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| 施罗德亚洲高息股债M(968013) 基金公开信息 | |||||||||
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| 流水号 | 1382949 | ||||||||
| 基金代码 | 968013 | ||||||||
| 公告日期 | 2018-10-31 | ||||||||
| 编号 | 1 | ||||||||
| 标题 | 施罗德亚洲高息股债基金2018半年报 | ||||||||
| 信息全文 | Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 (A Sub-Fund of Schroder Umbrella Fund II) (施罗德伞型基金 II的子基金 ) Annual Report and Financial Statements 年度报告及财务报表 For the year ended 30th June 2018 二零一八年六月三十日止年度 SP_AAIAR_OCT18 Schroder Asian Asset Income Fund (A Sub-Fund of Schroder Umbrella Fund II) Annual Report and Financial Statements June 2018 施罗德亚洲高息股债基金 ( 施罗德伞型基金 II 的子基金 ) 年度报告及财务报表 二零一八年六月 施罗德亚洲高息股债基金 Manager Schroder Investment Management (Hong Kong) Limited Level 33 Two Pacific Place 88 Queensway Hong Kong Telephone: 2521 1633 Hotline: 2869 6968 Fax: 2530 9095 Home Page: http://www.schroders.com.hk Trustee and Registrar HSBC Institutional Trust Services (Asia) Limited 1 Queen’s Road Central Hong Kong Prior to 27 June 2018 Registrar’s Service Provider Schroder Investment Management (Luxembourg) S.A. 5 rue Hohenhof L-1736 Senningerberg Grand Duchy of Luxembourg With effect from 27 June 2018 Registrar’s Service Provider Schroder Investment Management (Europe) S.A. 5 rue Hohenhof L-1736 Senningerberg Grand Duchy of Luxembourg Auditors PricewaterhouseCoopers Certified Public Accountants 22/F Prince’s Building Central Hong Kong 基金管理人 施罗德投资管理（香港）有限公司 香港金钟道88号 太古广场二座33字楼 电话：2521 1633 热线：2869 6968 图文传真：2530 9095 网页：http://www.schroders.com.hk 受托人及注册登记机构 汇丰机构信托服务（亚洲）有限公司 香港中环皇后大道中1号 在二零一八年六月二十七日之前 注册登记机构之服务提供机构 Schroder Investment Management (Luxembourg) S.A. 5 rue Hohenhof L-1736 Senningerberg Grand Duchy of Luxembourg 由二零一八年六月二十七日起生效 注册登记机构之服务提供机构 Schroder Investment Management (Europe) S.A. 5 rue Hohenhof L-1736 Senningerberg Grand Duchy of Luxembourg 审计师 罗兵咸永道会计师事务所 香港 中环太子大厦二十二楼 Schroder Asian Asset Income Fund (A Sub-Fund of Schroder Umbrella Fund II) 施罗德亚洲高息股债基金 （施罗德伞型基金II的子基金） Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 Schroder Asian Asset Income Fund (A Sub-Fund of Schroder Umbrella Fund II) 施罗德亚洲高息股债基金 （施罗德伞型基金II的子基金） Solicitors Deacons 5/F Alexandra House Central Hong Kong Further information Schroders is a Foreign Account Tax Compliance Act (“FATCA”) compliant organisation. Please find the FATCA classification of this entity and its Global Intermediary Identification Number (“GIIN”) below. FATCA entity classification: Nonreporting IGA FFI / Registered Sponsored Invesment Entity Sponsored entity GIIN: IV2GGD.00030.SF.344 Sponsoring entity: Schroder Investment Management (Hong Kong) Limited 律师 的近律师行 香港中环 历山大厦5楼 额外资讯 施罗德乃合规美国《海外帐户税收合规法案》 （「FATCA」）机构。其FATCA类别及其机构的美国 全球中介人识别码（「GIIN」）如下。 FATCA机构类别：在跨政府协议下免申报的海外 金融机构╱注册资助机构 资助机构的GIIN：IV2GGD.00030.SF.344 发行机构：施罗德投资管理（香港）有限公司 Contents 目录 Pages 页次 Manager’s report 基金管理人报告 1 Manager’s certificate 基金管理人证明书 10 Trustee’s report 受托人报告 11 Independent auditor’s report 独立审计报告 12 Statement of financial position 财务状况报表 19 Statement of comprehensive income 综合收益表 21 Statement of changes in net assets attributable to unitholders 归于份额持有人的净资产值的变动表 23 Statement of cash flows 现金流量表 24 Notes to the financial statements 财务报表之附注 26 Investment portfolio (Unaudited) 基金投资组合（未经审核） 128 Investment portfolio movements (Unaudited) 投资组合变动（未经审核） 146 Performance table (Unaudited) 业绩表（未经审核） 162 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 (A Sub-Fund of Schroder Umbrella Fund II) （施罗德伞型基金II的子基金） Reports and Financial Statements 年报及财务报表 For the year ended 30th June 2018 二零一八年六月三十日止年度 1 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 2 Manager’s Report 基金管理人报告 Market Review Global equities posted a quarter of solid gains in Q3 2017 against the backdrop of steady economic growth and benign inflation, backed by positive earnings releases. Although geopolitical concerns surrounding North Korea intensified over the period, the supportive environment allowed investors to overlook the comparatively turbulent geopolitical landscape. Emerging markets recorded the largest gains amid positive sentiment and the recovery of commodity prices, followed by Asia which was supported by the strong performance of Chinese equities on signs of growth momentum picking up. Developed market equities also advanced over the quarter albeit less than emerging markets. US, Europe and Japanese equities all gained by about 5% in local currency terms given robust macroeconomic data and earnings growth across different regions. In fixed income, bond yields fell initially given falling inflation and expectation for central banks to keep monetary policy accommodative. The 10-year US Treasury yield fell from 2.4% to 2.1% at its low, before rebounding to finish the quarter flat at 2.4%. The more hawkish than expected announcement by the US Federal Reserve in September triggered a strong rebound in bond yields. In credit, corporate bonds made positive returns and rose ahead of government bonds, while high yield outperformed investment grade given solid earnings growth and the recovery in commodity prices. Asian bonds and emerging market debt also finished the quarter up in line with their global counterparts, topping gains from dollar weakness and the theme of global synchronised growth. 市场观察 经济增长平稳兼通胀温和，再加上利好业绩公布 支持，环球股市于二零一七年第三季录得稳健进 账。尽管环绕北韩的地缘政治隐忧于期内有所加 剧，投资者在利好环境下并不介怀地缘政治局势 比较动荡。气氛乐观兼商品价格回升，新兴市场 升幅最大，其次是亚洲，支持来自中国股市在增 长动力呈现回勇迹象情况下表现强劲。期内成熟 市场股市亦见上扬，但升幅逊于新兴市场。不同 区域宏观经济数据及盈利增长蓬勃，美欧日股市 以当地货币计都上升约百分之五。固定收益方 面，债券收益率一度因通胀下降及预期多国央行 会维持宽松货币政策而下跌。期内美国十年期债 券收益率由百分之二点四降至百分之二点一低 位，其后反弹至百分之二点四，季末收市持平。 美国联储局于九月份发表的声明较预期强硬，触 发债券收益率强力反弹。信贷方面，企业债券录 得进账，升幅超越政府债券，高收益信贷则因为 盈利增长和商品价格回升而跑赢投资级别。亚洲 债券和新兴市场债务季末亦跟随环球债市而高 收，因美元偏软和环球同步增长主题而录得升 幅。 Manager’s Report 基金管理人报告 Market Review (Continued) Going into the final quarter of 2017, global equities continued its strong run with gains across most markets in Q4. In developed markets, Japan led gains while the yen ended little changed. Positive macroeconomic data and strong corporate earnings were matched by a significant pick-up in foreign inflows after Mr. Abe’s victory in October. This was followed by US equities, which moved higher on the news of the long-awaited tax reform bill, with big permanent cuts for corporations as the centrepiece of the package. On the other hand, despite encouraging earnings in the quarter, European equities saw negative returns amid profit-taking and the expectation of tapering of quantitative easing by the European Central bank (ECB). Emerging market equities outperformed with most of the countries delivering strong returns on the back of increasing investors’ sentiment, earnings growth and a weak US dollar. In fixed income, the 10-year US Treasury yield rose 8bps over the quarter amid growing momentum behind a tax reform bill which is expected to stimulate growth and inflation, while the interest rate hike by the US Fed also put pressure on yields. In credit, corporate bonds finished the quarter with positive total returns, outperforming government bonds. Investment grade credit outperformed high yield as the investors took profit from the latter having reached elevated valuations. Asian bonds and emerging market debt also finished the quarter up, helped by strong investors’ risk appetite and the US dollar weakness. 市场观察（续） 踏入二零一七年第四季，环球股市继续气势如 虹，大部分市场都录得进账。成熟市场当中，日 本升幅领先，日圆收市大致持平。宏观经济数据 利好兼公司业绩彪炳，安倍晋三(Shinzo Abe)十 月份胜出大选后外资流入显著回升。美国升幅次 之，因期待已久的税务改革法案的消息而上扬， 方案重点在于大幅度永久下调企业税。另一方 面，尽管季内业绩令人鼓舞，欧洲股市因获利回 吐及欧洲央行料将撤回量化宽松而录得负回报。 新兴市场股市表现突出，大部分国家都因为投资 情绪日益高涨、盈利增长和美元疲软而录得丰厚 回报。固定收益方面，季内美国十年期债券收益 率升八基点，支持来自税务改革法案料可刺激增 长和通胀，动力日益加强，而美国联储局加息亦 对收益率构成压力。信贷方面，季末企业债券录 得正数总回报，跑赢政府债券。投资级别信贷超 越高收益债券，原因是投资者将估值已届高位的 后者获利回吐。投资者冒险意欲强劲，加上美元 疲软，亚洲债券和新兴市场债务季末收市亦报 升。 3 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 4 Manager’s Report 基金管理人报告 Market Review (Continued) Despite a strong start buoyed by ongoing strength in economic data and the confirmation of US tax reform, markets were weaker in the first quarter of 2018, unnerved by higher-thanexpected inflation data in February and fears over US-China trade sanctions. In developed markets, US equities were among the stronger region despite negative performance in absolute terms. It was followed by European equities, as softer macroeconomic data weighed on sentiment. Japanese equities fell the most in major developed markets on global trade tensions and a stronger Yen. On the other hand, Asian and emerging markets registered positive gains in the first quarter in spite of the pick-up in market volatility. Chinese equities also generated modest gains but still managed to finish ahead of the broad market as macroeconomic data was more resilient than expected. Thailand, Malaysia and Taiwan were the other outperformers in Asia. In bond markets, government yields rose markedly over the quarter. US 10-year Treasury yields rose by 33bps and the yield curve continued to flatten modestly, with shorter-dated maturities further impacted by the March rate hike and substantial issuance. In credit, corporate bonds declined and underperformed government bonds, as volatility in the equity market spilt over into credit spread, while investment grade credit saw larger negative returns than high yield, as the latter is less affected by the change in base yields. Elsewhere, emerging local currency sovereign bonds made strong gains as the US dollar weakened, but hard currency sovereign and corporate bonds suffered from both rising base yield and widening spreads. 市场观察（续） 尽管二零一八年首季市场因经济数据持续强势和 美国税务改革获确定而旗开得胜，但二月份却因 为通胀数据高于预期以及美国对中国实施贸易制 裁以致其后表现偏软。成熟市场方面，尽管以绝 对值计报跌，美股却属表现较强区域。欧洲股市 居次，原因是宏观经济数据回软令气氛受压。日 股在主要成熟市场当中因为环球贸易关系紧张和 日圆走强而录得最大跌幅。另一方面，纵使市场 波幅回升，亚洲和新兴市场于第一季仍有进账。 中资股亦有温和升幅，由于宏观经济数据较预期 强韧，收市仍能超越整体市场。其他表现突出的 亚洲市场有泰国、马来西亚及台湾。债市方面， 季内政府债券收益率显著上扬。季内美国十年期 国库券收益率升三十三基点，收益曲线持续略为 平缓，较短期债券则因为三月份加息和大量发行 而进一步受冲击。信贷当中，企业债券下跌且落 后政府债券，原因是股市波动殃及信贷利差，而 投资级别信贷跌势较高收益债券严重，因为后者 较少受到基本收益率变动影响。其他方面，新兴 市场当地货币主权债券因为美元回软而大幅上 升，但硬货币主权债券和企业债券却受到基本收 益率上升和利差扩大两方面夹攻。 