of JPMorgan Asset Management (Europe) S.à r.l., (the “Board”) is pleased to present the Audited Annual Report for the year ended31 December 2017.

Members of the Board

Jonathan P. Griffin, Chairman, Connected Manager and Conducting Officer. A member of the Board since November 2001 and appointed Chairman inOctober 2013.Mr Griffin is the Managing Director and CEO of JPMorgan Asset Management Europe S.à r.l. (JPMAME) in Luxembourg. JPMAME is an approved UCITSManagement Company and an AIFM supervising the activities of JPMorgan’s Luxembourg and French domiciled mutual fund ranges. JPMAME providesdistribution, administrative, operational and client servicing capabilities and has branches in Austria, France, Greece, Germany, Italy, Netherlands, Spainand Sweden. JPMAME is the largest promoter of funds domiciled in Luxembourg with assets under management of $ 285 billion (as at Oct 2016).Jon has had various roles within the JPMorgan Chase organization since joining the firm in 1986 and within Investment Management since 1996. He iscurrently based in Luxembourg (since 2001) having been in Luxembourg previously between 1989 and 1995 and having also worked in the UK, Frankfurt andTokyo. Prior to joining JPMC, Jon worked for Barclays Bank Plc in the UK for 8 years.Jon has been an ALFI Board member since 2005.

Graham A. Goodhew, Independent Manager. A member of the Board since 14 November 2017.Mr Goodhew retired in 2016 as a Director and Conducting Officer (CO) of JPMorgan Asset Management (Europe) S.à r.l. in Luxembourg after a career of morethan 40 years in financial services. With a background in internal audit and risk management he moved from London to Luxembourg in 2001 as Head of RiskManagement for JPMorgan covering the Luxembourg SICAV and UK OEIC fund ranges and was a director of the Luxembourg Management Company from2002 until retirement. In 2005 he became Head of Corporate Governance and the CO responsible for portfolio risk management. He has also served as the COresponsible for fund distribution and investment management. Prior to his retirement he was active in working groups at CESR/ESMA, EFAMA, ILA and ALFIrelated to UCITS, MiFID, PRIPS, risk management and other industry issues. Since his retirement he remains active with ALFI and ILA and continues to liveand work in Luxembourg as an independent director.Mr Goodhew is currently a Board Member of Nordea Investment Funds S.A, Ume Luxembourg S.A. and Rezco SICAV.

Massimo Greco, Connected Manager. A member of the Board since December 2012.Mr Greco, Managing Director, is the Head of European Funds at JPMorgan Asset Management, based in London. He is a Member of the Board of JPMorganAsset Management (Europe ) S.à r.l. and JPMorgan Funds SICAV . Massimo has been a JPMorgan employee since 1992.Massimo holds a degree in Economics from the University of Turin and a Master in Business Administration from the Anderson Graduate School ofManagement at UCLA.

Beate Gross, Connected Manager. A member of the Board since May 2011.Ms Gross, a Managing Director, is Chief Risk Officer of Investment Management EMEA for JPMorgan Asset Management (UK) Limited. An employee since1990, Ms Gross has held various roles including head of the Risk Management Investment Team in London for six years; head of the RiskManagement and Strategic Planning Group in Frankfurt and head of the Client Services Group in Frankfurt. Prior to this, Ms Gross worked as a portfoliomanager and country specialist for the continental European markets. Moreover, she was responsible for German equity trading for J.P. Morgan mandatesmanaged in Frankfurt. Before joining the firm, Ms Gross worked as a German equity trader for more than eight years. Ms Gross entered the banking industryas an employee of a German mutual savings bank with whom she studied for the German banking qualification (Bankkauffrau), which she completed in 1981.

Jean-Jacques Lava, Connected Manager. A member of the Board since August 2002.Mr Lava, an Executive Director, is currently Chief Financial Officer for Continental Europe, covering Investment Management activities (in the AssetManagement line of business). Mr Lava joined Fleming Fund Management in 1998, a heritage member of the J.P. Morgan Corporation and has been aDirigeant and a designated officer towards the Luxembourg’s Regulator for the daily management of JPMAME for several years. Mr Lava began hisprofessional career with Deloitte & Touche Luxembourg as an auditor in 1991. He obtained his title of Chartered Accountant in 1994 and became a member ofthe Luxembourg Institute of Chartered Accountants. Mr Lava graduated from the University of Liège in Belgium in 1990 where he obtained a Master inBusiness Administration. He also obtained the European Community Program from the University of Tilburg in the Netherlands in 1990.

Maria Paola Toschi, Connected Manager. A member of the Board since 8 February 2017.Ms Toschi is a global market strategist at J.P. Morgan Asset Management in the Milan Office, in charge of communications to domestic retail and institutionalclients. Ms Toschi worked from 1986 to 2008 as a buy-side and sell-side equity analyst in different Italian banking institutions including Banca IMI and IntesaSanpaolo Banking Group, mainly covering small-mid industrial companies and following several IPOs. In 2003 she became responsible for the retailinvestment communications team dedicated to the Sanpaolo Retail and Private Banking network. She graduated in Economics at the Milan L. BocconiUniversity and has been a Member of the Italian Financial Analysts Association since 1989. She joined J.P. Morgan Asset Management Milan in November2008.Maria holds a degree in Economics from the Bocconi University in Milan and has been a member of the Italian Financial Analysts Association since 1989.

Mr Hendrik Van Riel, Independent Manager. A member of JPMAME Board since 8 February 2017.Mr Van Riel has over 35 years’ experience in Asset Management and Investment Banking. Following an international career with JPMorgan, Hendrik retiredin 2001 from his position as a Managing Director, Head of Asset Management for Europe, the Middle East and Africa of JPMorgan Fleming AssetManagement. Mr Van Riel has since served as a non-executive Chairman, Board Member and Investment Advisor to several major investment companiesand was a founding Partner of Lentikia Cayman Management Ltd., the investment manager of Brocade Fund, a global macro hedge fund. Hendrik was anEquity partner of Vestra Wealth LLP, and Advisor to Azure Wealth LLP.Mr Van Riel is currently a Board Member and Advisor to d’Amico International Group (Lux), a Director of Fund Services SA, a Director of Workinvoice S.R.L. inItaly and a Member of the Advisory Board of Landy Partners Ltd.

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GIM Tokyo Fund

Board of Managers’ Report

Daniel J. Watkins, Connected Manager. A member of the Board since November 2008.Mr Watkins, a Managing Director, is the Deputy CEO of IM Europe and Global Co-Head of IM Client Services and Business Platform. Mr Watkins has been anemployee since 1997 and oversees the business infrastructure of Investment Management in Europe and Asia including client services, fund administration,product development, and RFP. Mr Watkins also performs the role of Deputy CEO of GIM EMEA, acting as a director of all the regulated legal entities acrossthe region. Previously, he was head of Europe COO and Global IM Operations, head of the European Operations Team, head of the European Transfer Agency,head of Luxembourg Operations, manager of European Transfer Agency and London Investment Operations; and manager of the Flemings InvestmentOperations Teams. Mr Watkins has held a number of positions at JPMorgan namely; Head of Europe COO and Global IM Operations, Head of the EuropeanOperations Team, Head of the European Transfer Agency, Head of Luxembourg Operations, manager of European Transfer Agency and London InvestmentOperations; and manager of the Flemings Investment Operations Teams. Mr Watkins obtained a BA in Economics and Politics from the University of York andis a qualified Financial Advisor. Mr Watkins is currently a Director of several JPMorgan managed Luxembourg-domiciled investment funds.

Structure of the FundGIM Tokyo Fund (the “Fund”) (formerly J.P. Morgan Tokyo Fund) is a mutual investment fund (“fonds commun de placement”) which was formed on 4October 1996 and which is organised under the laws of the Grand Duchy of Luxembourg. The Fund is not a separate legal entity and is structured as aco-ownership arrangement. Its assets are held in common by and managed in the interest of its unitholders by JPMAME since 31 January 2012. The assets ofthe Fund are segregated from those of JPMAME. The Fund is organised in Luxembourg as per the Law of 13 February 2007 as amended (the “2007 Law”),governing Specialised Investment Funds and qualifies as an alternative investment fund under the Directive 2011/61/EU of 8 June 2011 (AlternativeInvestment Fund Managers Directive) (the “AIFMD”).The Fund is managed by JPMAME since 31 January 2012. The Management Regulations, made effective on 31 January 2012, have been replaced by newManagement Regulations on 1 October 2015.JPMAME is a “Société à Responsabilité Limitée” incorporated in Luxembourg on 20 April 1988 and is governed by Luxembourg law. With effect from 1 July2014, JPMAME is the Alternative Investment Fund Manager for the Fund in accordance with the law of 12 July 2013.JPMAME is responsible for the management and control of the Fund, including the determination of investment policies and investment restrictions andpowers.At present, the Fund has issued units in 2 Sub-Funds; the GIM Tokyo Fund - GIM International Bond Fund and the GIM Tokyo Fund - GIM International EquityFund.

Role and Responsibility of the BoardThe responsibility of the Board is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of JPMAME aregoverned by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of 13February 2007, as amended, relating to specialised investment funds.JPMAME has delegated its investment management function to companies within the J.P. Morgan Group. The Investment Manager is JPMorgan AssetManagement (UK) Limited.JPMAME has appointed Brown Brothers Harriman (Luxembourg) S.C.A. as custodian and administrative agent of the assets of the Fund and Depositary withinthe meaning of the AIFMD with effect from 1 October 2015.At its meeting held on 22 September 2015, the Board has resolved to delegate the review of the Investment Management reports to a Committee of theBoard. This Committee is comprised of all Conducting Officers. All outcomes are reported to the Board and minutes of the Investment Management ReviewCommittee are presented to the Board at its quarterly Board meetings.Prior to each Investment Management Review Committee the members of the Committee receive detailed and timely information allowing them to beprepared for the items under discussion during the meeting. For each quarterly meeting the Board requests, and receives, reports from, amongst others, theInvestment Managers. The Risk Management report as well as proposals for changes to the existing Sub-Funds or proposals to launch new ones asappropriate are referred to JPMAME Board. Senior representatives of each of these functions attend either Board meetings or Investment ManagementReview Committees by invitation to enable the Managers and Conducting Officers to question the reports presented to them.The Board takes decisions in the interests of the Fund and its unitholders as a whole and refrains from taking part in any deliberation or decision whichcreates a conflict of interest between the Manager’s personal interests and those of the Fund and its unitholders. The subject of conflicts of interest isdocumented in the Prospectus and JPMAME’s policy on conflicts of interest is available for inspection on the website:http://www.jpmorganassetmanagement.lu/ENG/Document_Library

Board CompositionThe Board is chaired by Mr Griffin and consists of six Connected Managers and two Independent Managers. The Board defines a Connected Manager assomeone who is employed by JPMorgan Chase & Co or any of its affiliates (“JPMorgan” or the “Firm”) and a Non-connected Manager as a person who is notemployed by JPMorgan.The Board as a whole has a breadth of investment knowledge, financial skills, as well as other experience relevant to the Fund’s business.