Manager’s Report 基金管理人报告 Market Review (Continued) Moving onto the second quarter of 2018, global equities managed to make gains against a volatile geopolitical backdrop supported by resilient economic and earnings data. In developed markets, US equities were the top performer given the support from positive earnings momentum and robust economic data which outshone the China-US trade posturing. Consumer confidence remained strong and retail sales suggested a rebound in consumption. Eurozone equities also posted positive returns in Euro terms with the energy and technology sectors leading gains. However, the market was down in USD terms given the depreciation of the Euro. Similarly, Japanese equities in JPY were up slightly but lost value in USD terms. On the other hand, emerging markets underperformed and declined with US dollar strength a significant headwind. Escalating trade tensions led to concern over the impact on global trade, contributing to weakness across the region. Asian markets which are the most exposed to a slowdown in global trade were especially vulnerable. In bond markets, government bond yields rose significantly in April before risk aversion led to the buying of perceived safe havens. The US 10-year Treasury yields rose +12bps as the US Federal Reserve raised interest rates twice over the quarter as expected. Global corporate bonds made negative total returns and underperformed government bonds on widening spreads given concerns on growth. Both investment grade and high yield credit fell. Elsewhere, emerging market bonds had a difficult quarter, particularly local currency bonds which were hurt by the strengthening US dollar. 市场观察（续） 到二零一八年第二季，有赖强韧经济及盈利数据 支持，环球股市即使地缘政治局势动荡仍能获 利。成熟市场方面，美股表现独占鳌头，盈利动 力充沛及经济数据蓬勃，令人忽略了中美在贸易 上各摆姿态的影响。消费信心依然高涨，零售销 售额亦暗示消费反弹。欧元区股市以欧元计亦录 得进账，能源及科技股升势领先。然而，由于欧 元下跌，以致股市以美元计下挫。同样，日本股 市以日圆计微升，以美元计却见贬值。另一方 面，新兴市场表现逊色兼报跌，美元强势乃重大 利淡因素。贸易关系日趋紧张令市场关注对环球 贸易构成冲击，导致区内市场全线偏软。在环球 贸易放缓下首当其冲的亚洲市场尤其易跌难升。 债券市场方面，四月份政府债券收益率显著上 升，其后避险心态驱使投资者买入心目中的避险 对象。美国联储局一如预期于季内两度加息，美 国十年期国库券收益率升十二基点。增长隐忧导 致利差扩大，以致环球企业债券录得负数总回 报，落后政府债券。投资级别和高收益债券信贷 同告下跌。其他方面，新兴市场债券季内表现失 利，当地货币债券尤其因美元日益走强而受挫。 5 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 6 Outlook We have downgraded our view on equities from positive to neutral given the uncertainty surrounding the synchronised global growth environment. The recent weakness in macroeconomic indicators from Europe, Japan and emerging markets has cast doubts on where we are in terms of the economic cycle. While our central case remains that this is just a mid-cycle slowdown, we cannot afford to be complacent given where market valuation is; hence we increased equity protection and lowered physical equity exposures. We are waiting for further evidence (e.g. macroeconomic growth indicators, economic surprise index, etc.) to confirm that global growth remains strong, and we will look to re-allocate back to equities to capture better market valuation. On the other hand, inflationary pressure remains, especially given the strong oil price and rising wage pressure. This does not bode well for fixed income as an asset class. In terms of currency, we continue to hold a short-term tactical positive view on US dollar, which should provide the portfolio with some diversification amid rising volatility. Although we maintain the view that the US dollar would run out of steam in the longer term due to a high current account and fiscal deficit, the macroeconomic growth divergence and ongoing trade tensions may result in the greenback strength running for longer than anticipated. Manager’s Report 基金管理人报告 展望 基于环球同步增长形势欠明朗，我们已将对股市 的看法由正面降至中性。近期欧洲、日本和新兴 市场宏观经济指标疲软，已令我们对当前究竟处 于经济周期中哪个阶段产生疑问。尽管我们的基 本设想仍维持这不过是周期中段的放缓，但以现 水平市场估值衡量，我们绝不能掉以轻心；因 此，我们加强股票保障，并减持实质股票持仓。 我们观望进一步迹象（例如：宏观经济增长指 标、经济意外指数等）以确认环球增长依然强 劲，而我们会伺机对股市作重新配置，以把握较 佳的市场估值。另一方面，通胀压力仍然存在， 特别是油价强劲而且工资压力日益加剧。这种情 况不利于固定收益这个资产类别。货币方面，我 们继续对美元采取短线战术正面看法，应可在波 幅加剧下为组合提供某程度的分散风险作用。尽 管我们依然认为美元长远而言会因为经常账及财 政赤字高企而失去动力，但宏观经济增长分化和 贸易关系持续紧张仍有可能导致美元强势比预期 持久。 Manager’s Report 基金管理人报告 展望（续） 中美贸易关系紧张局势不断升级，形势更添不明 朗，政治和保护主义已备受关注，成为左右市场 及投资意欲的主要因素。即使首批关税措施已生 效，我们的基本设想仍是全面、极具破坏力的贸 易战并不符合任何人的利益。由于迄今已公布的 关税范围相当狭窄，因此亚洲盈利的真正风险仍 然难以衡量。虽然如此，我们维持区内经济基本 因素依然良好的看法。再者，基于收入来源集中 本土兼具防守本质，纵使爆发贸易冲突，我们的 股票组合所受影响应该较为轻微。由行业观点出 发，我们的策略大致不变。我们继续减持电讯 股，同时分散投资于香港地产╱房地产投资信托 (REITs)等其他行业。金融股方面，我们对部分跑 赢大市的对象作选择性获利回吐。波动加剧意味 著此后强劲现金流和较吸引估值将会更为重要。 因此，财力雄厚兼基本面稳健的优质公司若可提 供持续股息收益，仍会是本策略的目标。 Outlook (Continued) With escalating trade tensions between US and China, politics and protectionism have taken centre stage as key drivers of markets and investor sentiment amidst a sense of heightened uncertainty. Even with the first set of tariffs having taken effect, our base case remains that a wide-ranging, very destructive trade war is not in anyone’s interest. The real risk to Asian earnings remains hard to gauge given that the announced tariffs to date are fairly narrow in scope. Nonetheless, we maintain the view that economic fundamentals within the region are in still intact. Furthermore, our equity portfolio is likely to be less affected by any trade conflicts due to the domestically focused revenue source and defensive nature of our holdings. From a sector perspective, our strategy remains largely unchanged. We continue to reduce the exposure to telecom while diversifying into other sectors such as HK properties/REITs. For financials, we are selectively taking profit on some names which have outperformed. The higher volatility means that strong cash-flows and more attractive valuation will become more important going forward. Hence high-quality companies with robust balance sheets and solid fundamentals offering sustainable dividend yields will continue to be the focus of our strategy. 7 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 8 Manager’s Report 基金管理人报告 Outlook (Continued) Going into the second half of the year, we expect to see further tightening of financial conditions in developed markets and emerging markets. Many central banks in the region have started raising interest rates this year including Malaysia, the Philippines and India to defend their currency against a stronger dollar. Amid the backdrop of monetary tightening, we kept a low duration exposure in order to reduce the impact of rising yields in the portfolio. We have also taken profit in convertibles to reduce potential effects from equity market volatility and maintained CDS in the portfolio as a hedging instrument to actively manage risks. Although technical support for Asian credit remains stronger within the emerging market universe, we expect spreads to remain under pressure given lower investors’ appetite. We will look into adding back to Asian USD credit which now offers compelling valuation and attractive entry points. 展望（续） 踏入下半年，预料成熟市场和新兴市场的银根都 会进一步收紧。今年区内多间央行（包括马来西 亚、菲律宾和印度）已针对美元走强而开始加 息，以捍卫其货币。在收紧银根形势下，我们维 持短久期部署，以减轻组合收益率上升的影响。 我们并已将可换股债券沽出获利，以减轻股市波 动可能造成的影响，并维持组合的信贷违约掉期 (CDS)作为对冲工具，以主动管理风险。尽管亚 洲信贷在新兴市场范畴内仍有较强技术支持，基 于投资者意兴阑珊，预料利差仍会受压。现时亚 洲美元信贷可提供具吸引力的估值和入市价位， 我们将会伺机重新增持。 As at 30th June 2018, the Fund size was HK$39,323,917,498, represent by units as below: Class A Units HKD Accumulation Units 2,257,901.29 HKD Distribution Units 112,970,964.16 USD Accumulation Units 10,432,193.81 USD Distribution Units 185,734,129.28 AUD Hedged Distribution Units 75,242,159.73 RMB Hedged Distribution Units 39,607,249.52 GBP Hedged Accumulation Units 37,089.07 GBP Hedged Distribution Units 382,119.84 Class C HKD Accumulation Units 248,179.06 HKD Distribution Units 479,564.73 USD Accumulation Units 7,238,439.17 USD Distribution Units 205,811.49 AUD Hedged Distribution Units 777.64 Class I USD Accumulation Units 1,556,301.79 USD Distribution Units 5,115,698.44 Class M RMB Hedged Accumulation Units 8,033,883.68 截 至 二 零 一 八 年 六 月 三 十 日， 基 金 总 值 39,323,917,498港元，发行份额如下： A 类别 份额数量 港元累积份额 2,257,901.29 港元收息份额 112,970,964.16 美元累积份额 10,432,193.81 美元收息份额 185,734,129.28 澳元对冲收息份额 75,242,159.73 人民币对冲收息份额 39,607,249.52 英镑对冲累积份额 37,089.07 英镑对冲收息份额 382,119.84 C 类别 港元累积份额 248,179.06 港元收息份额 479,564.73 美元累积份额 7,238,439.17 美元收息份额 205,811.49 澳元对冲收息份额 777.64 I类别 美元累积份额 1,556,301.79 美元收息份额 5,115,698.44 M类别 人民币对冲累积份额 8,033,883.68 Manager’s Report 基金管理人报告 9 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 10 The prices of units were: NET ASSET VALUE PER UNIT Class A HKD Accumulation Units HK$147.2493 HKD Distribution Units HK$102.5489 USD Accumulation Units US$14.6154 USD Distribution Units US$10.1787 AUD Hedged Distribution Units AU$9.4895 RMB Hedged Distribution Units RMB96.6580 GBP Hedged Accumulation Units GBP10.4026 GBP Hedged Distribution Units GBP9.7897 Class C HKD Accumulation Units HK$154.8634 HKD Distribution Units HK$107.8884 USD Accumulation Units US$13.7465 USD Distribution Units US$10.3180 AUD Hedged Distribution Units AU$9.6361 Class I USD Accumulation Units US$14.0525 USD Distribution Units US$12.3561 Class M RMB Hedged Accumulation Units RMB116.7020 Schroder Investment Management (Hong Kong) Limited 15th October 2018 Manager’s Report 基金管理人报告 基金份额价格如下： 每份额净资产 A类别 港元累积份额 147.2493港元 港元收息份额 102.5489港元 美元累积份额 14.6154美元 美元收息份额 10.1787美元 澳元对冲收息份额 9.4895澳元 人民币对冲收息份额 96.6580人民币 英镑对冲累积份额 10.4026英镑 英镑对冲收息份额 9.7897英镑 C类别 港元累积份额 154.8634港元 港元收息份额 107.8884港元 美元累积份额 13.7465美元 美元收息份额 10.3180美元 澳元对冲收息份额 9.6361澳元 I类别 美元累积份额 14.0525美元 美元收息份额 12.3561美元 M类别 人民币对冲累积份额 116.7020人民币 施罗德投资管理（香港）有限公司 二零一八年十月十五日 Manager’s Certificate 基金管理人证明書 We, as Manager of the Schroder Asian Asset Income Fund (the “Fund”), a sub-fund of Schroder Umbrella Fund II, hereby certify to the best of our knowledge and belief that during the year from 1st July 2017 to 30th June 2018, we have not, nor has any other person acting on our behalf: (a) transferred units to another person for sale, resale, cancellation or subsequent transfer to us for sale, resale or cancellation; (b) acquired or disposed of investments for account of the Fund other than through a recognised securities market; (c) disposed of units to another person for a price lower than the current issue price at the time of disposal; (d) acquired units for a price higher than the current realisation price at the time of such acquisition. For and on behalf of Schroder Investment Management (Hong Kong) Limited 15th October 2018 本公司为施罗德亚洲高息股债基金（「基金」）（施 罗德伞型基金II之子基金）基金管理人，谨证明 由二零一七年七月一日至二零一八年六月三十日 止年度间本基金管理人以及任何代表基金管理人 或其允许之人士均无： (a) 转让份额予其他人士作出售、转售或取消， 或其后转让予本基金管理人作出售、转售或 取消； (b) 在认可之证券交易市场以外买卖本基金之投 资； (c) 以低于当时发行价之价格出售份额； (d) 以高于当时赎回价之价格购入份额。 代表 施罗德投资管理（香港）有限公司 二零一八年十月十五日 11 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 12 Trustee’s Report 受托人报告 We hereby confirm that, in our opinion, the Manager has, in all material respects, managed the Schroder Asian Asset Income Fund, a sub-fund of Schroder Umbrella Fund II, in accordance with the provisions of the Trust Deed dated 8th October 2010, as amended (the “Trust Deed”), for the year ended 30th June 2018. HSBC Institutional Trust Services (Asia) Limited 15th October 2018 本受托人谨确认基金管理人截至二零一八年六月 三十日止年度间在各个重要方面均依照二零一零 年十月八日所订立之信托契约（经修订）之条款管 理施罗德亚洲高息股债基金（施罗德伞型基金II 之子基金）。 汇丰机构信托服务（亚洲）有限公司 二零一八年十月十五日 Report on the Audit of the Financial Statements Opinion What we have audited The financial statements of Schroder Asian Asset Income Fund (the “Fund”), a sub-fund of Schroder Umbrella Fund II, set out on pages 19 to 127, which comprise: – the statement of financial position as at 30th June 2018; – the statement of comprehensive income for the year then ended; – the statement of changes in net assets attributable to unitholders for the year then ended; – the statement of cash flows for the year then ended; and – the notes to the financial statements, which include a summary of significant accounting policies. Our opinion In our opinion, the financial statements give a true and fair view of the financial position of the Fund as at 30th June 2018, and of its financial transactions and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). 就财务报表审计作出的报告 意见 我们已审计的内容 施罗德亚洲高息股债基金（施罗德伞型基金II之 子基金）（以下简称「基金」）列载于第十九至 一百二十七页的财务报表，包括： － 于二零一八年六月三十日的财务状况报表； － 截至该日止年度的综合收益表； － 截至该日止年度的归于份额持有人的净资产 值的变动表； － 截至该日止年度的现金流量表；及 － 财务报表附注，包括主要会计政策概要。 我们的意见 我们认为，该等财务报表已根据香港会计师公会 颁布的《香港财务报告准则》真实而中肯地反映了 基金于二零一八年六月三十日的财务状况及其截 至该日止年度的财务表现及现金流量。 Independent Auditor’s Report To the Unitholders of Schroder Asian Asset Income Fund (a sub-fund of Schroder Umbrella Fund II) 独立审计报告 致施罗德亚洲高息股债基金 （施罗德伞型基金II之子基金） 份额持有人 13 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 14 Independent Auditor’s Report To the Unitholders of Schroder Asian Asset Income Fund (a sub-fund of Schroder Umbrella Fund II) (Continued) 独立审计报告 致施罗德亚洲高息股债基金 （施罗德伞型基金II之子基金） 份额持有人（续） Basis for Opinion We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the 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. Independence We are independent of the Fund in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. Other Information The Trustee and the Manager (together the “Management”) of the Fund are responsible for the other information. The other information comprises all of the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 意见的基础 我们已根据香港会计师公会颁布的《香港审计准 则》进行审计。我们在该等准则下承担的责任已 在本报告「审计师就审计财务报表承担的责任」部 分中作进一步阐述。 我们相信，我们所获得的审计凭证能充足及适当 地为我们的审计意见提供基础。 独立性 根据香港会计师公会颁布的《专业会计师道德守 则》（以下简称「守则」），我们独立于基金，并已 履行守则中的其他专业道德责任。 其他信息 基金的受托人及经理（合称为「管理层」）须对其 他信息负责。其他信息包括年报内的所有信息， 但不包括财务报表及我们的审计报告。 我们对财务报表的意见并不涵盖其他信息，我们 亦不对该等其他信息发表任何形式的鉴证结论。 Other Information (Continued) In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management for the Financial Statements The Management of the Fund is responsible for the preparation of the financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA, and for such internal control as the Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Management of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the Fund or to cease operations, or have no realistic alternative but to do so. 其他信息（续） 结合我们对财务报表的审计，我们的责任是阅读 其他信息，在此过程中，考虑其他信息是否与财 务报表或我们在审计过程中所了解的情况存在重 大抵触或者似乎存在重大错误陈述的情况。 基于我们已执行的工作，如果我们认为其他信息 存在重大错误陈述，我们需要报告该事实。在这 方面，我们没有任何报告。 管理层就财务报表须承担的责任 基金的管理层须负责根据香港会计师公会颁布的 《香港财务报告准则》拟备真实而中肯的财务报 表，并对其认为为使财务报表的拟备不存在由于 欺诈或错误而导致的重大错误陈述所需的内部控 制负责。 在拟备财务报表时，基金的管理层负责评估基金 持续经营的能力，并在适用情况下披露与持续经 营有关的事项，以及使用持续经营为会计基础， 除非管理层有意将贵基金清盘或停止经营，或别 无其他实际的替代方案。 Independent Auditor’s Report To the Unitholders of Schroder Asian Asset Income Fund (a sub-fund of Schroder Umbrella Fund II) (Continued) 独立审计报告 致施罗德亚洲高息股债基金 （施罗德伞型基金II之子基金） 份额持有人（续） 15 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 16 Responsibilities of Management for the Financial Statements (Continued) In addition, the Management of the Fund is required to ensure that the financial statements have been properly prepared in accordance with the relevant disclosure provisions of the Trust Deed dated 8th October 2010, as amended (the “Trust Deed”) and Appendix E of the Code on Unit Trusts and Mutual Funds issued by the Hong Kong Securities and Futures Commission (the “SFC Code”). Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives 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 auditor’s report that includes our opinion. We report our opinion solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs 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. In addition, we are required to assess whether the financial statements of the Fund have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and Appendix E of the SFC Code. 管理层就财务报表须承担的责任（续） 此外，基金的管理层须确保财务报表已根据二零 一零年十月八日订立的信托契约（经修订）（「信托 契约」）的相关披露条文，以及香港证券及期货事 务监察委员会颁布的《单位信托及互惠基金守则》 附录E（「证监会守则」）的相关披露条文而妥为编 制。 审计师就审计财务报表承担的责任 我们的目标，是对财务报表整体是否不存在由于 欺诈或错误而导致的重大错误陈述取得合理保 证，并出具包括我们意见的审计报告。我们仅向 份额持有人（作为整体）报告我们的意见，除此之 外本报告别无其他目的。我们不会就本报告的内 容向任何其他人士负上或承担任何责任。合理保 证是高水平的保证，但不能保证按照《香港审计 准则》进行的审计，在某一重大错误陈述存在时 总能发现。错误陈述可以由欺诈或错误引起，如 果合理预期它们单独或汇总起来可能影响财务报 表使用者依赖财务报表所作出的经济决定，则有 关的错误陈述可被视作重大。此外，我们需要评 估基金的财务报表是否已根据信托契约的相关披 露条文及证监会守则附录E而妥为编制。此外， 我们需要评估基金的财务报表是否已根据信托契 约的相关披露条文及证监会守则附录E 而妥为编 制。 Independent Auditor’s Report To the Unitholders of Schroder Asian Asset Income Fund (a sub-fund of Schroder Umbrella Fund II) (Continued) 独立审计报告 致施罗德亚洲高息股债基金 （施罗德伞型基金II之子基金） 份额持有人（续） Auditor’s Responsibilities for the Audit of the Financial Statements (Continued) As part of an audit in accordance with HKSAs, 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 Management. 审计师就审计财务报表承担的责任（续） 在根据《香港审计准则》进行审计的过程中，我们 运用了专业判断，保持了专业怀疑态度。我们 亦： － 识别和评估由于欺诈或错误而导致财务报表 存在重大错误陈述的风险，设计及执行审计 程序以应对这些风险，以及获取充足和适当 的审计凭证，作为我们意见的基础。由于欺 诈可能涉及串谋、伪造、蓄意遗漏、虚假陈 述，或凌驾于内部控制之上，因此未能发现 因欺诈而导致的重大错误陈述的风险高于未 能发现因错误而导致的重大错误陈述的风 险。 － 了解与审计相关的内部控制，以设计适当的 审计程序，但目的并非对基金内部控制的有 效性发表意见。 － 评价管理层所采用会计政策的恰当性及作出 会计估计和相关披露的合理性。 Independent Auditor’s Report To the Unitholders of Schroder Asian Asset Income Fund (a sub-fund of Schroder Umbrella Fund II) (Continued) 独立审计报告 致施罗德亚洲高息股债基金 （施罗德伞型基金II之子基金） 份额持有人（续） 17 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 18 Auditor’s Responsibilities for the Audit of the Financial Statements (Continued) – Conclude on the appropriateness of the Management’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 auditor’s 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 auditor’s 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 fair presentation. We communicate with the Management 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. 审计师就审计财务报表承担的责任（续） － 对管理层采用持续经营会计基础的恰当性作 出结论。根据所获取的审计凭证，确定是否 存在与事项或情况有关的重大不确定性，从 而可能导致对基金的持续经营能力产生重大 疑虑。如果我们认为存在重大不确定性，则 有必要在审计报告中提请使用者注意财务报 表中的相关披露。假若有关的披露不足，则 我们应当发表非无保留意见。我们的结论是 基于审计报告日止所取得的审计凭证。然 而，未来事项或情况可能导致基金不能持续 经营。 － 评价财务报表的整体列报方式、结构和内 容，包括披露，以及财务报表是否中肯反映 交易和事项。 除其他事项外，我们与管理层沟通了计划的审计 范围、时间安排、重大审计发现等，包括我们在 审计中识别出内部控制的任何重大缺陷。 Independent Auditor’s Report To the Unitholders of Schroder Asian Asset Income Fund (a sub-fund of Schroder Umbrella Fund II) (Continued) 独立审计报告 致施罗德亚洲高息股债基金 （施罗德伞型基金II之子基金） 份额持有人（续） Report on Matters under the Relevant Disclosure Provisions of the Trust Deed and Appendix E of the SFC Code In our opinion, the financial statements have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and Appendix E of the SFC Code. PricewaterhouseCoopers Certified Public Accountants Hong Kong, 15th October 2018 就信托契约的相关披露条文及证监会守则附录E 的有关披露规定之事项作出的报告 我们认为，财务报表已在所有重大方面根据信托 契约及证监会守则附录E 的相关披露条文而妥为 编制。 罗兵咸永道会计师事务所 执业会计师 香港，二零一八年十月十五日 Independent Auditor’s Report To the Unitholders of Schroder Asian Asset Income Fund (a sub-fund of Schroder Umbrella Fund II) (Continued) 独立审计报告 致施罗德亚洲高息股债基金 （施罗德伞型基金II之子基金） 份额持有人（续） 19 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 20 Statement of Financial Position 财务状况报表 As at 30th June 2018 截至二零一八年六月三十日 Note 附注 2018 HK$ 二零一八年 港元 2017 HK$ 二零一七年 港元 ASSETS 资产 Current assets 流动资产 Investments 投资 3(b) 37,644,430,585 36,167,685,217 Derivative financial instruments 衍生金融工具 3(b), 5 160,319,789 88,609,781 Amounts receivable on disposal of investments 应收出售投资款项 850,563,232 20,588,988 Amounts receivable on subscription of units 应收认购份额款项 182,423,781 310,846,218 Dividends receivable 应收股息 121,069,407 107,959,456 Interest receivable on debt securities 应收债务证券利息 167,815,071 150,928,657 Interest receivable on bank deposits 应收存款利息 14,024 3,153 Other receivables and prepayments 其他应收款项及预付款项 40,706 1,502,940 Margin deposits 保证金 6 165,782,985 38,564,078 Cash collateral 现金抵押品 9,414,540 7,962,579 Cash and bank deposits 现金及银行存款 9 996,995,702 823,279,788 Total assets 资产总计 40,298,869,822 37,717,930,855 Statement of Financial Position (Continued) 财务状况报表（续） As at 30th June 2018 截至二零一八年六月三十日 Note 附注 2018 HK$ 二零一八年 港元 2017 HK$ 二零一七年 港元 LIABILITIES 负债 Current liabilities 流动负债 Derivative financial instruments 衍生金融工具 3(b), 5 330,231,806 124,446,732 Amounts payable on purchase of investments 应付认购投资款项 89,784,968 22,573,248 Amounts payable on redemption of units 应付赎回份额款项 313,584,612 385,877,289 Distributions payable 应付股息 146,564,593 146,584,991 Other payables 其他应付款项 94,786,345 77,843,041 Liabilities (excluding net assets attributable to unitholders) 负债合计（除归于份额持有人的净资产） 974,952,324 757,325,301 Net assets attributable to unitholders 归于份额持有人的净资产 11 39,323,917,498 36,960,605,554 For and on behalf of 代表 For and on behalf of 代表 Schroder Investment Management HSBC Institutional Trust Services (Asia) Limited (Hong Kong) Limited 汇丰机构信托服务（亚洲）有限公司 施罗德投资管理（香港）有限公司 The notes on pages 26 to 127 are an integral part of these financial statements. 第二十六至一百二十七页之附注乃属本财务报表之一部份。 21 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 22 Statement of Comprehensive Income 综合收益表 For the year ended 30th June 2018 二零一八年六月三十日止年度 Note 附注 2018 HK$ 二零一八年 港元 2017 HK$ 二零一七年 港元 Income 收入 Dividends 股息 1,273,006,338 1,081,317,038 Interest on bank deposits 存款利息 9(i) 3,092,855 645,288 Interest on debt securities 债务证券利息 682,537,704 441,065,568 Net realised gains on investments and derivative financial instruments 投资及衍生金融工具的已变现净收益 1,153,132,911 93,240,274 Net change in unrealised appreciation/ depreciation in value of investments and derivative financial instruments 投资及衍生金融工具的未变现增值╱贬值 (2,023,178,564) 1,763,117,484 Net exchange gains/(losses) 汇兑净收益╱（亏损） 9,205,683 (23,830,034) Other income 其他收入 1,198,992 1,774,766 Total net income 总净收入 1,098,995,919 3,357,330,384 Expenses 支出 Management fee 管理费用 7 479,982,088 434,150,642 Trustee fee 受托人费用 7 27,648,460 24,872,536 Safe custody and bank charges 代管费用及银行费用 10,576,313 10,965,385 Auditor’s remuneration 审计机构服务费 238,919 253,920 Legal and other professional fees 法律及专业费用 562,022 1,999,321 Other operating expenses 其他经营费用 80,007,964 72,525,658 Total operating expenses 总经营费用 599,015,766 544,767,462 Note 附注 2018 HK$ 二零一八年 港元 2017 HK$ 二零一七年 港元 Operating profit 营运利润 499,980,153 2,812,562,922 Finance cost 财务成本 Distributions to unitholders 对份额持有人派发股息 8 (1,801,928,499) (1,747,839,097) (Loss)/profit after distribution and before tax 派发股息后及预扣税项前之（损失）╱盈利 (1,301,948,346) 1,064,723,825 Withholding tax 预扣税项 (96,714,992) (87,118,734) Capital gain tax 资本收益税 (6,464,272) (1,786,172) (Decrease)/increase in net assets attributable to unitholders 归于份额持有人的净资产之（减少）╱增加 (1,405,127,610) 975,818,919 The notes on pages 26 to 127 are an integral part of these financial statements. 