Board Meetings and CommitteesThe Board meets quarterly but if necessary additional meetings will be arranged.There were six Board meetings held during the year, five of them where the business of the Fund was considered. Four of these were the quarterly Boardmeetings where, amongst other matters, the agenda included those items highlighted under the section above called ‘Role and Responsibility of the Board’.There was an additional Board meeting to consider and approve the annual reports and accounts and one ad hoc Board meetings to consider and approveprojects run at the Management Company level.There were four Investment Management Review Committees to review the quarterly reports.

Internal ControlAll administrative services are provided by JPMAME, custody of assets is provided by Brown Brothers Harriman (Luxembourg) S.C.A. and InvestmentManagement by JPMorgan Asset Management (UK) Limited. The Board’s system of internal control therefore mainly comprises of monitoring the servicesprovided by the Investment Manager and the Custodian, including the operational and compliance controls in place to meet the Fund’s obligations tounitholders as set out in the Prospectus, Management Regulations as well as all relevant regulations.

4

GIM Tokyo Fund

Board of Managers’ Report (continued)

Corporate Governance and ALFI Code of ConductThe Board is responsible for ensuring that a high level of corporate governance is met and considers that the Fund has complied with the best practices in theLuxembourg funds industry.In particular the Board has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. These principles were amended inJuly 2013 and are set out below:1. The Board should ensure that high standards of corporate governance are applied at all times;2. The Board should have good professional standing and appropriate experience and use best efforts to ensure that it is collectively competent to fulfil its

responsibilities;3. The Board should act fairly and independently in the best interests of the investors;4. The Board should act with due care and diligence in the performance of their duties;5. The Board should ensure compliance with all applicable laws and regulations and with the Fund’s constitutional documents;6. The Board should ensure that investors are properly informed, are fairly and equitably treated, and receive the benefits and services to which they are

entitled;7. The Board should ensure that an effective risk management process and appropriate internal controls are in place;8. The Board should identify and manage fairly and effectively, to the best of its ability, any actual, potential or apparent conflict of interest and ensure

appropriate disclosure;9. The Board should ensure that unitholders rights are exercised in a considered way and in the best interests of the Fund; and10. The Board should ensure that the remuneration of the Board members is reasonable and fair and adequately disclosed.The Board considers that the Fund has been in compliance with the principles of the Code in all material aspects throughout the financial year ended31 December 2017. The Board undertakes an annual review of ongoing compliance with the principles of the Code.

Proxy Voting PolicyThe Board delegates responsibility for proxy voting to the Investment Manager. JPMAME manages the voting rights of the units entrusted in a prudent anddiligent manner, based exclusively on the reasonable judgement of what will best serve the financial interests of clients. So far as is practicable, theInvestment Manager will vote at all of the meetings called by companies in which they are invested.A copy of the proxy voting policy is available from the Fund’s registered office upon request or on the website:http://am.jpmorgan.co.uk/institutional/aboutus/aboutus/corporategovernance.aspx

Directors and Officers Indemnity InsuranceTo protect unitholders against any claim against them arising in the course of their duties or responsibilities as long as they have not acted fraudulently ordishonestly, the Board has taken out Directors and Officers Indemnity Insurance which indemnifies JPMAME and the Managers against certain liabilitiesarising in the course of their duties and responsibilities but does not cover against any fraudulent or dishonest actions on their part.

Independent AuditorPricewaterhouseCoopers, Société coopérative, is the Fund’s Auditor. The provision of audit services was last put to competitive tender in 2016. The Boardreviewed the services of PwC in 2016 and decided that, subject to any other influencing factor, they should continue to be proposed to Unitholders as Auditor.

Events during the YearThere have been no significant events during the Year.

Subsequent EventsThere have been no significant events after the Year-End.

The Board of Managers Luxembourg, 25 April 2018

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GIM Tokyo Fund

Board of Managers’ Report (continued)

GIM Tokyo Fund

Investment Manager’s Report

GIM Tokyo Fund - GIM International Bond Fund

Review

Over the year, we saw a synchronised global growth acceleration and unemployment rates continued to decline. As economic slack continued to diminish,several central banks modestly tightened monetary policy, although some emerging market (EM) central banks were able to cut rates, in response to lowerinflation. It was also a year when downside political risks failed to materialise and the major upside political risk, in the form of US tax cuts, was delivered. Thepositive economic and political backdrop helped drive risk assets higher. Turning to look at central bank action and fixed income markets, the EuropeanCentral Bank was encouraged by the health of the European economy, perhaps coupled with legal constraints on the amount of German bunds it can buy, toannounce in October that it will reduce its monthly quantitative easing purchases down to EUR 30 billion. This lower pace of purchases will start in Januaryand last until at least September of 2018. The Bank of England increased interest rates in November for the first time since 2007, noting that any further raterises are likely to be very gradual and remain highly dependent on the outcome of the Brexit negotiations. In the US, the Federal Reserve (the Fed) raisedrates again in December, for the third time in 2017. President Trump also announced that Jerome Powell will lead the Fed when Yellen steps down inFebruary. Powell is unlikely to materially alter the likely path of Fed rate rises, but the new Fed members to be appointed in 2018 could potentially shift thepath and will warrant close attention. 2017 was the year that the expected acceleration in US core inflation went missing in action, despite a continued fall inthe unemployment rate and healthy GDP growth. The inflation disappointment allowed government bonds globally to deliver better returns than manyinvestors had feared. However, a rebound in inflation expectations in the second half of the year, combined with the US tax cuts and central bank tightening,ensured that government bond returns remained paltry for the year and quarter. The fund generated positive alpha in 2017, benefited by the durationpositions and overweight in spread sectors such as investment grade corporates as credit spreads tightened. Our currency positions offset part of thepositive performance.

OutlookLooking ahead, we view that the strong global growth shows no signs of abating and economic data continues to improve across both the developed andemerging markets. Tax reform in the U.S. has the potential to drive continued expansion. In the near term, benign Central Banks continue to be supportive ofrisk. As a result, we raised the probability that the markets will continue to price in Above Trend Growth from 65% to 70%. At the same time, we reduced thenear-term probability of recession to zero (from 5%), recognizing that the flattening yield curve has been a function of low inflation and continued globalquantitative easing, not imminent recession.

GIM Tokyo Fund - GIM International Equity Fund

ReviewGlobal equity markets ended the period higher. Markets continue their good momentum through the year, as positive macro data point to a synchronisedglobal recovery and investors focused on the strong corporate earnings season although there were moments when heightened geopolitical risk weighed onmarkets-particularly following rising tension in the Korean peninsula-investors. Cyclical sectors such as technology and materials outperformed. Bond proxysectors like Telecoms and Utilities underperformed as we continued to see ongoing strength in real economic growth and bond yield rose gradually towardthe year end.

The fund outperformed its benchmark over the 12 months to 31 December 2017. Stock selection was positive in the technology-software, banks andtechnology-semiconductor sectors. In software, a US software company offering electronic technology and graphic content authoring applications ralliedafter boosting its revenue forecast for the full year as the company signed up more customers for its cloud-based services. However, stock selection inconsumer non-durables and retail detracted from returns. In retail, a US food retailer plunged after they abandoned its practice of offering long-termguidance, a sign it’s grappling with fierce competition in a grocery industry rattled by Amazon.com Inc.’s acquisition of Whole Foods. On a regional basis, ourstock selection in North America was positive, but this was partially offset by negative stock selection in Europe.

OutlookAs we enter 2018, we continue to see evidence for a continued synchronized global recovery in earnings. Corporate and consumer sentiment remains highand we still see positive momentum globally in analyst corporate earnings revisions. Investors should expect this to reinforce the economic cycle ascompanies become more willing to invest in capex and labor, especially in the US and Japan where reform packages aim to encourage this. This environmentis very positive for equity investing, particularly outside the US, where valuations seem a lot more reasonable and high operational leverage, particularly inEurope and Japan, will see companies benefit from better nominal growth. In the US, the economy has entered the later stages of the economic cycle giventhe economy is now close to full employment, but the risk of an imminent recession appears low and forecasts of continued earnings growth 2018 look to bevery much on course. However, this environment is not without its risks; higher equity valuations—and the absence of a significant market correction forquite some time—mean investors should guard against excessive risk taking. A key question for the rest of the year will be the extent to which bond andequity markets can withstand a gradual reduction in monetary stimulus, which has helped to support them in recent years and if this will increase thehistorically low levels of market volatility. While this creates uncertainty, a healthy environment for the global economy and corporate profits will keepdriving equity markets forward.

The Investment Manager25 April 2018

The information contained in this report is historical and not necessarily indicative of future performance.

6

Audit Report

To the Unitholders ofGIM Tokyo Fund

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of GIM Tokyo Fund and of each of itssub-funds (the “Fund”) as at 31 December 2017, and of the results of their operations and changes in their net assets for the year then endedin accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

- the Combined Statement of Net Assets as at 31 December 2017;

- the Schedule of Investments as at 31 December 2017;

- the Statement of Changes in the Number of Units for the year then ended;

- the Combined Statement of Operations and Changes in Net Assets for the year then ended; and

- the Notes to the Financial Statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with InternationalStandards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Ourresponsibilities under the Law of 23 July 2016 and ISAs are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” forthe audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for ProfessionalAccountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit ofthe financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Managers of the Management Company is responsible for the other information. The other information comprises theinformation included in the Annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so,consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, orotherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Managers of the Management Company and those charged with governance for the financial statements

The Board of Managers of the Management Company is responsible for the preparation and fair presentation of the financial statements inaccordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements,and for such internal control as the Board of Managers of the Management Company determines is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Managers of the Management Company is responsible for assessing the Fund’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless the Board of Managers of the Management Company either intends to liquidate the Fund or to cease operations, or has no realisticalternative but to do so.

Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F: +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

7

PricewaterhouseCoopers, Societe cooperative Luxembourg, 25 April 2018

Represented b

manuel Chataignier

NMI

I .01.TiNii - -

Responsibilities of the "Reviseur d'entreprises agree" for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also:

- identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

- obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control;

- evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Managerss of the Management Company;

- conclude on the appropriateness of the Board of Managers of the Management Company's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund to cease to continue as a going concern;

- evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a fair presentation;

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

8

GIM Tokyo FundCombined Statement of Net AssetsAs at 31 December 2017

GIMTokyo Fund

CombinedUSD

GIMInternational

Bond FundUSD

GIMInternational

Equity FundUSD

AssetsInvestments in Securities at Market Value 353,430,359 178,578,552 174,851,807Acquisition Cost: 308,103,837 172,313,403 135,790,434Cash at Bank and at Brokers 2,377,654 1,842,674 534,980Interest and Dividends Receivable, Net 1,708,408 1,532,691 175,717Net Unrealised Gain on Forward Foreign Exchange Contracts 110,061 – 110,061Tax Reclaims Receivable 60,686 – 60,686Other Receivables 1,057 1,057 –

Total Assets 357,688,225 181,954,974 175,733,251

LiabilitiesOther Payables 78,328 44,743 33,585Net Unrealised Loss on Forward Foreign Exchange Contracts 39,827 39,827 –Net Unrealised Loss on Financial Futures Contracts 777 777 –

Total Liabilities 118,932 85,347 33,585

Total Net Assets357,569,293 181,869,627 175,699,666

Historical Total Net Assets31 December 2016 459,400,900 290,642,631 168,758,26931 December 2015 484,543,733 254,776,313 229,767,420

The accompanying notes form an integral part of these Financial Statements.