第二十六至一百二十七页之附注乃属本财务报表之一部份。 Statement of Comprehensive Income (Continued) 综合收益表（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 23 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 24 Statement of Changes in Net Assets Attributable to Unitholders 归于份额持有人的净资产值的变动表 For the year ended 30th June 2018 二零一八年六月三十日止年度 Note 附注 2018 HK$ 二零一八年 港元 2017 HK$ 二零一七年 港元 Balance at the beginning of the year 年初余额 36,960,605,554 29,720,258,840 Proceeds from subscription of units 认购份额收入 11 27,950,148,336 32,265,700,783 Payments on redemption of units 赎回份额支出 11 (24,181,708,782) (26,001,172,988) 3,768,439,554 6,264,527,795 (Decrease)/increase in net assets attributable to unitholders 归于份额持有人的净资产之（减少）╱增加 (1,405,127,610) 975,818,919 Balance at the end of the year 年终余额 39,323,917,498 36,960,605,554 The notes on pages 26 to 127 are an integral part of these financial statements. 第二十六至一百二十七页之附注乃属本财务报表之一部份。 Note 附注 2018 HK$ 二零一八年 港元 2017 HK$ 二零一七年 港元 Cash flows from operating activities 经营活动之现金流量 (Decrease)/increase in net assets attributable to unitholders 归于份额持有人的净资产之（减少）╱增加 (1,405,127,610) 975,818,919 Adjustments for 调整： – Dividends 股息 (1,273,006,338) (1,081,317,038) – Interest on bank deposits 存款利息 (3,092,855) (645,288) – Interest on debt securities 债务证券利息 (682,537,704) (441,065,568) – Capital gain tax 资本收益税 6,464,272 1,786,172 – Withholding tax 预扣税项 96,714,992 87,118,734 – Other income 其他收入 (1,198,992) (1,774,766) – Distributions to unitholders 对份额持有人派发股息 1,801,928,499 1,747,839,097 – Net exchange (gains)/losses 汇兑净（收益）╱亏损 (9,205,683) 23,830,034 Operating (loss)/profit before working capital changes 营运资本转变前之经营（亏损）╱盈利 (1,469,061,419) 1,311,590,296 Net increase in investments and derivative financial instruments 投资及衍生金融工具之增加净额 (1,342,670,302) (7,672,546,575) Net (increase)/decrease in margin deposits – restricted 受限制保证金之（增加）╱减少净额 (148,891,389) 34,119,339 Increase in cash collateral 现金抵押品之增加 (1,451,961) (7,962,579) Increase/(decrease) in amounts payable on purchase of investments 应付认购投资款项之增加╱（减少） 67,211,720 (158,515,944) Increase in other payables 其他应付款项之增加 16,943,304 27,684,866 (Increase)/decrease in amounts receivable on disposal of investments 应收出售投资款项之（增加）╱减少 (829,974,244) 145,154,094 Decrease/(increase) in other receivables and prepayments 其他应收款项及预付款项之减少╱（增加） 1,462,234 (520,379) Cash used in operations 经营所使用之现金 (3,706,432,057) (6,320,996,882) Statement of Cash Flows 现金流量表 For the year ended 30th June 2018 二零一八年六月三十日止年度 25 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 26 Notes to the Financial Statements Statement of Cash Flows (Continued) 财务报表之附注 现金流量表（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Note 附注 2018 HK$ 二零一八年 港元 2017 HK$ 二零一七年 港元 Dividends received 收到的股息 1,167,900,495 1,012,100,910 Taxation paid 已付税项 (6,464,272) (1,786,172) Interest on bank deposits received 收到的存款利息 3,079,421 639,405 Interest on debt securities received 收到的债务证券利息 660,934,753 412,495,792 Other income 其他收入 1,198,992 1,774,766 Net cash used in operating activities 经营业务所运用之现金净额 (1,879,782,668) (4,895,772,181) Cash flows from financing activities 融资活动之现金流量 Distributions paid to unitholders 支付给份额持有人之股息 (1,801,948,897) (1,726,962,807) Proceeds from subscription of units 认购份额所得款项 28,078,570,773 32,105,820,487 Payments on redemption of units 赎回份额支付款项 (24,254,001,459) (25,786,434,554) Net cash generated from financing activities 融资活动所产生之现金净额 2,022,620,417 4,592,423,126 Net increase/(decrease) in cash and cash equivalents 现金及现金等价物之净增加╱（减少） 142,837,749 (303,349,055) Cash and cash equivalents at beginning of the year 年初现金及现金等价物 844,952,270 1,172,131,359 Net exchange gains/(losses) 汇兑净收益╱（亏损） 9,205,683 (23,830,034) Cash and cash equivalents at the end of the year 年终现金及现金等价物 996,995,702 844,952,270 Analysis of balances of cash and cash equivalents: 现金及现金等价物余额分析： Cash and bank deposits 现金及银行存款 9 996,995,702 823,279,788 Margin deposits – unrestricted 保证金－不受限制 6 – 21,672,482 996,995,702 844,852,270 The notes on pages 26 to 127 are an integral part of these financial statements. 第二十六至一百二十七页之附注乃属本财务报表之一部份。 1. 一般资料 施罗德基金亚洲高息股债基金（「基金」）为施 罗德伞型基金II之子基金。施罗德伞型基金 II是根据一份由施罗德投资管理（香港）有限 公司作为基金管理人（「基金管理人」）和汇丰 机构信托服务（亚洲）有限公司作为受托人 （「受托人」）签署，日期为二零一零年十月八 日的信托契约（经修订）成立的伞型单位信托 基金。本基金并已获香港证券及期货事务监 察委员会根据香港证券及期货条例第104(1) 条核准，并受香港证券及期货事务监察委员 会设立之份额信托及互惠基金守则规范。本 基金已根据中国证券监督管理委员会公告 〔2015〕12 号《 香 港 互 认 基 金 管 理 暂 行 规 定》，于二零一七年五月二十四日经中国证 监会证监许可获准在中国内地公开销售。 本基金的目标是主要透过投资于亚洲股票和 亚洲固定收益证券，以提供收益及中期至长 期的资本增值。 1. GENERAL INFORMATION Schroder Asian Asset Income Fund (the “Fund”) is a sub-fund of Schroder Umbrella Fund II. Schroder Umbrella Fund II is an umbrella unit trust which is governed by its trust deed dated 8th October 2010, as amended (the “Trust Deed”), between Schroder Investment Management (Hong Kong) Limited (the “Manager”) and HSBC Institutional Trust Services (Asia) Limited (the “Trustee”). The Fund is authorised by the Securities and Futures Commission of Hong Kong (“SFC”) under Section 104(1) of the Hong Kong Securities and Futures Ordinance and is required to comply with the Code on Unit Trusts and Mutual Funds established by the Securities and Futures Commission of Hong Kong. The Fund was approved for sales in Mainland China under Mutual Recognition of Funds (“MRF”) scheme on 24th May 2017, by the China Securities Regulatory Commission. The Fund’s objective is to provide income and capital growth over the medium to longer term by investing primarily in Asian equities and Asian fixed income securities. 27 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 28 Notes to the Financial Statements 财务报表之附注 1. GENERAL INFORMATION (Continued) The Fund will seek to achieve the investment objective primarily through investment in a portfolio of equity securities of Asian companies which offer attractive yields and sustainable dividend payments, including real estate investment trusts (“REITs”), and bonds, and other fixed or floating rate securities of investment grade or below investment grade (at the time of or subsequent to acquisition), issued by governments, government agencies, supra-national and corporate issuers in Asia which offer attractive yields. The Fund may substantially invest in bonds and debt securities which are below investment grade or unrated. The Fund may, if the Manager considers fit and to a limited extent, seek exposure to other asset classes including but not limited to non-Asian securities, commodities (including energy, metals and agricultural commodities) indirectly through exchange traded funds (“ETFs”) and/or similar instruments. The REITs invested in by the Fund may not necessarily be authorised by the SFC. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 1. 一般资料（续） 本基金主要透过投资于一篮子提供吸引收益 率和持续派发股息的亚洲公司的股本证券， 包括房地产投资基金（「REITs」）和债券，以 及由亚洲各地政府、政府机构、跨国家机构 及企业发行并提供吸引收益的固定或浮动利 率证券（该等债券在购入时或购入后可能是 具有投资级别或投资级别以下的债券），以 达致投资目标。本基金可大量投资于评级低 于投资级别或未获评级的债券和债务证券。 如基金管理人认为合适，本基金可有限度地 透过交易所交易基金（「ETFs」）及╱或类似的 工具，间接投资于其他种类的资产，包括但 不限于非亚洲证券、商品（包括能源、金属 和农产品）。本基金投资的REITs 不一定需要 获证监会认可。 2. 主要会计政策 以下为本财务报表采纳之主要会计政策，除 另有注明外，与过往年期采纳者一致。 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of preparation The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires the Trustee and the Manager to exercise their judgment in the process of applying the Fund’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4. New standards and amendments to existing standards effective from 1st July 2017 Amendments to HKAS 7, ‘Statement of Cash Flows’ became effective for annual periods beginning on or after 1st January 2017. These amendments require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. Adoption of these amendments did not have a material impact on the Fund’s financial statements. 2. 主要会计政策（续） (a) 编制基准 本财务报表乃按照由香港会计师公会颁布的 香港财务报告准则编制。财务报表乃按历史 成本准则编制，并就按公允值透过损益列账 的财务资产及财务负债之重估而作出调整。 受托人及基金管理人按照香港财务报告准则 于编制财务报表时需作出若干关键会计估 算、判断和假设。该等估算和相关的假设涉 及重大复杂性或对财务报表属重大的范畴， 并已载于附注4。 自二零一七年七月一日开始生效的准则及现 有准则的修订 香港会计准则第7 号（修订本）于二零一七年 一月一日或之后开始的年度期间生效。实体 须对读者解释融资活动产生的负债变动，包 括来自现金流量的变化以及非现金的变动。 该修订预期不会对基金的财务状况或表现造 成重大影响。 29 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 30 Notes to the Financial Statements 财务报表之附注 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of preparation (Continued) New standards and amendments to existing standards effective from 1st July 2017 (Continued) There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1st July 2017 that have a material effect on the financial statements of the Fund. New standards, amendments and interpretations effective after 1st July 2017 and have not been early adopted by the Fund HKFRS 9 ‘Financial Instruments’ addresses t h e c l a s s i f i c a t i o n , m e a s u re m e n t and derecognition of financial assets and liabilities. It replaces the multiple classification and measurement models in HKAS 39 and is effective for reporting periods beginning on or after 1st January 2018. 2. 主要会计政策（续） (a) 编制基准（续） 自二零一七年七月一日开始生效的准则及现 有准则的修订（续） 除此以外，并无其它于二零一七年七月一日 开始财政年度首次生效的准则，现有准则的 修订或诠释会对基金造成重大影响。 于二零一七年一月一日后生效但本基金并无 提早采纳的新准则、修订和诠释 香港财务报告准则第9 号「金融工具」处理金 融资产和金融负债的分类、计量和取消确 认。此准则将取代香港会计准则第39 号中多 重分类和计量模型，并将于二零一八年一月 一日或之后开始的报告期起生效。 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of preparation (Continued) New standards, amendments and interpretations effective after 1st July 2017 and have not been early adopted by the Fund (Continued) Classification and measurement of debt assets will be driven by the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. A debt instrument is measured at amortised cost if the objective of the business model is to hold the financial asset for the collection of the contractual cash flows and the contractual cash flows under the instrument solely represent payments of principal and interest (“SPPI”). A debt instrument is measured at fair value through other comprehensive income if the objective of the business model is to hold the financial asset both to collect contractual cash flows from SPPI and to sell. All other debt instruments must be recognised at fair value through profit or loss. An entity may however, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency. Derivative and equity instruments are measured at fair value through profit or loss unless, for equity instruments not held for trading, an irrevocable option is taken to measure at fair value through other comprehensive income. HKFRS 9 also introduces a new expected credit loss (“ECL”) impairment model. 