9

GIM Tokyo FundCombined Statement of Operations and Changes in Net AssetsFor the Year Ended 31 December 2017

GIMTokyo Fund

CombinedUSD

GIMInternational

Bond FundUSD

GIMInternational

Equity FundUSD

Net Assets at the Beginning of the Year 459,400,900 290,642,631 168,758,269

IncomeInterest Income, Net 4,319,299 4,319,299 –Dividend Income, Net 2,913,389 – 2,913,389Bank Interest 39,308 7,015 32,293Other Income 6,757 722 6,035Total Income 7,278,753 4,327,036 2,951,717

ExpensesManagement and Advisory Fees 337,562 96,120 241,442Custodian, Corporate, Administrative and Domiciliary Agency Fees 517,690 310,751 206,939Registrar and Transfer Agency Fees 100,000 50,000 50,000Taxe d’abonnement 33,459 16,674 16,785Sundry Fees* 39,654 20,602 19,052

Total Expenses 1,028,365 494,147 534,218

Net Investment Income/(Loss) 6,250,388 3,832,889 2,417,499

Net Realised Gain/(Loss) on Sale of Investments 16,152,445 (5,108,459) 21,260,904Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 202,399 668,751 (466,352)Net Realised Gain/(Loss) on Financial Futures Contracts (299,752) (299,752) –Net Realised Gain/(Loss) on Foreign Exchange (365,341) (372,380) 7,039

Net Realised Gain/(Loss) for the Year 15,689,751 (5,111,840) 20,801,591

Net Change in Unrealised Gain/(Loss) on Investments 29,280,353 15,501,239 13,779,114Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 108,455 62,682 45,773Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 30,568 30,568 –Net Change in Unrealised Gain/(Loss) on Foreign Exchange 90,699 81,156 9,543

Net Change in Unrealised Gain/(Loss) for the Year 29,510,075 15,675,645 13,834,430

Increase/(Decrease) in Net Assets as a Result of Operations 51,450,214 14,396,694 37,053,520

Movements in Unit CapitalSubscriptions 4,633,573 4,633,573 –Redemptions (157,915,394) (127,803,271) (30,112,123)

Increase/(Decrease) in Net Assets as a Result of Movements in Unit Capital (153,281,821) (123,169,698) (30,112,123)

Total Net Assets at the End of the Year 357,569,293 181,869,627 175,699,666

* Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees, registration, publication, mailing, printing fees, broker collateral charges as well as legal and marketing expenses.


10

GIM Tokyo Fund

Statement of Changes in the Number of Units

For the Year Ended 31 December 2017

Units Outstandingat the Beginning

of the Year Units Subscribed Units Redeemed

Units Outstandingat the End

of the Year

GIM Tokyo Fund - GIM International Bond Fund 1,220,271.765 18,538.155 538,162.452 700,647.468

GIM Tokyo Fund - GIM International Equity Fund 466,601.290 – 72,590.593 394,010.697


11

Statistical Information

Net Asset Value per Unit in Unit Currency

31 December 2017 31 December 2016 31 December 2015

GIM Tokyo Fund - GIM International Bond Fund 259.57 238.18 237.22

GIM Tokyo Fund - GIM International Equity Fund 445.93 361.68 340.72

12

GIM Tokyo Fund

Notes to the Financial Statements


1. OrganisationGIM Tokyo Fund (the"Fund") is a mutual investment fund organised as a Fonds Commun de Placement under the laws of the Grand Duchy of Luxembourg.

Its assets are held in common and are managed in the interest of its co-owners (the “Unitholders”) by JPMorgan Asset Management (Europe) S.à r.l. (the“Management Company” or the “AIFM”), a company registered with the Registre de Commerce et des Sociétés of Luxembourg under number B 27 900.

With effect from 16 October 2015, the Fund changed its legal name from J.P. Morgan Tokyo Fund to GIM Tokyo Fund.

The Fund is organised in Luxembourg pursuant to the Law of 13 February 2007, as amended, governing Specialised Investment Funds and qualifies as analternative investment fund under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU), (the “AIFMD”) as amended on 26 March2012.

The Management Company was incorporated as a société anonyme in Luxembourg on 20 April 1988 under the name of Fleming Fund Management(Luxembourg) S.A. The Management Company became a société à responsabilité limitée (S.à r.l.) on 28 July 2000, amended its name to J.P. Morgan FlemingAsset Management (Europe) S.à r.l. on 22 February 2001 and subsequently to JPMorgan Asset Management (Europe) S.à r.l. on 3 May 2005.

With effect from 1 July 2014, JPMorgan Asset Management (Europe) S.à r.l. has been authorised by the CSSF to act as an alternative investment fund managerpursuant to the AIFMD, the Commission Delegated Regulation (EU) No. 231/2013 and any implementing measures as implemented in Luxembourg by theLaw of 12 July 2013 on Alternative Investment Fund Managers as amended from time to time.

As at 31 December 2017 two Sub-Funds were accessible to investors.

2. Significant Accounting PoliciesThe financial statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments.

a) Investment ValuationTransferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latestavailable price prevailing on the valuation date.

If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange ormarket will be applied.

Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Thosesecurities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeablesales price determined with prudence and in good faith by the Management Company.

Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds ortheir agents.

Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis if they have a maturitydate of 91 days or less.

b) Realised and Unrealised Gains and Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed).

Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date ofpurchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments arecalculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.

c) Income RecognitionInterest income is accrued daily and includes the amortisation of premiums and accretion of discounts. Bank interest income is recognised on an accrualsbasis. Dividend income is accrued on the ex-dividend date. The income is shown net of any withholding taxes and adjusted accordingly when tax reclaimsapply.

d) Conversion of Foreign CurrenciesThe books and records of each Sub-Fund are denominated in USD, the base currency of the Fund. Amounts denominated in other currencies are translatedinto the base currency on the following basis: (i) investment valuations, and other assets and liabilities initially expressed in other currencies, are convertedeach business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of foreigninvestments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of suchtransactions.

Net realised and unrealised gains or losses on foreign currency transactions represent: (i) foreign exchange gains and losses from the sale and holding offoreign currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions; and (iii) gains andlosses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.

The resulting gains and losses on translation are included in the Combined Statement of Operations and Changes in Net Assets.

e) Forward Foreign Exchange ContractsUnrealised gains or losses on outstanding forward foreign exchange contracts are valued on the basis of currency exchange rates prevailing at the relevantvaluation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change inUnrealised Gain/(Loss) on Forward Foreign Exchange Contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net RealisedGain/(Loss) on Forward Foreign Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets.

f) Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contractsand can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains andlosses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation marginpayments are made or received on a daily basis, depending upon whether losses or gains are incurred. When a contract is closed, the Fund records a realisedgain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net RealisedGain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes in Net Assets.

Unrealised gains and losses are recorded under “Net Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets.

GIM Tokyo Fund

Notes to the Financial Statements (continued)


3. Fees and ExpensesThe fees and expenses charged to the Fund are set at a fixed percentage of the total net assets of each Sub-Fund. This fixed percentage covers all fees andexpenses connected with the management of the Fund, including management and investment advisory fees, custodian, administration, operational andtransaction fees and taxe d’abonnement; it does not include brokers’ fees and expenses and taxes payable by any Sub-Fund in respect of its investments andany extraordinary costs. No other costs are charged to the Fund, and the Management Company absorbs any difference that may arise between the actualcosts of the operations of the Fund and the fixed percentage as set out below. To the extent that the actual operating costs are less than the fixed percentage,the excess is paid to the Management Company and included within “Management and Advisory Fees”. To the extent that actual operating costs exceed thefixed percentage, the amount borne by the Management Company will be separately disclosed as a “Fee Waiver” in the Combined Statement of Net Assetsand the Combined Statement of Operations and Changes in Net Assets.

The fixed annual rate of fees and expenses is:

GIM Tokyo Fund - GIM International Bond Fund 0.25%GIM Tokyo Fund - GIM International Equity Fund 0.30%

4. Distribution PolicyAlthough it is the policy of the Fund to reinvest all revenues and capital gains, and not to pay any dividends, the Fund’s Management Company may at itsdiscretion, in any given accounting period, declare a dividend for any Sub-Fund out of all, or from part of, the Sub-Fund’s current net investment income, ifthe Management Company deems it appropriate. There were no dividends declared for the year ended 31 December 2017.

5. TaxationUnder current law and practice in the Grand Duchy of Luxembourg, the Fund is not liable to any Luxembourg income tax, nor are dividends distributed by theFund liable to any Luxembourg withholding tax. However, the Fund is liable to an asset based tax (“taxe d’abonnement”) of 0.01% per annum, such tax beingpayable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter.

No such tax is levied on the portion of the assets of any Sub-Fund invested in other undertakings for collective investment organised under the laws of theGrand Duchy of Luxembourg.

No stamp duty or other tax is payable on the issue of units in the Fund in the Grand Duchy of Luxembourg. No tax is payable in the Grand Duchy ofLuxembourg on realised or unrealised capital appreciation of the assets of the Fund. Although the Fund’s realised capital gains, whether short or long-term,are not expected to become taxable in another country, Unitholders must be aware and recognise that such a possibility, though quite remote, is not totallyexcluded. The regular income of the Fund from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject towithholding taxes at varying rates, which normally cannot be recovered.

6. Statement of Changes in InvestmentsA list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial year, may be obtained free ofcharge upon request at the registered office of the Management Company. Additional information on investments within each Sub-Fund’s portfolio isavailable to Unitholders at the registered office of the Management Company.

7. Value of Financial Instruments and Associated RisksThe Fund enters into forward foreign exchange contracts and financial futures contracts which, to varying degrees, represent a market risk in excess of theamount reflected in the Combined Statement of Net Assets. The amount of the contracts represents the extent of the Fund’s participation in these financialinstruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security valuesunderlying these instruments. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in thevalue of the contracts may not directly correlate with changes in the value of the underlying currencies, indices or securities, or that the counterparty to acontract defaults on its obligation to perform under the terms of the contract.

8. Transactions with Connected PartiesAll transactions with connected parties were carried out on an arm’s length basis.

JPMorgan Chase & Co. and its affiliates are counterparties for certain forward foreign exchange contracts and financial futures contracts. The ManagementCompany, Global Distributor, Advisory Company, Investment Managers, Corporate and Paying Agent and other related Agents of the Fund are considered asconnected parties as they are affiliated entities of JPMorgan Chase & Co.