2. 主要会计政策（续） (a) 编制基准（续） 于二零一七年一月一日后生效但本基金并无 提早采纳的新准则、修订和诠释（续） 对债务资产的分类和计量将取决于主体管理 其金融资产的业务模式，以及该等金融资产 的合约现金流量特点。假若业务模式之目的 是持有金融资产以收取合约现金流量，而该 工具下的合约现金流量仅代表本金和利息的 付款，则该债务工具须按摊销成本计量。假 若业务模式之目的是持有金融资产以同时从 本金和利息的付款中收取合约现金流量和出 售，则该债务工具须按公允值透过其他综合 收益列账。所有其他债务工具必须按公允值 透过损益列账。然而，如能消除或大幅减低 计量或确认的不一致性，则主体可于初始确 认时，不可撤销地指定某金融资产按公允值 透过损益列账。衍生工具和权益工具均须按 公允值透过损益列账，除非权益工具并非持 作买卖，则采用不可撤销的选择权按公允值 透过其他综合收益计量。香港财务报告准则 第9号亦引入了新的预期信贷亏损减值模型。 31 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 32 Notes to the Financial Statements 财务报表之附注 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (a) Basis of preparation (Continued) New standards, amendments and interpretations effective after 1st July 2017 and have not been early adopted by the Fund (Continued) On adoption of HKFRS 9 the Fund’s investment portfolio will continue to be classified as fair value through profit or loss. Other financial assets which are held for collection will continue to be measured at amortised cost with no material impact expected from application of the new impairment model. As a result, the adoption of HKFRS 9 is not expected to have a material impact on the Fund’s financial statements. In addition to the above, a number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1st July 2017, and have not been applied in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Fund. (b) Investments All investments have been classified as “financial assets or financial liabilities at fair value through profit or loss”. These financial assets and liabilities, including derivative financial instruments, are held for trading. Financial assets and liabilities held for trading are acquired or incurred principally for the purpose of selling or repurchasing in the short term. 2. 主要会计政策（续） (a) 编制基准（续） 于二零一七年一月一日后生效但本基金并无 提早采纳的新准则、修订和诠释（续） 在采纳香港财务报告准则第9 号后，本基金 的投资组合将继续分类为按公允值透过损益 列账。其他持作收取款项的金融资产，将继 续按摊销成本计量，且不预期在应用新减值 模型后会出现重大影响。因此，预期采纳香 港财务报告准则第9 号将不会对本基金的财 务报表产生重大影响。 除上述外，多项新准则、修订和诠释已于二 零一七年一月一日后开始的年度期间起生 效，但尚未于本财务报表中采纳。此等新准 则、修订和诠释预期不会对本基金的财务报 表有任何重大影响。 (b) 投资 所有投资已被分类为「按公允值透过损益入 账的金融资产或负债」。此等金融资产和负 债（包括衍生金融工具）为持作买卖用途。持 作买卖用途的金融资产和负债主要是为了在 短期内出售或购回而买入或产生的。 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (b) Investments (Continued) Purchases and sales of investment are accounted for on the trade date basis. Investment are initially recognized at fair value, excluding transaction costs which are expensed as incurred, and are subsequently re-measured at fair value. Realised and unrealised gains and losses on investments are included in the statement of comprehensive income in the year in which they arise. Investments are derecognized when the rights to receive cash flows from the investments have expired or the Fund has transferred substantially all risks and rewards of ownership. Fair value estimation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market and participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on quoted market prices at the close of trading on the reporting date. Investments that are listed or traded on an exchange are fair valued based on quoted last traded prices. Investments which are not listed on and exchange or are thinly traded are valued by using quoted from brokers. Investments in unit trusts or unlisted funds are valued at their net asset value per unit as provided by the respective administrators of such funds. 2. 主要会计政策（续） (b) 投资（续） 投资之买卖于交易日确认。投资先以公允值 扣除交易成本（在产生时作为开支扣除）确 认，其后以公允值列账。本年度投资所产生 之已变现及未变现收益及亏损包括于综合收 益表内。当收取投资的现金流量已终止或本 基金已转移差不多所有的风险和回报时，即 终止确认投资。 公允值估计 公允值指在计量日期，于一般交易中由市场 与参与者出售一项资产而应收取或转让一项 负债而应支付的价格。在活跃市场中买卖的 金融资产和负债的公允值，根据报告日期交 易结束时的市场报价计算。 投资于上市或交易所乃按最后交易价之公允 值计算。 非上市或较少交投量之投资乃按有关经纪人 提供的收市买入价估值。 投资基金或非上市基金投资方按有关管理人 提供的每份额净资产值作估值。 33 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 34 Notes to the Financial Statements 财务报表之附注 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (c) Derivative financial instruments Derivatives are recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at their fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and valuation techniques, including discounted cash flow models and option pricing models, as appropriate. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Subsequent changes in the fair value of any derivative instrument are recognised immediately in the statement of comprehensive income. (d) Structured entities A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some or all of the following features or attributes; (a) restricted activities, (b) a narrow and well-defined objective, such as to provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors, (c) insufficient equity to permit the structured entity to finance its activities without subordinated financial support and (d) financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches). 2. 主要会计政策（续） (c) 衍生金融工具 衍生金融工具乃按衍生金融工具合约订立之 日的公允值入账，其后并按公允值重新之日 的公允值入账，其后并按公允值重新评估。 公允值乃按交投活跃市场（包括近期市场交 易）所报市场价格及估值技巧（包括现金流量 折现模式及期权订价模式，如适用）厘定。 若公允值为正数，该衍生金融工具均列作资 产，若公允值为负数，衍生金融工具则列作 负债。 之后衍生工具公允值若有改变，均会即时在 综合收益表内入账。 (d) 结构性主体 结构性主体指经过特别设计以使其投票权或 类似权利在决定哪一方控制该主体时并非决 定性因素的主体，例如，当任何投票权仅与 行政事务有关，而相关活动是透过合同安排 作出指示。结构性主体通常拥有下列若干或 全部特征或属性：(a)受限制活动，(b)狭义 而明确的目标，例如透过向投资者转嫁与结 构性主体相关的风险和回报，为投资者提供 投资机会，(c)股权不足以在没有后援财政支 持下允许结构性主体为业务融资及(d)以向投 资者发出多个合约挂钩票据的形式融资因而 集中信贷或其他风险（级次）。 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (d) Structured entities (Continued) The Fund considers all of its investments in other funds (“Investee Funds”) to be investments in unconsolidated structured entities. The Fund invests in Investee Funds whose objective is to achieve long term capital growth. The Investee Funds are managed by related and unrelated asset managers who apply various investment strategies to accomplish their respective investment objectives. The Investee Funds finance their operations by issuing redeemable shares which are puttable at the holder’s option and entitles the holder to a proportional stake in the respective fund’s net assets. The Fund holds redeemable shares in each of its Investee Funds. The change in fair value of each Investee Funds is included in the statement of comprehensive income in “net change in unrealised appreciation/depreciation in value of investments and derivative financial instruments”. 2. 主要会计政策（续） (d) 结构性主体（续） 本基金将在其他基金（「接受投资基金」）内的 所有投资视为在非合并结构性主体的投资。 本基金投资于接受投资基金的目的是为了取 得资本增长的长远回报。此等接受投资基金 由有关联和无关联的资产经理负责管理，此 等经理采用多种不同的投资策略以达成各自 的投资目标。接受投资基金透过发行可赎回 股份融资其业务，此等可赎回股份可按持有 人的选择售回，并赋予持有人可分占各基金 净资产权益比例的权利。本基金在其每个接 受投资基金中均持有可赎回股份。 各接受投资基金公允值的变动列入综合收 益表中「投资与衍生财务工具的未变现升 值╱贬值的净变动」。 35 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 36 Notes to the Financial Statements 财务报表之附注 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (e) Income and expenses Dividend income is recorded on the ex-dividend date with the corresponding foreign withholding taxes recorded as an expense. Interest income is recognised on a time proportionate basis using the effective interest method. Other income and expenses are accounted for on an accruals basis. (f) Foreign currency translation Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the Fund operates (the “functional currency”). The performance of the Fund is measured and reported to the unitholders in Hong Kong Dollar (“HK$”). The Manager considers HK$ as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. The financial statements are presented in HK$, which is the Fund’s functional and presentation currency. 2. 主要会计政策（续） (e) 收入及支出 股息收入乃于除息日当日入账。相关的海外 预提税入账为支出。 利息收入乃按实际利息法按时间比例基准入 账。 其他收入及开支乃按应计基准计算。 (f) 外币交易 功能及呈列货币 本基金财务报表内所包括的项目乃采用其经 营业务所在的主要经济体系的货币计价（「功 能货币」）。本基金以港元计算及汇报以港元 之表现。基金管理人认为港元能真诚地表现 出基金内之交易、事项及状况。财务报表乃 以港元（即基金的功能货币及列账货币）编 列。 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (f) Foreign currency translation (Continued) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign currency assets and liabilities are translated into the functional currency using the exchange rate prevailing at the year end date. Foreign exchange gains and losses arising from translation are included in the statement of comprehensive income. Foreign exchange gains and losses relating to cash and cash equivalents are presented in the statement of comprehensive income within “net exchange gains/(losses)”. Foreign exchange gains and losses relating to the financial assets and liabilities carried at fair value through profit or loss are presented in the statement of comprehensive income within “net realised gains/(losses) on investments and derivative financial instruments” and “net change in unrealised appreciation/ depreciation in value of investments and derivative financial instruments”. 2. 主要会计政策（续） (f) 外币交易（续） 交易及结余 外币交易按交易日期适用之汇率折算为功能 货币。外币资产和负债按年结日之汇率折算 为功能货币。 汇率换算产生的汇兑损益在综合收益表确 认。 与现金及现金等价物有关的汇兑损益在综合 收益表内的「汇兑净收益╱（亏损）」中呈列。 与按公允值透过损益列账的财务资产及财务 负债有关的汇兑损益在综合收益表内的「投 资及衍生金融工具的已变现净收益╱（亏 损）」、「投资及衍生金融工具的未变现增 值╱贬值」中呈列。 37 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 38 Notes to the Financial Statements 财务报表之附注 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (g) Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. (h) Amounts receivable on disposal/payable on purchase of investments Amounts receivable on disposal/payable on purchase of investments represent receivables for investments sold and payables for investment purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. 2. 主要会计政策（续） (g) 金融工具抵销 若存在法律上可行使的权利，可对已确认入 帐的项目进行抵销，且有意以净额方式结 算，或将资产变现并同时清偿债务，则财务 资产及负债可予抵销，并把净额于财务状况 报表内列帐。 法定可执行权利必须不得依赖未来事件而 定，而在一般业务过程中以及倘公司或对手 方一旦出现违约、无偿债能力或破产时，这 也必须具有约束力。 (h) 应收及应付的买卖投资 应收及应付的买卖投资款项指已订约但于财 务状况报表的日期仍未结算或交付的出售投 资及衍生金融工具应收款项及衍生金融工具 购买投资应付款项。 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (i) Accounts receivables Accounts receivables are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of receivables is established when there is objective evidence that the Fund will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Accounts receivables are classified as current assets if the collections of receivables are expected in the one year of less. If not, they are presented as noncurrent assets. (j) Accounts payables and accruals Accounts payables and accruals are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. (k) Distributions payable Proposed distributions to unitholders are recognised in the statement of comprehensive income when they are appropriately authorised by the Manager and no longer at the discretion of the Fund. The distribution on the redeemable units is recognised as a finance cost in the statement of comprehensive income. 2. 主要会计政策（续） (i) 应收账款 应收账款初始按公允值确认，其后利用实际 利率法按摊销成本减去减值准备入账。当有 客观证据证明本基金将无法按应收款的原有 条款收回所有应收款项时，即会就应收款设 立减值准备。准备金额为资产账面值与估计 未来现金流量的差额，并按原实际利率贴 现。如应收的款项预期在一年内收取，将此 等应收账款分类为流动资产。如不预期在一 年内收取，则呈列为非流动资产。 (j) 应付账款及应计款项 应付账款及应计款项初始按公允值确认，其 后利用实际利率法按摊销成本入账。如款项 须在一年或以内支付，将应付账款分类为流 动负债。如不须在一年或以内支付，则呈列 为非流动负债。 (k) 股息 建议分派予份额持有人之股息当获基金管理 人正式批准及不再由基金酌情决定时于综合 收益表内确认。派息予可赎回份额于综合收 益表内以财务成本列帐。 39 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 40 Notes to the Financial Statements 财务报表之附注 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (l) Cash and cash equivalents Cash and cash equivalents include cash in hand, demand deposits, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts, if any. (m) Margin accounts Margin accounts represent margin deposits held in respect of futures contracts. (n) Cash Collateral Based on agreements entered between brokers and the Fund, one party will have an obligation to pay cash collateral for the return of the portfolio of derivative attributable to the counterparty if the return of the portfolio of derivative equals or exceeds a predetermined threshold at any valuation date. The movement of derivative is marked to market daily, which determines whether the Fund receives from or pays cash collateral to the counterparty on a daily basis. (o) Redeemable units Redeemable units are classified as financial liabilities and are issued or redeemed at the holder’s option at prices based on the Fund’s net asset value per unit as at the close of business on the relevant dealing day. The Fund’s net asset value per unit is calculated by dividing the net assets attributable to the unitholders with the total number of outstanding units. 2. 主要会计政策（续） (l) 现金及现金等价物 现金及现金等价物指现金、银行活期存款以 及存款存放日期起计在三个月内到期之高流 通性的投资（如有）。 (m) 保证金户口 保证金户口存放了未平仓期货合约之保证 金。 (n) 现金抵押金 根据经纪商与基金之间签订的协议，如果一 方应归属的衍生产品投资组合的回报于某一 交易日等于或超过预定限度，则另一方将有 义务为对方应归属的衍生产品组合的回报支 付现金抵押品。衍生品的价格走势会每天按 市值计价，来按日决定基金会否收到或支付 对手方的现金抵押品。 (o) 可赎回基金份额 可赎回份额已分类为财务负债，份额持有人 可于营业日交易时间内认购或赎回份额。每 份额资产净值以归于份额持有人的净资产除 以已发行份额总数计算。 3. FINANCIAL RISK MANAGEMENT (a) Strategy in using financial instruments The Fund’s objective is to provide income and capital growth over the medium to longer term by investing primarily in Asian equities and Asian fixed income securities. The Fund will actively allocate between Asian equities, Asian fixed income securities, other asset classes and cash to achieve the Fund’s objectives. The Fund’s expected asset allocation ranges for each asset class is expected to be the following: Asian equities: 30 – 70% Asian fixed income: 30 – 70% Other asset classes: 0 – 20% Cash: 0 – 30% The Fund is exposed to market price risk, credit risk, interest rate risk, currency risk and liquidity risk arising from the financial instruments held. The risks and the respective risk management policies employed by the Fund to manage these risks are discussed below. (b) Market price risk Market price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual instrument or factors affecting all instruments in the market. All investments present a risk of loss of capital. The Fund’s market price risk is managed through diversification of the investment portfolio. The Fund’s overall market positions are monitored on a regular basis by the Manager. 3. 财务风险管理 (a) 运用金融工具的策略 本基金的目标是主要透过投资于亚洲股票和 亚洲固定收益证券，以提供收益及中期至长 期的资本增值。 本基金将积极地投资在亚洲股票、亚洲固定 收益证券、其他种类的资产和现金之间进行 配置，以达致本基金的目标。本基金各资产 种类的预计资产配置范围如下： 亚洲股票： 30-70% 亚洲固定收益： 30-70% 其他资产种类： 0-20% 现金： 0-30% 本基金须承担所持有金融工具所产生的市场 价格风险、信贷风险、利率风险、流通性风 险及汇兑风险。 本基金的风险承担及用以管理此等风险而采 用的风险管理政策探讨如下： (b) 市场价格风险 市场价格风险指金融工具价值因市场价格变 动而波动不定的风险，不论该等变动乃由个 别工具相关因素又或因为影响市场上所有工 具的因素而导致。 所有投资项目均面对资本亏损风险。本基金 乃透过分散投资组合来管理市场价格风险。 基金管理人定期对本基金的整体市场持仓进 行监控。 41 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 42 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) As at 30th June 2018 and 2017, the overall market exposures were as follows: 2018 二零一八年 2017 二零一七年 Fair value % of net assets Fair value % of net assets 公允值 占净资产 百分比 公允值 占净资产 百分比 HK$ 港元 HK$ 港元 Assets 资产 Held for trading 持有作交易用： Equities 股票 21,217,962,498 53.96% 21,447,899,471 58.02% Investment funds 投资基金 3,120,739,226 7.93% 2,215,919,063 6.00% Debt securities 债务证券 13,305,728,861 33.84% 12,503,866,683 33.83% Credit default swaps 信贷违约掉期 – – 814,147 0.00% Futures 期货 32,526,880 0.08% 4,377,589 0.01% Foreign exchange forward contracts 远期外汇合约 41,442,409 0.11% 83,418,045 0.23% Options 期权 86,350,500 0.22% – – 37,804,750,374 96.14% 36,256,294,998 98.09% Liabilities 负债 Credit default swaps 信贷违约掉期 (5,438,268) (0.01%) (9,197,317) (0.02%) Futures 期货 (19,683,537) (0.05%) (537,913) 0.00% Foreign exchange forward contracts 远期外汇合约 (305,110,001) (0.78%) (114,711,502) (0.31%) (330,231,806) (0.84%) (124,446,732) (0.33%) 37,474,518,568 (95.30%) 36,131,848,266 97.76% Total investments and derivative financial instruments, at cost 总投资及衍生金融工具，以成本计 36,887,742,707 33,521,893,841 3. 财务风险管理（续） (b) 市场价格风险（续） 截至二零一八年及二零一七年六月三十日， 本基金的整体市场风险承担如下： 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) The table below summarises the market exposures of the Fund as at 30th June 2018 and 2017: 2018 二零一八年 2017 二零一七年 % of net assets % of net assets 占净资产百分比 占净资产百分比 Held for trading 交易性资产： Equities 股票 Australia 澳大利亚 12.50% 14.72% Hong Kong 香港 17.04% 15.84% India 印度 0.74% 0.72% Indonesia 印尼 0.92% 1.48% Japan 日本 2.04% 0.50% New Zealand 新西兰 0.67% 1.92% Singapore 新加坡 13.73% 14.93% South Korea 南韩 1.18% 1.55% Taiwan 台湾 1.06% 2.12% Thailand 泰国 4.08% 4.24% 53.96% 58.02% Investment funds 投资基金 France法国 1.90% – Hong Kong 香港 2.94% 2.90% Luxembourg 卢森堡 3.09% 3.10% 7.93% 6.00% Debt securities 债务证券 Argentina 阿根廷 0.35% 0.21% Australia 澳大利亚 2.91% 2.58% Barbados 巴巴多斯 – 0.05% Bermuda 百慕达 – 0.12% Brazil 巴西 0.24% 0.29% British Virgin Islands 英属维尔京群岛 1.25% 3.36% Cambodia 柬埔寨 0.06% – Cayman Islands 开曼群岛 0.79% 1.52% 3. 财务风险管理（续） (b) 市场价格风险（续） 下表归纳于二零一八年及二零一七年六月 三十日本基金的市场风险承担： 43 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 44 Notes to the Financial Statements 财务报表之附注 2018 二零一八年 2017 二零一七年 % of net assets % of net assets 占净资产百分比 占净资产百分比 Held for trading (Continued) 交易性资产（续）： Debt securities (Continued) 债务证券（续） Channel Islands海峡群岛 0.03% – Chile 智利 0.11% 0.18% China 中国 10.34% 4.57% Great Britain 英国 – 0.09% Hong Kong 香港 5.63% 4.91% India 印度 2.40% 3.03% Indonesia 印尼 2.16% 3.00% Isle of Man 马恩岛 – 0.14% Kazakhstan 哈萨克斯坦 – 0.17% Luxembourg 卢森堡 0.35% 0.15% Macau 澳门 0.28% 0.62% Malaysia 马来西亚 0.65% 0.12% Mauritius毛里求斯 0.04% – Mexico 墨西哥 0.15% 0.35% Mongolia 蒙古 – 0.10% Netherlands 荷兰 0.14% 1.03% Peru 秘鲁 0.52% 0.42% Philippines 菲律宾 0.93% 0.85% Qatar 卡塔尔 – 0.02% Saudi Arabia 沙特阿拉伯 0.46% – Singapore 新加坡 0.60% 2.43% South Korea 南韩 1.98% 1.40% Sri Lanka 斯里兰卡 – 0.06% Supra-nation 超国家 0.22% – Taiwan 台湾 0.31% 0.34% Thailand 泰国 0.14% 0.21% Turkey 土耳其 – 0.04% Ukraine乌克兰 0.02% – United Arab Emirates 阿联酋 0.42% 0.29% United States 美国 0.36% 1.18% 33.84% 33.83% 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) 3. 财务风险管理（续） (b) 市场价格风险（续） 2018 二零一八年 2017 二零一七年 % of net assets % of net assets 占净资产百分比 占净资产百分比 Held for trading (Continued) 交易性资产（续）： Credit default swap 信贷违约掉期 United States 美国 (0.01%) (0.02%) (0.01%) (0.02%) Futures 期货 Australia 澳大利亚 (0.03%) – Hong Kong 香港 0.05% – Singapore 新加坡 0.03% – United States 美国 (0.02%) 0.01% 0.03% 0.01% 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) 3. 财务风险管理（续） (b) 市场价格风险（续） 45 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 46 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) 2018 二零一八年 2017 二零一七年 % of net assets % of net assets 占净资产百分比 占净资产百分比 Foreign exchange forward contracts 远期外汇合约 AUD vs USD (forward date: 20/07/2018) 0.00% – GBP vs USD (forward date: 20/07/2018) 0.00% – USD vs AUD (forward date: 20/07/2018) 0.00% – USD vs CNH (forward date: 20/07/2018) 0.01% – USD vs GBP (forward date: 20/07/2018) 0.00% – USD vs CNH (forward date: 24/07/2018) 0.01% – USD vs AUD (forward date: 21/09/2018) 0.00% – USD vs JPY (forward date: 21/09/2018) 0.01% – USD vs KOW (forward date: 21/09/2018) 0.01% – USD vs SGD (forward date: 21/09/2018) 0.05% – USD vs TWD (forward date: 21/09/2018) 0.01% – AUD vs USD (forward date: 20/07/2018) (0.26%) – CNH vs USD (forward date: 20/07/2018) (0.50%) – CNH vs USD (forward date: 24/07/2018) (0.01%) – (0.67%) – AUD vs USD (forward date: 21/07/2017) – 0.19% CNH vs USD (forward date: 21/07/2017) – 0.04% GBP vs USD (forward date: 21/07/2017) – 0.00% AUD vs USD (forward date: 21/07/2017) – 0.00% CNH vs USD (forward date: 21/07/2017) – 0.00% USD vs AUD (forward date: 21/07/2017) – (0.20%) USD vs CNH (forward date: 25/07/2017) – (0.01%) USD vs SGD (forward date: 21/07/2017) – (0.10%) – (0.08%) Options 期权 Hong Kong 香港 0.22% – 0.22% – 95.30% 97.76% 3. 财务风险管理（续） (b) 市场价格风险（续） 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) As at 30th June 2018 and 2017, the Fund had no investments issued by the same issuer with market value exceeding 10% of its net assets. The table below summarises the impact on the Fund’s net assets attributable to unitholders as a result of increases/ (decreases) of the key index to which the Fund’s underlying investments are exposed. The analysis is based on the assumption that the index had increased/(decreased) by the respective percentage with all other variables held constant and the fair value of the Fund’s investments moved according to the historical correlation with the index. Market price risk for debt securities is disclosed in note 3(c) under interest rate risk. 3. 财务风险管理（续） (b) 市场价格风险（续） 截至二零一八年及二零一七年六月三十日， 本基金没有投资于单一发行者而且其市值超 过本基金净资产百分之十。 下表概述倘若本基金相关投资所涉及主要指 数上升╱（下跌）对本基金归于份额持有人的 净资产构成的影响。分析乃假设各指数按有 关百分比上升╱（下跌）（而其指数按有关百 分比上升╱（下跌）（而其他变数保持稳定）、 而本基金投资项目的公允价值乃按历年与各 指数的关连度而变动。投资于债务证券的基 金之市场价格风险乃于附注3(c)利率风险项 下披露。 47 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 48 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) Impact on net assets attributable to unitholders 归于份额持有人的净资产的影响 Benchmark components 基准指标 Change in benchmark components by 相关指标的 变动 30th June 2018 二零一八年 六月三十日 Change in benchmark components by 相关指标的 变动 30th June 2017 二零一七年 六月三十日 Portfolio investment 投资组合 % HK$ 港元 % HK$ 港元 Asian Equities 亚洲股票 MSCI AC Asia Pacific ex Japan 1% 131,741,940 1% 137,939,077 Japanese Equities (REITs only) 日本股票（REITs） Tokyo Stock Exchange REIT Index 1% 8,135,129 1% 1,875,231 Investment funds 投资基金 N/A* 1% 31,207,392 1% 22,159,191 3. 财务风险管理（续） (b) 市场价格风险（续） 基金管理人乃根据其对每一主要市场的「合 理变动」的看法来估计上述市场敏感度分析 的变动。 上述披露乃以绝对值列示，变动及影响可属 正数或负数。