9. Net Gain/(Loss) on InvestmentsThe following table details the gross gain/(loss) on Investments.

GIMTokyo Fund

Combined

GIMInternational

Bond Fund

GIMInternational

Equity Fund

USD USD USD

Realised Gain on Sale of Investments 26,801,545 2,864,565 23,936,980Realised (Loss) on Sale of Investments (10,649,100) (7,973,024) (2,676,076)

Net Realised Gain/(Loss) on Sale of Investments 16,152,445 (5,108,459) 21,260,904

Change in Unrealised Gain on Investments 29,280,353 15,501,239 13,779,114Change in Unrealised (Loss) on Investments - - -

Net Change in Unrealised Gain/(Loss) on Investments 29,280,353 15,501,239 13,779,114

10. Events after the Year-EndThere have been no significant events after the Year-End.

13

Transferable Securities and Money Market Instruments Admitted to an Official ExchangeListing

BondsAustraliaAustralia Government Bond Reg. S5.500% 21/04/2023 AUD 480,000 433,572 0.24Australia Government Bond Reg. S3.250% 21/04/2025 AUD 320,000 262,332 0.14Australia Government Bond Reg. S3.250% 21/04/2029 AUD 1,730,000 1,423,327 0.78Australia Government Bond Reg. S3.750% 21/04/2037 AUD 288,000 246,697 0.14Australia Government Bond Reg. S3.000% 21/03/2047 AUD 161,000 117,720 0.07Westpac Banking Reg. S 0.625%14/01/2022 EUR 495,000 607,114 0.33

3,090,762 1.70

AustriaRepublic of Austria Government BondReg. S 144 A 4.150% 15/03/2037 EUR 196,000 358,351 0.20Republic of Austria Government BondReg. S 144 A 3.150% 20/06/2044 EUR 133,000 223,966 0.12Republic of Austria Government BondReg. S 144 A 3.800% 26/01/2062 EUR 90,000 183,668 0.10

765,985 0.42

BelgiumKingdom of Belgium Government Bond4.000% 28/03/2022 EUR 550,000 780,562 0.43Kingdom of Belgium Government BondReg. S 144 A 2.600% 22/06/2024 EUR 419,000 583,112 0.32Kingdom of Belgium Government BondReg. S 144 A 0.800% 22/06/2027 EUR 807,000 984,347 0.54Kingdom of Belgium Government BondReg. S 144 A 1.000% 22/06/2031 EUR 700,000 840,299 0.46Kingdom of Belgium Government BondReg. S 144 A 1.450% 22/06/2037 EUR 553,000 678,441 0.37Kingdom of Belgium Government BondReg. S 144 A 1.600% 22/06/2047 EUR 83,000 97,704 0.06Kingdom of Belgium Government BondReg. S 144 A 2.250% 22/06/2057 EUR 60,000 79,492 0.04

4,043,957 2.22

CanadaCanadian Government Bond 5.000%01/06/2037 CAD 330,000 378,230 0.21Canadian Government Bond 3.500%01/12/2045 CAD 280,000 279,627 0.15Canadian Government Bond 2.750%01/12/2064 CAD 50,000 45,838 0.03Glencore Canada Financial Reg. S 7.375%27/05/2020 GBP 450,000 693,639 0.38

1,397,334 0.77

Cayman IslandsAvi Funding Reg. S 2.850% 16/09/2020 USD 1,131,000 1,124,759 0.62

1,124,759 0.62

ChinaBank of China Reg. S 2.375% 14/02/2020 USD 2,148,000 2,129,478 1.17China Development Bank Reg. S 0.125%03/11/2019 EUR 913,000 1,094,713 0.60China Development Bank Reg. S 2.058%06/03/2020 USD 2,592,000 2,594,022 1.43China Development Bank Reg. S 0.375%16/11/2021 EUR 1,197,000 1,427,838 0.78Export-Import Bank of China (The) Reg. S0.250% 02/12/2019 EUR 2,700,000 3,242,653 1.78Export-Import Bank of China (The) Reg. S2.750% 28/11/2022 USD 1,024,000 1,011,069 0.56

11,499,773 6.32

ColombiaColombia Government International Bond3.875% 25/04/2027 USD 2,128,000 2,168,964 1.19

2,168,964 1.19

DenmarkDenmark Government Bond 3.000%15/11/2021 DKK 140,000 25,484 0.01Denmark Government Bond 7.000%10/11/2024 DKK 40,000 9,516 0.01Denmark Government Bond 1.750%15/11/2025 DKK 870,000 157,248 0.09Denmark Government Bond 4.500%15/11/2039 DKK 1,865,000 508,338 0.28

700,586 0.39

FinlandFinland Government Bond Reg. S 144 A2.750% 04/07/2028 EUR 30,000 43,781 0.02

43,781 0.02

FranceCredit Agricole Reg. S 2.375%20/05/2024 EUR 700,000 929,902 0.51Dexia Credit Local 144 A 1.875%29/01/2020 USD 2,980,000 2,955,367 1.63Dexia Credit Local Reg. S 1.875%29/01/2020 USD 3,749,000 3,718,010 2.04Dexia Credit Local SA Reg. S 2.375%20/09/2022 USD 1,951,000 1,930,417 1.06French Republic Government Bond Reg. S2.250% 25/10/2022 EUR 130,000 173,858 0.10French Republic Government Bond Reg. S1.500% 25/05/2031 EUR 1,380,000 1,752,237 0.96French Republic Government Bond Reg. S4.750% 25/04/2035 EUR 243,750 454,866 0.25French Republic Government Bond Reg. S144 A 1.750% 25/06/2039 EUR 719,860 911,716 0.50French Republic Government Bond Reg. S3.250% 25/05/2045 EUR 49,949 80,956 0.04French Republic Government Bond Reg. S144 A 2.000% 25/05/2048 EUR 833,633 1,057,849 0.58French Republic Government Bond Reg. S4.000% 25/04/2055 EUR 54,000 102,643 0.06French Republic Government Bond Reg. S4.000% 25/04/2060 EUR 185,000 360,359 0.20Holding d’Infrastructures de TransportReg. S 2.250% 24/03/2025 EUR 900,000 1,159,550 0.64

15,587,730 8.57

GermanyBundesrepublik DeutschlandBundesanleihe Reg. S 3.250%04/07/2042 EUR 55,000 96,327 0.05Bundesrepublik DeutschlandBundesanleihe Reg. S 2.500%15/08/2046 EUR 10,000 15,771 0.01Daimler Reg. S 0.121% 03/07/2024 EUR 1,600,000 1,935,336 1.07

2,047,434 1.13

IcelandIceland Government International BondReg. S 5.875% 11/05/2022 USD 2,810,000 3,159,252 1.74

3,159,252 1.74

IndonesiaIndonesia Government InternationalBond Reg. S 2.150% 18/07/2024 EUR 1,806,000 2,277,728 1.25

2,277,728 1.25

IrelandIreland Government Bond Reg. S 0.800%15/03/2022 EUR 180,000 224,495 0.12Ireland Government Bond 5.400%13/03/2025 EUR 280,000 454,469 0.25Ireland Government Bond Reg. S 1.000%15/05/2026 EUR 163,000 201,052 0.11Ireland Government Bond Reg. S 2.400%15/05/2030 EUR 114,000 157,809 0.09Ireland Government Bond Reg. S 2.000%18/02/2045 EUR 95,000 119,929 0.07

1,157,754 0.64

14

GIM Tokyo Fund - GIM International Bond FundSchedule of InvestmentsAs at 31 December 2017

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

15

ItalyItaly Buoni Poliennali Del Tesoro 1.350%15/04/2022 EUR 3,360,000 4,158,448 2.29Italy Buoni Poliennali Del Tesoro 0.650%15/10/2023 EUR 175,000 205,143 0.11Italy Buoni Poliennali Del Tesoro Reg. S0.250% 20/11/2023 EUR 242,000 292,807 0.16Italy Buoni Poliennali Del Tesoro 1.850%15/05/2024 EUR 340,000 422,555 0.23Italy Buoni Poliennali Del Tesoro 1.450%15/11/2024 EUR 315,000 379,586 0.21Italy Buoni Poliennali Del Tesoro Reg. S144 A 3.500% 01/03/2030 EUR 400,000 539,523 0.30Italy Buoni Poliennali Del Tesoro Reg. S144 A 1.650% 01/03/2032 EUR 421,000 457,839 0.25Italy Buoni Poliennali Del Tesoro Reg. S144 A 2.450% 01/09/2033 EUR 196,000 230,883 0.13Italy Buoni Poliennali Del Tesoro Reg. S5.000% 01/08/2034 EUR 545,000 859,629 0.47Italy Buoni Poliennali Del Tesoro Reg. S144 A 2.250% 01/09/2036 EUR 605,000 671,844 0.37Italy Buoni Poliennali Del Tesoro Reg. S5.000% 01/09/2040 EUR 718,000 1,127,777 0.62Italy Buoni Poliennali Del Tesoro Reg. S144 A 2.700% 01/03/2047 EUR 176,000 192,685 0.11Italy Buoni Poliennali Del Tesoro Reg. S144 A 2.800% 01/03/2067 EUR 60,000 62,360 0.03

9,601,079 5.28

JerseyGatwick Funding Reg. S 5.250%23/01/2024 GBP 380,000 607,379 0.33

607,379 0.33

KuwaitKuwait International Government BondReg. S 2.750% 20/03/2022 USD 2,700,000 2,694,198 1.48

2,694,198 1.48

LuxembourgAllergan Funding 3.800% 15/03/2025 USD 1,052,000 1,072,613 0.59DH Europe Finance 1.700% 04/01/2022 EUR 881,000 1,118,951 0.62

2,191,564 1.21

MexicoMexican Bonos 4.750% 14/06/2018 MXN 11,000,000 555,372 0.31Mexican Bonos 8.000% 11/06/2020 MXN 2,000,000 103,129 0.06Mexican Bonos 6.500% 10/06/2021 MXN 2,500,000 123,540 0.07Mexican Bonos 5.750% 05/03/2026 MXN 5,000,000 226,153 0.12Mexican Bonos 7.500% 03/06/2027 MXN 3,000,000 151,681 0.08Mexican Bonos 7.750% 29/05/2031 MXN 1,300,000 66,546 0.04Mexican Bonos 7.750% 23/11/2034 MXN 3,000,000 153,411 0.08Mexican Bonos 7.750% 13/11/2042 MXN 2,500,000 127,137 0.07Mexican Bonos 8.000% 07/11/2047 MXN 1,000,000 52,206 0.03Mexico Government International Bond2.750% 22/04/2023 EUR 2,431,000 3,225,238 1.77Mexico Government International Bond1.625% 06/03/2024 EUR 745,000 934,898 0.51

5,719,311 3.14

NetherlandsEnel Finance International Reg. S 5.625%14/08/2024 GBP 180,000 297,438 0.16Enel Finance International Reg. S 1.375%01/06/2026 EUR 750,000 920,753 0.51

1,218,191 0.67

New ZealandANZ New Zealand Int’l Reg. S 2.875%25/01/2022 USD 1,500,000 1,504,794 0.83Westpac Securities NZ Reg. S 0.500%29/09/2020 EUR 1,474,000 1,799,416 0.99

3,304,210 1.82

NorwayNorway Government Bond Reg. S 144 A4.500% 22/05/2019 NOK 1,350,000 174,289 0.10Norway Government Bond Reg. S 144 A3.000% 14/03/2024 NOK 1,195,000 160,961 0.09Norway Government Bond Reg. S 144 A1.750% 13/03/2025 NOK 1,062,000 133,064 0.07

468,314 0.26

PanamaPanama Government International Bond7.125% 29/01/2026 USD 1,847,000 2,378,012 1.31

2,378,012 1.31

PolandRepublic of Poland Government Bond1.500% 25/04/2020 PLN 700,000 199,899 0.11Republic of Poland Government Bond5.750% 25/10/2021 PLN 1,423,000 461,652 0.25Republic of Poland Government Bond5.750% 23/09/2022 PLN 250,000 82,199 0.05Republic of Poland Government Bond2.500% 25/07/2026 PLN 888,000 242,150 0.13Republic of Poland Government Bond5.750% 25/04/2029 PLN 250,000 89,663 0.05