市场指数变动百分比乃根据基 金管理人当时对市场波幅及其他有关因素的 见解而按年作出修订。 * The Manager considers that there is no benchmark components for investment funds. The 1% change in the fair value of the investment funds leads to the same impact on the net assets attributable to unitholders. 基金管理人认为投资基金并没有基准指标。投资基金的公允值变动1%会导致份额持有人的净资 产有相同的影响。 The Manager has used their view of what would be a “reasonable shift” in each key market to estimate the change for use in the market sensitivity analysis above. Disclosures above are shown in absolute terms, changes and impacts could be positive or negative. Changes in market index % are revised annually depending on the Manager’s current view of market volatility and other relevant factors. 3. 财务风险管理（续） (b) 市场价格风险（续） 本基金在接受投资基金中的投资，受各个接 受投资基金的发售文件中列明的条款和条件 所约束，并容易受到与该等接受投资基金未 来价值有关的不确定性而产生的市场价格风 险所影响。本基金可于每日要求赎回其在接 受投资基金中的投资权利。 在接受投资基金中的投资的风险承担，其公 允值按所应用的策略在下表中披露。此等投 资在财务状况报表中列入「投资」一项。 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) The Fund’s investments in Investee Funds are subject to the terms and conditions of the respective Investee Funds’ offering documents and are susceptible to market price risk arising from uncertainties about future values of those Investee Funds. The right of the Fund to request redemption of its investments in the Investee Funds is on daily basis. The exposure to investments in Investee Funds at fair value by strategy employed is disclosed in the following table. These investments are included in “investments” in the statement of financial position. 2018 二零一八年 2017 二零一七年 Investment funds 投资基金 Number of Investee Funds 接受投资 基金之数量 Fair value 公允值 % of net assets 占净资产 百分比 Number of Investee Funds 接受投资 基金之数量 Fair value 公允值 % of net assets 占净资产 百分比 HK$ 港元 HK$ 港元 Strategy 策略 Multi asset fund 多重资产基金 2 2,346,046,315 5.96% 2 2,215,919,063 6.00% Fixed income fund 固定收益基金 1 25,796,261 0.07% – – – Equities fund 股票基金 1 748,896,650 1.90% – – – 3,120,739,226 7.93% 2,215,919,063 6.00% 49 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 50 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (b) Market price risk (Continued) The Fund’s holding in a third party Investee Fund, as a percentage of the Investee Fund’s total net asset value, will vary from time to time dependent on the volume of subscriptions and redemptions at the Investee Fund level. It is possible that the Fund may, at any point in time, hold a majority of an Investee Fund’s total units in issue. During the year ended 30th June 2018, the realized gains incurred on investments in Investee Funds were HK$170,083,982 (2017: HK$11,729,119) and net losses on change in unrealized appreciation/depreciation incurred on investments in Investee Funds were HK$213,312,447 (2017: net gains on change in unrealized appreciation/ depreciation of HK$200,435,346). As at 30th June 2018 and 2017 there were no capital commitment obligations and no amounts due to investee funds for unsettled purchases. 3. 财务风险管理（续） (b) 市场价格风险（续） 本基金持有一项第三方接受投资基金的股权 （按该接受投资基金总资产值的百分比计算） 将因应时间而改变，视乎该接受投资基金水 平的认购和赎回数量而定。本基金有可能会 在某个时点，持有某一接受投资基金的大部 分已发行基金份额总数。 截至二零一八年六月三十日止年度，就接受 投资基金的投资而产生的已变现收益总额为 170,083,982港元。（ 二零一七年：净收益 11,729,119港元）及就接受投资基金的投资 而产生的未变现净亏损为213,312,447港元 (二零一七年：未变现净收益为200,435,346 港元 ) 。在二零一八年及二零一七年六月 三十日，本基金并无资金承担责任，亦没有 应付接受投资基金的未结算购买产生的金 额。 3. FINANCIAL RISK MANAGEMENT (Continued) (c) Interest rate risk Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. As 30th June 2018, the Fund had bank balances of HK$996,995,702 (2017: HK$823,279,788) and the margin deposits with interest bearing of HK$2,182,777 (2017: HK$2,107,434). No sensitivity analysis is prepared as the bank balances and margin deposits are short-term in nature, and are therefore exposed to minimal interest rate risk on these bank balances. The Fund’s expected asset allocation ranges for Asian fixed income is 30- 70%, which are exposed to risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short term market interest rates. At 30th June 2018, the debt securities held by the Fund amounted to HK$13,305,728,861 (2017: HK$12,503,866,683) and the market value of the underlying investment funds, which are invested in debt securities, amounted to HK$25,796,261 (2017: HK$Nil). Should interest rates have lowered/risen by 10 basis points with all other variables remaining constant, the increase/decrease in net assets attributable to unitholders for the year would amount to approximately HK$81,837,053 (2017: HK$78,939,195), arising from the increase/decrease in market values of the debt securities. 3. 财务风险管理（续） (c) 利率风险 利率风险指金融工具价值因市场利率变动而 波动不定的风险。 于二零一八年六月三十日，本基金的银行结 余 为 996,995,702 港 元（ 二 零 一 七 年： 823,279,788 港 元 ）及 带 息 保 证 金 结 余 为 2,182,777港元（二零一七年：2,107,434港 元）。本基金并未就该等短期性质之银行结 余及带息保证金作利率风险敏感度分析，而 本基金对于该等存款所需承担之利率风险为 极少。 本基金预计资产配置范围于亚洲固定收益为 百分之三十至七十，故须承担现行市场利率 水平波动对其财政状况及现金流造成影响的 风险。任何剩余现金及现金等价物均投资于 短期市场利率。 于二零一八年六月三十日，本基金持投资于 债务证券之价值为13,305,728,861港元（二 零一七年：12,503,866,683港元）及相关投 资 基 金 投 资 于 债 务 证 券 之 市 场 价 值 为 25,796,261港元（二零一七年：无）。倘若利 率下降╱上升十基点（而其他变数保持稳 定），本年度归于份额持有人的净资产则会 增加╱减少约 81,837,053 港元（二零一七 年：78,939,195港元），主要来自投资于债 务证券市场的基金之价值的上升╱下跌。 51 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 52 Notes to the Financial Statements 财务报表之附注 3. 财务风险管理（续） (c) 利率风险（续） 基金管理人乃根据其对市场利率的「合理变 动」看法来估计上述利率风险敏感度分析所 采用的变动。 上述披露乃以绝对值列示，变动及影响可属 正数或负数。基点的变更乃根据基金管理人 对当时市场波幅及其他有关因素的见解而按 年作出修订。 3. FINANCIAL RISK MANAGEMENT (Continued) (c) Interest rate risk (Continued) The Manager has used their view of what would be a “reasonable possible shift” in the market interest rates to estimate the change for use in the interest rate risk sensitivity analysis above. Disclosures above are shown in absolute terms, changes and impacts could be positive or negative. Changes in basis points are revised annually depending on the Manager’s current view of market interest rate sensitivity and other relevant factors. 3. FINANCIAL RISK MANAGEMENT (Continued) (c) Interest rate risk (Continued) The table below summarises the Fund’s exposure to interest rate risk categorized by the earlier of contractual re-pricing or maturity dates. Up to 1 year 少于一年 1-5 years 一年至五年 Over 5 years 五年以上 Non-interest bearing 无付息 Total 总值 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 As at 30th June 2018 截至二零一八年六月三十日 Assets 资产 Cash and bank deposits 现金及银行存款 996,995,702 – – – 996,995,702 Investments 投资总值 564,778,834 4,655,936,392 8,085,013,635 24,338,701,724 37,644,430,585 Derivative financial instruments 衍生金融工具 – – – 160,319,789 160,319,789 Margin deposits 保证金 2,182,777 – – 163,600,208 165,782,985 Cash collateral 现金抵押品 – – – 9,414,540 9,414,540 Other assets 其他资产 – – – 1,321,926,221 1,321,926,221 Total Assets 资产总计 1,563,957,313 4,655,936,392 8,085,013,635 25,993,962,482 40,298,869,822 Liabilities 负债 Derivative financial instruments 衍生金融工具 – – – 330,231,806 330,231,806 Other liabilities 其他负债 – – – 644,720,518 644,720,518 Total Liabilities 负债总计 – – – 974,952,324 974,952,324 Total interest sensitivity gap 利率敏感度的缺口总计 1,563,957,313 4,655,936,392 8,085,013,635 3. 财务风险管理（续） (c) 利率风险（续） 下表概述基金所需承担之利率风险并以较早 之合约重订日或到期日呈列。 53 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 54 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (c) Interest rate risk (Continued) Up to 1 year 少于一年 1-5 years 一年至五年 Over 5 years 五年以上 Non-interest bearing 无付息 Total 总值 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 As at 30th June 2017 截至二零一七年六月三十日 Assets 资产 Cash and bank deposits 现金及银行存款 823,279,788 – – – 823,279,788 Investments 投资总值 457,007,274 2,733,801,575 9,313,057,834 23,663,818,534 36,167,685,217 Derivative financial instruments 衍生金融工具 – – – 88,609,781 88,609,781 Margin deposits 保证金 2,107,434 – – 36,456,644 38,564,078 Cash collateral 现金抵押品 – – – 7,962,579 7,962,579 Other assets 其他资产 – – – 591,829,412 591,829,412 Total Assets 资产总计 1,282,394,496 2,733,801,575 9,313,057,834 24,388,676,950 37,717,930,855 Liabilities 负债 Derivative financial instruments 衍生金融工具 – – – 124,446,732 124,446,732 Other liabilities 其他负债 – – – 632,878,569 632,878,569 Total Liabilities 负债总计 – – – 757,325,301 757,325,301 Total interest sensitivity gap 利率敏感度的缺口总计 1,282,394,496 2,733,801,575 9,313,057,834 3. 财务风险管理（续） (c) 利率风险（续） 3. 财务风险管理（续） (d) 信贷和托管人风险 信贷风险指发行机构或交易对手无法或不愿 意于到期兑现与本基金的承诺。 有可能令本基金面对集中信贷风险的金融资 产主要为透过托管人持有的投资项目及银行 结余。 本基金的投资及合约承诺，大部分均由具合 适信贷评级的发行商所发行，并由基金经理 认为其根基稳固、信贷评级良好的财务机构 进行交易，从而限制其信贷风险。 所有交易均通过经核准的经纪人于交付时结 算╱付款。由于在经纪收款后始交付有关投 资项目，所以违约风险甚低。购入的投资项 目款项于经纪收到相关之投资项目后支付。 若任何一方不能履行其责任，交易将告失 效。 下表概述于二零一八年及二零一七年六月 三十日存放于银行及托管人的资产： 3. FINANCIAL RISK MANAGEMENT (Continued) (d) Credit and counterparty risk Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Fund. The Fund’s financial assets which are potentially subject to concentrations of credit risk consist principally of bank deposits and assets held with the custodians. The Fund limits its exposure to credit risk by transacting the majority of its investments and contractual commitment activities with broker-dealers, banks and regulated exchanges with high credit ratings and that the Fund considers to be well established. All transactions in investments are settled/ paid for upon delivery using approved and reputable brokers. The risk of default is considered minimal as delivery of investments sold is only made once the broker has received payment. Payment is made on a purchase once the investments have been received by the broker. The trade will fail if either party fails to meet its obligation. The table below summarises the assets placed with banks and custodian at 30th June 2018 and 2017: 55 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 56 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (d) Credit and counterparty risk (Continued) 30th June 2018 二零一八年六月三十日 HK$ 港元 Credit rating 信贷评级 Source of credit rating 信贷评级来源 Custodian 托管人 HSBC Institutional Trust Services (Asia) Limited 37,644,430,585 P-1 Moody’s 穆迪 Banks 银行 The Hongkong and Shanghai Banking Corporation Limited 996,995,702 P-1 Moody’s 穆迪 UBS AG Singapore Branch 163,600,208 P-1 Moody’s 穆迪 UBS Securities Pte. Ltd., Seoul Branch 2,182,777 P-1 Moody’s 穆迪 BNP Paribas, Hong Kong 6,511,724 P-1 Moody’s 穆迪 Barclays Bank PLC 2,902,816 P-1 Moody’s 穆迪 30th June 2017 二零一七年六月三十日 HK$ 港元 Credit rating 信贷评级 Source of credit rating 信贷评级来源 Custodian 托管人 HSBC Institutional Trust Services (Asia) Limited 36,167,685,217 Aa2 Moody’s 穆迪 Banks 银行 The Hongkong and Shanghai Banking Corporation Limited 823,279,788 Aa2 Moody’s 穆迪 JP Morgan Chase Bank, New York Branch 3,512,902 A3 Moody’s 穆迪 UBS AG Singapore Branch 36,456,645 A1 Moody’s 穆迪 UBS Securities Pte. Ltd., Seoul Branch 2,107,434 A1 Moody’s 穆迪 BNP Paribas, Hong Kong 4,449,676 A1 Moody’s 穆迪 3. 