1,075,563 0.59

QatarQatar Government International BondReg. S 2.375% 02/06/2021 USD 3,678,000 3,616,394 1.99Qatar Government International BondReg. S 4.500% 20/01/2022 USD 710,000 749,267 0.41

4,365,661 2.40

Saudi ArabiaSaudi Government International BondReg. S 2.375% 26/10/2021 USD 4,310,000 4,209,706 2.31

4,209,706 2.31

SingaporeSingapore Government Bond 2.500%01/06/2019 SGD 410,000 310,461 0.17Singapore Government Bond 3.000%01/09/2024 SGD 329,000 262,801 0.15Singapore Government Bond 2.875%01/09/2030 SGD 61,000 48,863 0.03Singapore Government Bond 2.750%01/04/2042 SGD 100,000 78,943 0.04

701,068 0.39

South AfricaRepublic of South Africa GovernmentBond 6.750% 31/03/2021 ZAR 3,390,000 267,572 0.15Republic of South Africa GovernmentBond 10.500% 21/12/2026 ZAR 2,097,909 189,439 0.10Republic of South Africa GovernmentBond 7.000% 28/02/2031 ZAR 6,510,000 438,794 0.24Republic of South Africa GovernmentBond 6.500% 28/02/2041 ZAR 3,884,000 221,730 0.12

1,117,535 0.61

South KoreaExport-Import Bank of Korea 2.875%17/09/2018 USD 488,000 489,439 0.27Export-Import Bank of Korea 2.250%21/01/2020 USD 1,800,000 1,785,555 0.98Export-Import Bank of Korea 5.125%29/06/2020 USD 2,100,000 2,215,498 1.22Export-Import Bank of Korea 4.375%15/09/2021 USD 2,000,000 2,095,684 1.15Korea Development Bank (The) 1.375%12/09/2019 USD 464,000 453,811 0.25Korea Development Bank (The) 1.912%27/02/2020 USD 1,796,000 1,789,245 0.98Korea Development Bank (The) 2.250%18/05/2020 USD 1,200,000 1,183,196 0.65Korea Development Bank (The) 2.288%19/09/2020 USD 1,390,000 1,389,212 0.77Korea International Bond Reg. S 2.125%10/06/2024 EUR 1,233,000 1,594,858 0.88

12,996,498 7.15

SupranationalCorp. Andina de Fomento Reg. S 1.000%10/11/2020 EUR 2,400,000 2,963,173 1.63Corp. Andina de Fomento 4.375%15/06/2022 USD 2,697,000 2,880,099 1.58Corp. Andina de Fomento 2.750%06/01/2023 USD 1,612,000 1,595,034 0.88European Investment Bank 5.000%01/12/2020 SEK 2,000,000 279,160 0.15

GIM Tokyo Fund - GIM International Bond FundSchedule of Investments (continued)As at 31 December 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

European Investment Bank Reg. S 1.250%12/05/2025 SEK 1,400,000 175,513 0.10Inter-American Development Bank4.400% 26/01/2026 CAD 720,000 645,256 0.35

8,538,235 4.69

SwedenSweden Government Bond 1.000%12/11/2026 SEK 930,000 118,115 0.06Sweden Government Bond 3.500%30/03/2039 SEK 650,000 109,133 0.06

227,248 0.12

SwitzerlandSwiss Confederation Government BondReg. S 1.500% 24/07/2025 CHF 203,000 236,946 0.13

236,946 0.13

United KingdomAnglian Water Services Financing Reg. S4.500% 22/02/2026 GBP 430,000 664,720 0.37Aviva Reg. S 6.125% 05/07/2043 EUR 600,000 897,045 0.49Cadent Finance Reg. S 1.125%22/09/2021 GBP 715,000 962,540 0.53Chancellor Masters & Scholars of theUniversity of Oxford (The) Reg. S 2.544%08/12/2117 GBP 400,000 580,135 0.32Eversholt Funding Reg. S 6.359%02/12/2025 GBP 480,000 832,425 0.46FCE Bank Reg. S 3.250% 19/11/2020 GBP 400,000 567,839 0.31HSBC Holdings 2.950% 25/05/2021 USD 1,661,000 1,673,221 0.92Manchester Airport Group Funding Reg. S4.750% 31/03/2034 GBP 300,000 516,448 0.29Nationwide Building Society Reg. S1.250% 03/03/2025 EUR 1,100,000 1,352,627 0.74United Kingdom Gilt Reg. S 2.000%22/07/2020 GBP 226,000 317,495 0.18United Kingdom Gilt Reg. S 2.250%07/09/2023 GBP 360,000 525,320 0.29United Kingdom Gilt Reg. S 4.250%07/06/2032 GBP 290,000 531,562 0.29United Kingdom Gilt Reg. S 4.500%07/09/2034 GBP 172,000 330,884 0.18United Kingdom Gilt Reg. S 4.250%07/03/2036 GBP 40,000 76,077 0.04United Kingdom Gilt Reg. S 3.500%22/01/2045 GBP 1,329,000 2,456,484 1.35United Kingdom Gilt Reg. S 4.250%07/12/2046 GBP 36,000 75,868 0.04United Kingdom Gilt Reg. S 1.500%22/07/2047 GBP 66,000 84,069 0.05United Kingdom Gilt Reg. S 4.250%07/12/2049 GBP 200,000 437,831 0.24United Kingdom Gilt Reg. S 3.750%22/07/2052 GBP 421,000 877,298 0.48United Kingdom Gilt Reg. S 1.750%22/07/2057 GBP 31,000 43,496 0.02United Kingdom Gilt Reg. S 4.000%22/01/2060 GBP 276,000 646,602 0.36

14,449,986 7.95

United States of AmericaAltria Group 4.000% 31/01/2024 USD 862,000 915,220 0.50American International Group 3.750%10/07/2025 USD 1,033,000 1,066,737 0.59AT&T 2.450% 30/06/2020 USD 1,200,000 1,199,407 0.66AT&T 2.750% 19/05/2023 EUR 1,000,000 1,329,735 0.73Bank of America Reg. S 2.500%27/07/2020 EUR 290,000 370,011 0.20Bank of America Reg. S 6.125%15/09/2021 GBP 300,000 474,980 0.26Bank of America 4.250% 22/10/2026 USD 500,000 527,499 0.29Citigroup 7.375% 04/09/2019 EUR 400,000 540,507 0.30Coca-Cola (The) 0.000% 08/03/2019 EUR 551,000 664,155 0.37CVS Health 3.875% 20/07/2025 USD 1,038,000 1,070,698 0.59Eli Lilly 1.625% 02/06/2026 EUR 730,000 925,399 0.51Goldman Sachs Group (The) 3.625%22/01/2023 USD 590,000 610,191 0.34McKesson 2.850% 15/03/2023 USD 250,000 249,442 0.14McKesson 3.796% 15/03/2024 USD 250,000 259,292 0.14Morgan Stanley 4.350% 08/09/2026 USD 700,000 734,828 0.40Reynolds American 4.450% 12/06/2025 USD 940,000 1,003,817 0.55Synchrony Financial 3.750% 15/08/2021 USD 250,000 256,559 0.14U.S. Treasury Bond 4.500% 15/02/2036 USD 236,000 303,901 0.17U.S. Treasury Bond 3.500% 15/02/2039 USD 14,000 15,995 0.01U.S. Treasury Bond 3.750% 15/08/2041 USD 1,383,000 1,639,314 0.90U.S. Treasury Bond 2.750% 15/11/2042 USD 5,475,000 5,511,464 3.03

U.S. Treasury Bond 2.500% 15/02/2045 USD 820,000 781,915 0.43U.S. Treasury Bond 3.000% 15/05/2045 USD 609,000 639,712 0.35U.S. Treasury Bond 2.250% 15/08/2046 USD 226,000 203,877 0.11U.S. Treasury Bond 2.500% 15/02/2046 USD 1,257,000 1,196,507 0.66U.S. Treasury Bond 3.000% 15/02/2047 USD 664,000 698,458 0.38UnitedHealth Group 3.750% 15/07/2025 USD 1,012,000 1,067,724 0.59Verizon Communications 3.250%17/02/2026 EUR 594,000 820,057 0.45

25,077,401 13.79

Total Bonds 150,243,904 82.61

Total Transferable Securities and Money Market InstrumentsAdmitted to an Official Exchange Listing

150,243,904 82.61

Transferable Securities and Money Market Instruments Dealt in on Another RegulatedMarket

BondsAustraliaCommonwealth Bank of Australia Reg. S2.250% 10/03/2020 USD 1,250,000 1,246,547 0.68National Australia Bank 2.250%10/01/2020 USD 429,000 428,699 0.24

1,675,246 0.92

DenmarkDanske Bank Reg. S 2.200% 02/03/2020 USD 891,000 887,602 0.49

887,602 0.49

MexicoPetroleos Mexicanos Reg. S 5.375%13/03/2022 USD 821,000 872,312 0.48

872,312 0.48

New ZealandBNZ International Funding Reg. S 2.100%14/09/2021 USD 1,540,000 1,503,876 0.83

1,503,876 0.83

SpainSpain Government Bond 0.250%30/04/2018 EUR 1,990,000 2,395,241 1.32Spain Government Bond 1.400%31/01/2020 EUR 1,840,000 2,285,637 1.26Spain Government Bond 0.750%30/07/2021 EUR 153,000 188,221 0.10Spain Government Bond 0.400%30/04/2022 EUR 474,000 573,302 0.31Spain Government Bond Reg. S 144 A5.400% 31/01/2023 EUR 203,000 304,739 0.17Spain Government Bond Reg. S 144 A4.400% 31/10/2023 EUR 1,290,000 1,886,078 1.04Spain Government Bond Reg. S 144 A3.800% 30/04/2024 EUR 110,000 157,252 0.09Spain Government Bond Reg. S 144 A1.450% 31/10/2027 EUR 1,965,000 2,339,211 1.29Spain Government Bond Reg. S 144 A2.350% 30/07/2033 EUR 455,000 556,308 0.30Spain Government Bond Reg. S 144 A4.200% 31/01/2037 EUR 274,000 422,606 0.23Spain Government Bond Reg. S 144 A5.150% 31/10/2044 EUR 36,000 62,938 0.03Spain Government Bond Reg. S 144 A2.900% 31/10/2046 EUR 660,000 805,276 0.44Spain Government Bond Reg. S 144 A3.450% 30/07/2066 EUR 54,000 69,682 0.04

12,046,491 6.62

SwedenSkandinaviska Enskilda Banken 2.300%11/03/2020 USD 1,000,000 998,379 0.55

998,379 0.55

United KingdomNationwide Building Society Reg. S2.450% 27/07/2021 USD 544,000 539,891 0.30Nationwide Building Society 144 A3.900% 21/07/2025 USD 217,000 227,912 0.12

767,803 0.42

16



Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

United States of AmericaApple 3.200% 13/05/2025 USD 872,000 890,473 0.49Daimler Finance North America Reg. S2.300% 06/01/2020 USD 520,000 518,980 0.29Verizon Communications Reg. S 3.376%15/02/2025 USD 1,095,000 1,100,864 0.60

2,510,317 1.38

Total Bonds 21,262,026 11.69

Total Transferable Securities and Money Market InstrumentsDealt in on Another Regulated Market

21,262,026 11.69

Other transferable securities

BondsCanadaCanadian Government Bond 1.000%01/09/2022 CAD 258,000 198,017 0.11Canadian Government Bond 4.000%01/06/2041 CAD 130,000 136,080 0.07

334,097 0.18

ChinaChina Development Bank 2.625%24/01/2022 USD 3,460,000 3,423,051 1.88

3,423,051 1.88

MalaysiaMalaysia Government Bond 3.659%15/10/2020 MYR 900,000 224,423 0.12Malaysia Government Bond 3.480%15/03/2023 MYR 250,000 60,847 0.03Malaysia Government Bond 4.181%15/07/2024 MYR 250,000 62,608 0.04Malaysia Government Bond 4.498%15/04/2030 MYR 1,090,000 269,874 0.15Malaysia Government Bond 4.736%15/03/2046 MYR 141,000 34,231 0.02

651,983 0.36

South KoreaExport-Import Bank of Korea 2.780%17/04/2019 AUD 1,050,000 823,195 0.45Export-Import Bank of Korea Reg. S1.927% 24/02/2020 CAD 1,500,000 1,169,340 0.65

1,992,535 1.10

SupranationalInter-American Development Bank0.500% 23/05/2023 CAD 930,000 670,956 0.37

670,956 0.37

Total Bonds 7,072,622 3.89


Total Investments 178,578,552 98.19

Cash 1,842,674 1.01

Other Assets /(Liabilities) 1,448,401 0.80

Total Net Assets 181,869,627 100.00


17



Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 31 December 2017 % of Net AssetsUnited States of America 15.17France 8.57United Kingdom 8.37South Korea 8.25China 8.20Spain 6.62Italy 5.28Supranational 5.06Mexico 3.62New Zealand 2.65Australia 2.62Qatar 2.40Saudi Arabia 2.31Belgium 2.22Iceland 1.74Kuwait 1.48Panama 1.31Indonesia 1.25Luxembourg 1.21Colombia 1.19Germany 1.13Canada 0.95Denmark 0.88Sweden 0.67Netherlands 0.67Ireland 0.64Cayman Islands 0.62South Africa 0.61Poland 0.59Austria 0.42Singapore 0.39Malaysia 0.36Jersey 0.33Norway 0.26Switzerland 0.13Finland 0.02Total Investments 98.19Cash and Other Assets /(Liabilities) 1.81

Total 100.00

Geographic Allocation of Portfolio as at 30 June 2017 (Unaudited) % of Net AssetsUnited States of America 14.64France 10.21Italy 9.54United Kingdom 8.07South Korea 7.00China 6.89Spain 4.28Mexico 3.63Supranational 3.46New Zealand 2.66Slovenia 2.60Saudi Arabia 2.38Qatar 2.19Iceland 1.81Belgium 1.76Australia 1.76Canada 1.62Kuwait 1.52Panama 1.32Colombia 1.21Luxembourg 1.20Germany 1.12Netherlands 1.05Denmark 0.87Poland 0.80Sweden 0.68Cayman Islands 0.63Ireland 0.61South Africa 0.54Malaysia 0.51Singapore 0.39Jersey 0.33Norway 0.26Austria 0.22Switzerland 0.14Finland 0.02Total Investments 97.92Cash and Other Assets /(Liabilities) 2.08

Total 100.00

18



Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

19

GIM Tokyo Fund - GIM International Bond FundSchedule of Investments (continued)As at 31 December 2017Forward Foreign Exchange Contracts (continued)

Currency Purchased Amount Purchased Currency Sold Amount SoldMaturity

Date

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 1,423,158 CAD 1,378,780 10/01/2018 12,596 0.01AUD 570,253 EUR 366,699 10/01/2018 5,525 -AUD 1,412,419 EUR 907,029 10/01/2018 15,150 0.01AUD 2,783,129 USD 2,136,833 10/01/2018 40,061 0.02AUD 2,910,347 USD 2,191,328 10/01/2018 85,073 0.05AUD 2,708,663 USD 2,108,843 10/01/2018 9,806 0.01AUD 4,852,485 USD 3,643,901 10/01/2018 151,592 0.08AUD 8,475,153 USD 6,498,451 10/01/2018 130,603 0.07CAD 5,497,433 EUR 3,643,911 10/01/2018 10,723 0.01CAD 1,395,733 EUR 922,402 10/01/2018 6,018 -CAD 1,402,085 EUR 913,633 10/01/2018 21,623 0.01CAD 534,578 USD 415,035 10/01/2018 11,674 0.01CAD 4,183,374 USD 3,261,130 10/01/2018 78,103 0.04CAD 1,415,068 USD 1,101,940 10/01/2018 27,589 0.01CAD 4,189,289 USD 3,258,613 10/01/2018 85,341 0.05CAD 3,400,158 USD 2,639,148 10/01/2018 74,911 0.04DKK 2,454,019 USD 390,777 10/01/2018 5,178 -EUR 1,466,794 GBP 1,293,469 10/01/2018 11,931 0.01EUR 305,362 NOK 2,954,984 10/01/2018 5,473 -EUR 1,767,798 USD 2,090,868 10/01/2018 32,779 0.02EUR 300,000 USD 356,636 10/01/2018 3,752 -EUR 2,247,455 USD 2,687,039 10/01/2018 12,817 0.01EUR 1,526,808 USD 1,816,476 10/01/2018 17,671 0.01EUR 1,823,228 USD 2,192,842 05/02/2018 1,014 -EUR 150,000 USD 178,222 10/01/2018 1,973 -EUR 922,330 USD 1,091,089 10/01/2018 16,901 0.01EUR 919,873 USD 1,082,352 10/01/2018 22,687 0.01EUR 650,000 USD 777,454 10/01/2018 3,388 -EUR 366,699 USD 434,873 10/01/2018 5,641 -EUR 1,085,089 USD 1,288,841 10/01/2018 14,671 0.01

GIM Tokyo Fund - GIM International Bond FundSchedule of Investments (continued)As at 31 December 2017Financial Futures Contracts

Country Security DescriptionNumber ofContracts Currency

GlobalExposure

USD


USD

%of

NetAssets

Australia Australia 10 Year Bond Future, 15/03/2018 1 AUD 100,822 199 -Germany Euro-Bund Future, 08/03/2018 (1) EUR (195,718) 1,573 -Germany Euro-Buxl 30 Year Bond Future, 08/03/2018 (6) EUR (1,210,767) 30,188 0.02Germany Euro-OAT Future, 08/03/2018 (17) EUR (3,216,571) 48,788 0.03Germany Euro-Schatz Future, 08/03/2018 (14) EUR (1,884,704) 2,270 -United Kingdom 3 Month Euribor Future, 14/12/2020 (306) EUR (91,567,243) 124,013 0.07United States of America 90 Day Euro Future, 17/12/2018 (179) USD (43,879,600) 89,487 0.05United States of America 90 Day Euro Future, 18/03/2019 (181) USD (44,260,462) 8,225 -United States of America 90 Day Euro Future, 16/12/2019 (179) USD (43,787,875) 80,550 0.04United States of America US 10 Year Note Future, 20/03/2018 (25) USD (3,111,703) 10,531 0.01United States of America US 5 Year Note Future, 29/03/2018 (119) USD (13,871,367) 47,844 0.03United States of America US Long Bond Future, 20/03/2018 3 USD 458,531 469 -United States of America US Ultra Bond Future, 20/03/2018 7 USD 1,161,531 12,062 0.01United States of America US Ultra Bond Future, 20/03/2018 4 USD 530,392 3,858 -

Total Unrealised Gain on Financial Futures Contracts 460,057 0.26

Australia Australia 3 Year Bond Future, 15/03/2018 6 AUD 524,267 (2,901) -Germany Euro-Bobl Future, 08/03/2018 141 EUR 22,426,164 (142,907) (0.08)Germany Euro-BTP Future, 08/03/2018 17 EUR 2,844,227 (65,120) (0.04)Germany Short Euro-BTP Future, 08/03/2018 162 EUR 22,087,227 (97,601) (0.05)United Kingdom 3 Month Euribor Future, 16/12/2019 306 EUR 91,849,717 (89,565) (0.05)United States of America 90 Day Euro Future, 18/06/2018 179 USD 43,946,725 (58,162) (0.03)United States of America US 2 Year Note Future, 29/03/2018 22 USD 4,714,984 (4,578) (0.01)

Total Unrealised Loss on Financial Futures Contracts (460,834) (0.26)

Net Unrealised Loss on Financial Futures Contracts (777) -

Counterparty Unrealised Gain/(Loss) % of Net Assets

Goldman Sachs International (777) -

(777) -

GIM Tokyo Fund - GIM International Bond FundSchedule of Investments (continued)As at 31 December 2017Forward Foreign Exchange Contracts (continued)


Date


USD

%of

NetAssets

GBP 355,564 USD 477,700 10/01/2018 3,394 -GBP 107,655 USD 145,097 10/01/2018 565 -NOK 2,963,530 USD 362,348 10/01/2018 53 -USD 197,709 MXN 3,854,784 10/01/2018 952 -

Total Unrealised Gain on Forward Foreign Exchange Contracts 927,228 0.50

CAD 1,355,567 EUR 901,467 10/01/2018 (894) -EUR 922,330 AUD 1,447,513 10/01/2018 (24,219) (0.01)EUR 942,001 AUD 1,450,469 05/02/2018 (1,000) -EUR 1,572,348 CAD 2,370,362 10/01/2018 (3,205) -EUR 1,822,261 CAD 2,766,410 10/01/2018 (19,118) (0.01)EUR 922,330 CAD 1,401,581 10/01/2018 (10,773) (0.01)EUR 2,072,580 CAD 3,122,383 10/01/2018 (2,554) -EUR 911,130 CAD 1,384,727 10/01/2018 (10,774) (0.01)EUR 455,565 GBP 407,522 10/01/2018 (4,127) -EUR 931,353 GBP 830,605 10/01/2018 (5,015) -GBP 878,666 EUR 993,142 10/01/2018 (4,182) -USD 1,082,424 AUD 1,415,150 10/01/2018 (24,472) (0.01)USD 435,007 AUD 572,099 10/01/2018 (12,475) (0.01)USD 1,104,354 AUD 1,450,631 10/01/2018 (30,294) (0.02)USD 2,677,892 AUD 3,540,160 10/01/2018 (91,134) (0.05)USD 361,886 AUD 475,553 10/01/2018 (10,079) (0.01)USD 1,012,228 CAD 1,299,454 10/01/2018 (25,016) (0.01)USD 1,086,344 CAD 1,375,997 10/01/2018 (11,998) (0.01)USD 1,084,925 CAD 1,389,456 10/01/2018 (24,160) (0.01)USD 1,118,864 CAD 1,435,213 10/01/2018 (26,745) (0.02)USD 155,354 CAD 200,000 10/01/2018 (4,289) -USD 5,424,625 CAD 6,916,993 10/01/2018 (96,624) (0.05)USD 1,068,926 CAD 1,366,618 10/01/2018 (21,929) (0.01)USD 507,688 CAD 640,168 10/01/2018 (3,304) -USD 434,225 CAD 557,411 10/01/2018 (10,709) (0.01)USD 1,087,734 EUR 921,341 10/01/2018 (19,068) (0.01)USD 4,355,004 EUR 3,685,213 10/01/2018 (72,024) (0.04)USD 60,077 EUR 50,000 05/02/2018 (87) -USD 59,275 EUR 50,000 10/01/2018 (790) -USD 354,836 EUR 300,000 10/01/2018 (5,552) -USD 5,430,622 EUR 4,614,697 10/01/2018 (112,991) (0.06)USD 3,202,888 EUR 2,698,473 10/01/2018 (38,774) (0.02)USD 1,068,187 EUR 907,029 10/01/2018 (21,422) (0.01)USD 5,416,159 EUR 4,575,993 10/01/2018 (80,958) (0.04)USD 3,183,774 EUR 2,672,947 10/01/2018 (27,224) (0.02)USD 1,507,527 EUR 1,268,166 10/01/2018 (15,914) (0.01)USD 2,201,783 EUR 1,844,651 10/01/2018 (14,187) (0.01)USD 1,953,365 EUR 1,646,630 10/01/2018 (24,723) (0.01)USD 10,829,508 GBP 8,034,600 10/01/2018 (41,663) (0.02)USD 596,598 SEK 4,985,639 10/01/2018 (12,589) (0.01)

Total Unrealised Loss on Forward Foreign Exchange Contracts (967,055) (0.52)

Net Unrealised Loss on Forward Foreign Exchange Contracts (39,827) (0.02)


Australia and New Zealand Bank 24,811 0.01Barclays Bank (25,160) (0.01)Citibank (9,127) (0.01)Deutsche Bank (24,723) (0.01)Goldman Sachs International 73,274 0.04HSBC Bank (130,680) (0.08)National Austrailia Bank (894) -Royal Bank of Canada 92,675 0.05Societe General (14,187) (0.01)Standard Chartered Bank (5,015) -State Street Bank 108,056 0.06Toronto Dominion Bank (140,841) (0.07)UBS 11,984 0.01

(39,827) (0.02)

20

21

Transferable Securities and Money Market Instruments Admitted to an Official ExchangeListing

EquitiesAustraliaGoodman Group REIT AUD 147,007 968,144 0.55

968,144 0.55

AustriaErste Group Bank EUR 15,962 692,031 0.39

692,031 0.39

BelgiumAnheuser-Busch InBev EUR 15,054 1,683,496 0.96

1,683,496 0.96

CanadaCanadian Pacific Railway USD 6,739 1,231,619 0.70TransCanada CAD 57,215 2,793,738 1.59

4,025,357 2.29

ChinaPing An Insurance Group of China -HShares HKD 64,000 666,010 0.38

666,010 0.38

FinlandOutokumpu EUR 116,455 1,082,355 0.62

1,082,355 0.62

FranceAirbus EUR 18,593 1,853,097 1.05AXA EUR 35,422 1,052,097 0.60Sanofi EUR 20,471 1,766,186 1.01Schneider Electric EUR 23,291 1,981,801 1.13Thales EUR 17,605 1,900,071 1.08

8,553,252 4.87

GermanyBayer EUR 10,227 1,277,180 0.73Continental EUR 4,939 1,334,716 0.76Henkel - Preferrence Shares EUR 9,981 1,322,565 0.75Infineon Technologies EUR 46,315 1,269,970 0.72Volkswagen - Preferrence Shares EUR 4,702 939,804 0.54

6,144,235 3.50

IrelandAccenture - AShares USD 13,854 2,120,909 1.21Ryanair Holdings EUR 52,720 952,758 0.54Ryanair Holdings EUR 22,519 408,857 0.23

3,482,524 1.98

ItalyEnel EUR 384,776 2,370,260 1.35

2,370,260 1.35

LuxembourgArcelorMittal EUR 49,562 1,613,723 0.92

1,613,723 0.92

NetherlandsASML Holding EUR 7,480 1,303,735 0.74ING Groep EUR 81,994 1,508,875 0.86

2,812,610 1.60

NorwayNorsk Hydro NOK 120,973 922,160 0.53

922,160 0.53

SingaporeDBS Group Holdings SGD 111,200 2,067,734 1.18

2,067,734 1.18

SpainIndustria de Diseno Textil EUR 30,939 1,079,067 0.61

1,079,067 0.61

SwedenSvenska Handelsbanken AB - AShares SEK 175,986 2,411,680 1.37

2,411,680 1.37

SwitzerlandChubb (The) USD 12,471 1,822,387 1.04Swiss Re CHF 9,138 855,662 0.49Wolseley GBP 19,399 1,398,699 0.79

4,076,748 2.32

United KingdomBritish American Tobacco GBP 23,247 1,578,029 0.90BT Group - AShares GBP 382,015 1,404,066 0.80ITV GBP 237,209 531,064 0.30Prudential GBP 125,257 3,228,706 1.84Rio Tinto GBP 44,048 2,348,877 1.33Standard Chartered GBP 104,921 1,107,211 0.63Vodafone Group GBP 567,929 1,805,425 1.03

12,003,378 6.83

United States of AmericaAdobe Systems USD 10,711 1,876,996 1.07Allergan USD 8,542 1,397,300 0.80Alphabet - AShares USD 7,638 8,045,869 4.58Amazon.com USD 2,820 3,297,905 1.88American International Group USD 20,059 1,195,115 0.68AmerisourceBergen - AShares USD 16,207 1,488,127 0.85Anadarko Petroleum USD 25,715 1,379,353 0.79Apple USD 20,170 3,413,369 1.94Bank of America USD 73,949 2,182,974 1.24BioMarin Pharmaceutical USD 12,378 1,103,746 0.63Bristol-Myers Squibb USD 28,045 1,718,598 0.98Broadcom USD 5,280 1,356,432 0.77Charles Schwab (The) USD 32,176 1,652,881 0.94Charter Communications - AShares USD 7,199 2,418,576 1.38Cigna USD 7,393 1,501,444 0.85Citigroup USD 45,190 3,362,588 1.91Comcast - AShares USD 61,264 2,453,623 1.40Diamondback Energy USD 16,570 2,091,962 1.19DISH Network - AShares USD 41,617 1,987,212 1.13DowDuPont USD 25,566 1,820,811 1.04Eaton USD 18,103 1,430,318 0.81Eli Lilly USD 18,544 1,566,226 0.89EOG Resources USD 23,811 2,569,445 1.46EQT USD 20,797 1,183,765 0.67Facebook - AShares USD 15,017 2,649,900 1.51Honeywell International USD 7,955 1,219,979 0.69Ingersoll-Rand USD 11,293 1,007,223 0.57Intercontinental Exchange USD 19,906 1,404,567 0.80Lowe’s Cos USD 23,409 2,175,632 1.24Microsoft USD 56,306 4,816,415 2.74Molson Coors Brewing - BShares USD 25,308 2,077,028 1.18Mondelez International - AShares USD 57,602 2,465,366 1.40Morgan Stanley USD 42,350 2,222,105 1.27Mosaic (The) USD 41,590 1,067,199 0.61NextEra Energy USD 10,623 1,659,206 0.94NVIDIA USD 2,667 516,065 0.29O’Reilly Automotive USD 8,087 1,945,247 1.11PepsiCo USD 27,787 3,332,217 1.90Pfizer USD 65,906 2,387,115 1.36Pioneer Natural Resources USD 18,993 3,282,940 1.87Shire GBP 33,035 1,742,836 0.99Snap-on USD 6,571 1,145,325 0.65Stanley Black & Decker USD 11,623 1,972,307 1.12Synchrony Financial USD 31,440 1,213,898 0.69Tableau Software - AShares USD 25,789 1,784,599 1.02Texas Instruments USD 21,450 2,240,238 1.28TJX Cos (The) USD 12,432 950,551 0.54T-Mobile US USD 14,994 952,269 0.54Twenty-First Century Fox - AShares USD 51,300 1,771,389 1.01Union Pacific USD 11,310 1,516,671 0.86UnitedHealth Group USD 18,904 4,167,576 2.37Vertex Pharmaceuticals USD 9,239 1,384,557 0.79Visa - AShares USD 29,004 3,307,036 1.88Vornado Realty Trust REIT USD 10,362 810,101 0.46Wells Fargo USD 30,576 1,855,046 1.06Xcel Energy USD 19,648 945,265 0.54Zimmer Biomet Holdings USD 17,377 2,096,883 1.19

116,579,386 66.35

Total Equities 173,234,150 98.60

Total Transferable Securities and Money Market InstrumentsAdmitted to an Official Exchange Listing

173,234,150 98.60

GIM Tokyo Fund - GIM International Equity FundSchedule of InvestmentsAs at 31 December 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

22

Units of authorised UCITS or other collective investment undertakings

Collective Investment Sechemes - UCITSLuxembourgJPMorgan Liquidity Funds - US DollarLiquidity Fund Class X (dist)† USD 188,993 188,993 0.11

188,993 0.11

Total Collective Investment Sechemes - UCITS 188,993 0.11

Total Units of authorised UCITS or other collective investmentundertakings

188,993 0.11


EquitiesRussiaSberbank of Russia USD 83,891 1,428,664 0.81

1,428,664 0.81

Total Equities 1,428,664 0.81

Total Other transferable securities 1,428,664 0.81

Total Investments 174,851,807 99.52

Cash 534,980 0.30

Other Assets /(Liabilities) 312,879 0.18

Total Net Assets 175,699,666 100.00

† Related Party Fund


Geographic Allocation of Portfolio as at 31 December 2017 % of Net AssetsUnited States of America 66.35United Kingdom 6.83France 4.87Germany 3.50Switzerland 2.32Canada 2.29Ireland 1.98Netherlands 1.60Sweden 1.37Italy 1.35Singapore 1.18Luxembourg 1.03Belgium 0.96Russia 0.81Finland 0.62Spain 0.61Australia 0.55Norway 0.53Austria 0.39China 0.38Total Investments 99.52Cash and Other Assets /(Liabilities) 0.48

Total 100.00

Geographic Allocation of Portfolio as at 30 June 2017 (Unaudited) % of Net AssetUnited States of America 58.43United Kingdom 7.69Germany 4.73France 4.53Switzerland 4.09Canada 3.28Luxembourg 3.14Netherlands 2.51Italy 2.02Ireland 1.49Hong Kong 1.28Belgium 1.04Norway 0.99Sweden 0.98Denmark 0.96Singapore 0.85Austria 0.57Australia 0.56South Korea 0.54Total Investments 99.68Cash and Other Assets /(Liabilities) 0.32

Total 100.00

GIM Tokyo Fund - GIM International Equity FundSchedule of Investments (continued)As at 31 December 2017


Quantity/Nominal

Value

MarketValue

USD

%of


Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

GIM Tokyo Fund - GIM International Equity FundSchedule of Investments (continued)As at 31 December 2017Forward Foreign Exchange Contracts


Date


USD

%of

NetAssets

AUD 678,927 USD 528,463 19/03/2018 2,475 -AUD 1,389,223 USD 1,042,888 19/03/2018 43,518 0.03AUD 6,609,184 USD 5,002,530 19/03/2018 166,015 0.09AUD 1,147,642 USD 880,810 19/03/2018 16,674 0.01AUD 1,820,026 USD 1,395,168 19/03/2018 28,137 0.02CAD 10,602,580 USD 8,282,133 19/03/2018 188,072 0.11CAD 419,925 USD 327,526 19/03/2018 7,944 -CAD 393,862 USD 306,576 19/03/2018 8,073 0.01CHF 625,833 USD 638,315 19/03/2018 7,381 -CHF 254,317 USD 258,573 19/03/2018 3,816 -DKK 8,903,878 USD 1,418,518 19/03/2018 24,379 0.01EUR 704,109 GBP 624,064 19/03/2018 3,040 -EUR 352,055 USD 418,247 19/03/2018 6,422 -EUR 2,303,349 USD 2,722,191 19/03/2018 56,240 0.03EUR 218,020 USD 257,559 19/03/2018 5,429 -EUR 914,177 USD 1,102,188 19/03/2018 544 -GBP 354,094 USD 476,904 19/03/2018 3,284 -GBP 1,023,751 USD 1,384,319 19/03/2018 3,995 -GBP 334,137 USD 449,277 19/03/2018 3,848 -SEK 1,975,361 USD 233,910 19/03/2018 8,464 0.01SGD 314,151 USD 232,822 19/03/2018 2,522 -USD 222,593 HKD 1,736,050 19/03/2018 183 -

Total Unrealised Gain on Forward Foreign Exchange Contracts 590,455 0.32

EUR 379,867 CAD 574,503 19/03/2018 (743) -EUR 500,718 CAD 756,615 19/03/2018 (451) -GBP 512,202 EUR 576,233 19/03/2018 (485) -HKD 14,513,271 USD 1,861,872 19/03/2018 (2,541) -USD 373,288 AUD 496,427 19/03/2018 (14,930) (0.01)USD 1,293,882 CAD 1,648,366 19/03/2018 (22,968) (0.01)USD 685,343 CAD 863,401 19/03/2018 (4,412) -USD 462,683 CAD 593,486 19/03/2018 (11,442) (0.01)USD 714,627 CAD 916,413 19/03/2018 (17,478) (0.01)USD 753,128 CHF 740,265 19/03/2018 (10,632) (0.01)USD 914,343 CHF 897,574 19/03/2018 (11,718) (0.01)USD 172,125 DKK 1,078,935 19/03/2018 (2,719) -USD 1,145,387 EUR 965,418 19/03/2018 (19,154) (0.01)USD 3,716,594 EUR 3,131,583 19/03/2018 (60,899) (0.03)USD 628,917 EUR 532,110 19/03/2018 (12,944) (0.01)USD 350,424 EUR 294,313 19/03/2018 (4,593) -USD 1,166,570 EUR 981,587 19/03/2018 (17,476) (0.01)USD 737,140 EUR 616,410 19/03/2018 (6,409) -USD 5,554,690 EUR 4,686,431 19/03/2018 (98,349) (0.06)USD 420,100 GBP 313,371 19/03/2018 (4,864) -USD 534,498 GBP 396,719 19/03/2018 (3,494) -USD 894,525 GBP 664,031 19/03/2018 (5,971) -USD 1,275,589 GBP 945,105 19/03/2018 (6,072) -USD 3,514,762 GBP 2,624,613 19/03/2018 (44,490) (0.02)USD 845,931 NOK 7,022,377 19/03/2018 (14,447) (0.01)USD 2,403,382 SEK 20,133,725 19/03/2018 (66,998) (0.04)USD 1,208,919 SGD 1,632,044 19/03/2018 (13,715) (0.01)

Total Unrealised Loss on Forward Foreign Exchange Contracts (480,394) (0.26)

Net Unrealised Gain on Forward Foreign Exchange Contracts 110,061 0.06


Australia and New Zealand Bank (28,592) (0.02)Barclays Bank 3,848 -BNP Paribas (4,593) -Deutsche Bank 183 -Goldman Sachs International (61,275) (0.03)HSBC Bank 191,658 0.10National Austrailia Bank 81,513 0.05Royal Bank of Canada 12,810 -Societe Generale (7,947) -Standard Chartered Bank (12,400) (0.01)State Street Bank (66,104) (0.03)Toronto Dominion Bank 960 -

110,061 0.06

23

GIM Tokyo Fund

Appendix - Unaudited Additional Disclosures


1. Fund Total Expense Ratios*The Total Expense Ratio (“TER”) represents the total operating cost as a percentage of the Fund’s average daily net assets. The total operating costcomprises management and investment advisory fees, custodian fees, taxe d’abonnement and other expenses, summarised in the Combined Statement ofOperations and Changes in Net Assets. Overdraft interest is excluded from the calculation.

For the Year Ended For the Year Ended For the Year Ended Inception31 December 2017 31 December 2016 31 December 2015 Date

GIM Tokyo Fund - GIM International Bond Fund 0.25% 0.25% 0.25% 5 January 2003

GIM Tokyo Fund - GIM International Equity Fund 0.30% 0.30% 0.30% 5 January 2003

*Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (”TER”) represents the totaloperating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian fees, taxe d’abonnement and otherexpenses, as summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation. The capped expense ratios and total expense ratios forsome unit classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

2. Summary of Investment Objectives of the Sub-Funds

GIM Tokyo Fund – GIM International Bond FundThe objective of the Sub-Fund is to provide high total return consistent with moderate risk of capital, from diversification in global fixed income marketsoutside Japan. Total return consists of realised and unrealised gains and losses plus income.

In seeking to achieve this objective, the Sub-Fund invests primarily in fixed income securities of issuers in developed markets throughout the world,including, but not limited to, debt obligations of governments and their agencies, state and provincial entities, supranational organisations, corporationsand banks.

GIM Tokyo Fund – GIM International Equity FundThe objective of the Sub-Fund is to provide investors with the means of investing in a broadly diversified portfolio of international equity securities excludingJapan. Total return consists of realised and unrealised gains and losses plus income.

The Sub-Fund seeks to achieve its investment objective through country allocation, stock selection and by hedging its currency exposure. The Sub-Fund mayinvest in equity securities consisting of common stocks and other securities with equity characteristics such as convertible securities and warrants.

3. Performance and Volatility

PerformanceReturns for periods greater than one year are annualised. Fund performance includes reinvestment of income and is net of all expenses.

Past performance is no indication of current or future performance.

The performance data does not take into account the commissions and costs incurred on the issue and redemption of units.

VolatilityThe standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial year.

The following details relate to the year from 1 January 2017 to 31 December 2017.

If D is equal to or less than 0.1 then volatility was LowIf D is greater than 0.1 but less or equal to 1.0 then volatility was MediumIf D is greater than 1.0 but less than or equal to 2.4 then volatility was HighIf D is greater than 2.4 then volatility was Very High

Performance 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

GIM Tokyo Fund - GIM International Bond Fund 1.33 4.37 8.49 8.98 4.71 1.53 Medium

GIM Tokyo Fund - GIM International Equity Fund 5.60 11.34 15.04 23.29 15.44 10.17 Medium

4. Interest Rate Received/(Charged) on Bank Accounts

Basis for Bank Interest RatesThe rates are based on the Brown Brothers Harriman Treasury rates and consequently may change on a daily basis. The bank interest amount is posted toeach of the Sub-Fund’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the priormonth.

24

GIM Tokyo Fund

Appendix - Unaudited Additional Disclosures (continued)


5. AIFMD Remuneration DisclosureJPMorgan Asset Management (Europe) S.à r.l. (the “Management Company”) is the authorised manager of GIM Tokyo Fund (the “Company”) and is part of theJ.P. Morgan Chase & Co. group of companies. In this section, the terms “J.P. Morgan” or “Firm” refer to that group, and each of the entities in that groupglobally, unless otherwise specified.

This section of the annual report has been prepared in accordance with the Alternative Investment Fund Managers’ Directive (the “AIFMD”), the EuropeanCommission Delegated Regulation supplementing the AIFMD, and the ‘Guidelines on sound remuneration policies’ issued by the European Securities andMarkets Authority under the AIFMD.

Remuneration PolicyA summary of the Remuneration Policy currently applying to the Management Company (the “Remuneration Policy Statement”) can be found athttp://www.jpmorganassetmanagement.lu/legal/emea-remuneration-policy . This Remuneration Policy Statement includes details of how remunerationand benefits are calculated, including the financial and non-financial criteria used to evaluate performance, the responsibilities and composition of theFirm’s Compensation and Management Development Committee, and the measures adopted to avoid or manage conflicts of interest. A copy of this policycan be requested free of charge from the Management Company.

The Remuneration Policy applies to all employees of the Management Company, including individuals whose professional activities may have a materialimpact on the risk profile of the Management Company or the Alternative Investment Funds it manages (“AIFMD Identified Staff”). The AIFMD Identified Staffinclude members of the Board of the Management Company (the “Board”), senior management, the heads of relevant Control Functions, and holders ofother key functions. Individuals are notified of their identification and the implications of this status on at least an annual basis.

The Board reviews and adopts the Remuneration Policy on an annual basis, and oversees its implementation, including the classification of AIFMD IdentifiedStaff. As at 31 December 2017, the Board last reviewed and adopted the Remuneration Policy in June 2017 with no material changes and was satisfied with itsimplementation.

Quantitative DisclosuresThe table below provides an overview of the aggregate 2017 total remuneration paid to staff of the Management Company and the number of beneficiaries.

Due to the Firm’s operational structure, the information needed to provide a further breakdown of remuneration attributable to the Company is not readilyavailable and would not be relevant or reliable. However, for context, the Management Company manages 3 Alternative Investment Funds (with 9sub-funds) and 8 UCITS (with 170 sub-funds), with a combined AUM as at 31 December 2017 of USD 2,224m and USD 352,485m respectively.

Fixedremuneration

Variableremuneration

Totalremuneration

Number ofbeneficiaries

All staff ($’000s) 41,236 19,359 60,595 332

The aggregate 2017 total remuneration paid to AIFMD Identified Staff was USD 53,149,680, of which USD 7,342,989 relates to Senior Management andUSD 45,806,691 relates to other Identified Staff . (1)

(1) For 2017 the AIFMD Identified Staff disclosures includes employees of companies to which portfolio management has been formally delegated, in line with the latest ESMA guidance.

6. Calculation Method of the Risk Exposure

LeverageGross Method

Maximum LeverageGross Method

LeverageCommitment Method

Maximum LeverageCommitment Method

GIM Tokyo Fund - GIM International Bond Fund 1,000.09% 1,200% 121.14% 300%

GIM Tokyo Fund - GIM International Equity Fund 136.79% 300% 106.86% 250%

25

GIM Tokyo Fund

Appendix - Unaudited Additional Disclosures (continued)


7. Historical Statement of Changes in the Number of Units

Units Outstandingat the Beginning

of the Year Units Subscribed Units Redeemed

Units Outstandingat the End

of the Year


GIM Tokyo Fund - GIM International Bond Fund 1,074,013.996 150,973.698 4,715.929 1,220,271.765

GIM Tokyo Fund - GIM International Equity Fund 674,361.513 7,273.461 215,033.684 466,601.290


GIM Tokyo Fund - GIM International Bond Fund 494,937.887 709,201.459 130,125.350 1,074,013.996

GIM Tokyo Fund - GIM International Equity Fund 1,108,150.820 - 433,789.307 674,361.513

26

Documents

Audited Annual Report G oyo Fund - J.P. Morgan Asset ... Tokyo Funds [A… · Management Company 1 ... supplemented by the latest audited annual report and, if published thereafter,