财务风险管理（续） (d) 信贷和托管人风险（续） 3. FINANCIAL RISK MANAGEMENT (Continued) (d) Credit and counterparty risk (Continued) Derivative financial instruments represent outstanding futures, foreign exchange forward contracts, credit default swaps and options as disclosed in note 5. As at year end, the counterparty of the outstanding derivative financial instruments are listed as follows: 30th June 2018 二零一八年六月三十日 Counterparties 交易对手 Foreign exchange forward contracts 远期外汇合约 Credit rating 信贷评级 Source of credit rating 信贷评级来源 Citibank, N.A., Hong Kong P-1 Moody’s 穆迪 Goldman Sachs Intl, London P-1 Moody’s 穆迪 Standard Chartered Bank, Singapore P-1 Moody’s 穆迪 State Street Bank & Trust Company, Hong Kong P-1 Moody’s 穆迪 The Hongkong and Shanghai Banking Corporation Limited, Hong Kong P-1 Moody’s 穆迪 Futures 期货 UBS AG, Singapore Branch P-1 Moody’s 穆迪 Credit default swaps 信贷违约掉期 BNP Paribas SA, Paris P-1 Moody’s 穆迪 Barclays Bank Plc P-1 Moody’s 穆迪 Options 期权 UBS AG, Singapore Branch P-1 Moody’s 穆迪 3. 财务风险管理（续） (d) 信贷和托管人风险（续） 衍生金融工具指附注5所披露的未平仓之期 货交易、远期外汇合约及期权。 于年末未平仓之衍生金融工具的交易对手如 下： 57 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 58 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (d) Credit and counterparty risk (Continued) 30th June 2017 二零一七年六月三十日 Counterparties 交易对手 Foreign exchange forward contracts 远期外汇合约 Credit rating 信贷评级 Source of credit rating 信贷评级来源 Australia & New Zealand Bank Aa3 Moody’s 穆迪 BNP Paribas SA, Paris A1 Moody’s 穆迪 The Hongkong and Shanghai Banking Corporation Limited, Hong Kong Aa2 Moody’s 穆迪 Royal Bank of Canada, London A1 Moody’s 穆迪 UBS AG, Singapore Branch A1 Moody’s 穆迪 Standard Chartered Bank, Singapore A1 Moody’s 穆迪 Futures 期货 UBS AG, Singapore Branch A1 Moody’s 穆迪 Credit default swaps 信贷违约掉期 BNP Paribas SA, Paris A1 Moody’s 穆迪 JP Morgan Chase Bank, New York Branch A3 Moody’s 穆迪 Options 期权 UBS AG, Singapore Branch A1 Moody’s 穆迪 The Fund holds debt securities and is therefore exposed to risk that the issuers may not be able to repay the principal amount at maturity and interest. This risk is mitigated as the debt securities held are subject to the requirements of (i) minimum credit rating, and (ii) maximum holding of 10% of net asset value for any single issuer except for those issued by Government and other public securities. 3. 财务风险管理（续） (d) 信贷和托管人风险（续） 3. 财务风险管理（续） (d) 信贷和托管人风险（续） 下表概述于二零一八年及二零一七年六月 三十日本基金持有之债务证券所拥有标准普 尔、穆迪或惠誉所提供的信贷评级： 3. FINANCIAL RISK MANAGEMENT (Continued) (d) Credit and counterparty risk (Continued) The table below summarises the credit rating of the debt securities of the Fund by S&P’s, Moody’s or Fitch at 30th June 2018 and 2017: Portfolio by rating category 投资组合所拥有的信贷评级 2018 二零一八年 % of net assets 占净资产百分比 2017 二零一七年 % of net assets 占净资产百分比 A+ 2.25% 1.61% A 0.33% 0.86% A- 2.82% 1.97% A-/*- – 0.06% A1 0.95% 0.30% A2 0.17% 0.03% A2/*- – 0.04% A3 0.56% 0.34% AA 0.31% 0.35% AA- 0.13% 1.20% AA-/*- – 0.02% Aa1 0.14% – Aaa 0.22% 0.11% B+ 2.00% 1.20% B 0.89% 0.71% B- 0.20% 0.25% B1 0.58% 0.12% B2 – 0.02% Ba1 – 0.01% Ba2 0.63% 0.12% Ba3 0.80% 0.11% Baa1 1.47% 1.09% Baa2 1.24% 0.57% Baa3 0.16% 1.99% Baa3*- 0.09% – BB+ 0.35% 0.37% BB 1.44% 1.24% 本基金持有的债务证券令其承受因发行机构 未能于到期日交付本金及利息之风险。为限 制此风险，本基金持有的债务证券符合(i)最 低之信贷评级，(ii)不能持有由单一发行机构 发行的债务证券多于百分之十的净资产值， 由政府及其他公共机构发行的债务证券除 外。 59 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 60 Notes to the Financial Statements 财务报表之附注 Portfolio by rating category 投资组合所拥有的信贷评级 2018 二零一八年 % of net assets 占净资产百分比 2017 二零一七年 % of net assets 占净资产百分比 BB- 1.52% 1.52% BB+/*- 0.02% 0.11% BB/*- – 0.04% BB-/*- – 0.04% BBB+ 4.49% 4.89% BBB+/*- – 0.22% BBB 3.49% 2.56% BBB-*- 0.35% – BBB- 2.68% 4.26% BBB-u 0.02% – F1+u 0.20% – N.A 3.34% 5.50% Total 合计 33.84% 33.83% Where credits are rated by one of the international ratings agencies, the Manager does not re-construct their own credit ratings but use the rating agency as a reference point for their analysis with the credit analysts focusing on assessing the directional trend of the credit. The Manager does not specifically comment on the external ratings unless the Manager disagrees materially with the external agency’s view. 信贷评级由一国际评级机构评定，基金管理 人不作任何自己的信用评级，但信用分析师 会用评级机构作为一个参考点于评估方向趋 势的信用分析。除非基金管理人非常不同意 外部机构的观点，否则基金管理人不对外部 评级作特别评论。 3. FINANCIAL RISK MANAGEMENT (Continued) (d) Credit and counterparty risk (Continued) 3. 财务风险管理（续） (d) 信贷和托管人风险（续） 3. FINANCIAL RISK MANAGEMENT (Continued) (d) Credit and counterparty risk (Continued) Where a credit is unrated, the Manager constructs a proxy/shadow rating. The Manager’s in-house credit research and rating methodology is particularly important for unrated credits to ensure that the credit risk taken is being adequately compensated for versus similar-rated issuers in and outside of Asia. The Manager does not have a defined rating policy in this regard – it depends on the analyst’s judgment. Importantly, the analysts must cover and monitor any credits that the Fund’s portfolios invest in whether they are rated or not. This means that all unrated debt securities must undergo the same rigorous bottom-up credit analysis process to determine a recommendation and credit opinion for the issuer and this forms the basis of the Manager’s evaluation of credits for investments. The maximum exposure to credit risk as at 30th June 2018 and 2017 is the carrying amount of the financial assets as shown on the statement of financial position. None of the assets is impaired nor past due but not impaired as at 30th June 2018 (2017: Nil). 3. 财务风险管理（续） (d) 信贷和托管人风险（续） 如信贷评级为未评级，基金管理人会自行建 立一个代理╱影子评级。基金管理人内部的 信用调查和评价方法的未评级的信用是特别 重要的，以确保信贷风险得到充分的补偿与 类似评级的发行人及亚洲以外的地区。在这 方面，基金管理人不会有一个既定的评价政 策－会依赖于分析师的判断。 更重要的是，分析师必须覆盖和监控本基金 的投资组合投资是否他们的评分。这意思 是，所有的未评级债务证券，必须经过同样 严格的自下而上的信用分析过程中确定的建 议和发行人的资信观点，这构成了基金管理 人的评估的投资基础。 金融资产的最高信贷风险于二零一八年及二 零一七年六月三十日之财务状况报表呈现。 于二零一八年六月三十日没有资产已减值或 已逾期但并无减值（二零一七年：无）。 61 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 62 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (e) Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. The Fund has assets and liabilities denominated in currencies other than Hong Kong dollar, the Fund’s functional and presentation currency. The Fund is therefore exposed to currency risk, as the value of the assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The Manager will enter into foreign exchange forward contracts from time to time to hedge against the currency exposures as disclosed in note 5. The table below summarises the Fund’s monetary and non-monetary exposures to different major currencies other than United States dollar which is pegged with Hong Kong dollar as at 30th June 2018 and 2017: 2018 二零一八年 2017 二零一七年 Monetary 货币 Non-monetary 非货币 Monetary 货币 Non-monetary 非货币 HK$ equivalents 港元等值 HK$ equivalents 港元等值 HK$ equivalents 港元等值 HK$ equivalents 港元等值 Australian dollar 澳元 2,269,151,631 4,915,604,832 1,929,754,182 5,441,587,485 British pound 英镑 42,876,974 – 11,462,802 – Indian rupee 印度卢比 231,964,461 290,719,041 225,201,348 268,288,710 Indonesian rupiah 印尼盾 91,825,088 360,551,871 422,115,946 545,673,816 Japanese yen 日圆 (409,387,530) 800,730,743 1,249,242 183,399,398 Korean won 韩元 (371,997,752) 465,012,150 2,107,764 572,197,450 New Zealand dollar 新西兰元 19,980 261,682,508 15,577 708,711,858 Philippine peso 菲律宾披索 6,193,348 – 6,856,754 – Renminbi 人民币 5,734,526,601 156,867,068 4,203,717,105 – Singapore dollar 新加坡元 (2,713,613,299) 5,399,073,243 (2,631,904,236) 5,519,664,507 Taiwan dollar 新台币 (428,650,092) 418,844,849 20,614,651 782,277,644 Thai baht 泰铢 81,416,475 1,603,476,728 51,141,868 1,570,465,533 3. 财务风险管理（续） (e) 汇兑风险 汇兑风险指金融工具的价值因外币汇率变动 而波动不定的风险。 本基金持有并非以港元（基金的功能及申报 货币）计价的资产及负债。由于外币计价资 产及负债的价值会因汇率变动而波动不定， 本基金因而须承担汇兑风险。基金管理人将 不时订立远期外汇合约，以对冲汇兑风险承 担并呈现于附注5。 下表概述于二零一八年及二零一七年六月 三十日本基金的货币及非货币风险承担，而 除美元外，因其已与港元挂钩： 3. FINANCIAL RISK MANAGEMENT (Continued) (e) Currency risk (Continued) The table below summarises the impact on net assets attributable to unitholders as a result of increases/decreases of key exchange rates on the exposures tabled above, to which the Fund is exposed. The analysis is based on the assumption that the exchange rates had increased/ decreased by 5% with all other variables held constant. Impact on net assets attributable to unitholders 归于份额持有人的净资产的影响 2018 二零一八年 2017 二零一七年 Estimated reasonable possible change % 估计合理变动% Monetary 货币 Non-monetary 非货币 Monetary 货币 Non-monetary 非货币 HK$ equivalents 港元等值 HK$ equivalents 港元等值 HK$ equivalents 港元等值 HK$ equivalents 港元等值 +/- +/- +/- +/- +/- Australian dollar 澳元 5 113,457,582 245,780,242 96,487,709 272,079,374 British pound 英镑 5 2,143,849 – 573,140 – Indian rupee 印度卢比 5 11,598,223 14,535,952 11,260,067 13,414,436 Indonesian rupiah 印尼盾 5 4,591,254 18,027,594 21,105,797 27,283,691 Japanese yen 日圆 5 20,469,377 40,036,537 62,462 9,169,970 Korean won 韩元 5 18,599,888 23,250,608 105,388 28,609,873 New Zealand dollar 新西兰元 5 999 13,084,125 779 35,435,593 Philippine peso 菲律宾披索 5 309,667 – 342,838 – Renminbi 人民币 5 286,726,330 7,843,353 210,185,855 – Singapore dollar 新加坡元 5 135,680,665 269,953,662 131,595,212 275,983,225 Taiwan dollar 新台币 5 21,432,505 20,942,242 1,030,733 39,113,882 Thai baht 泰铢 5 4,070,824 80,173,836 2,557,093 78,523,277 The Manager has used their view of what would be a “reasonable possible shift” in exchange rates to estimate the change for use in currency risk sensitivity analysis above. 3. 财务风险管理（续） (e) 汇兑风险（续） 下表概述倘若本基金相关投资所涉及主要外 币汇率上升╱下跌对本基金归于份额持有人 的净资产构成的影响。分析乃假设各外币汇 率按百分之五上升╱下跌，而其他变数保持 稳定。 基金管理人乃根据其对汇率的「合理变动」看 法来估计上述汇兑风险敏感度分析所采用的 变动。 63 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 64 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (e) Currency risk (Continued) Disclosures above are shown in absolute terms, changes and impacts could be positive or negative. Changes in exchange rate % are revised annually depending on the Manager’s current view of exchange rates volatility and other relevant factors. (f) Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in settling its liabilities, including a redemption request. The Fund is exposed to daily cash redemptions of redeemable units. The Fund invests the majority of its assets in investments that are traded in an active market and are considered to be readily realisable. The Fund also invests in derivative financial instruments and debt securities that are traded over the counter. As a result, the Fund may not be able to liquidate quickly its investments in these instruments at an amount close to their fair value to meet its liquidity requirements due to adverse market conditions leading to limited liquidity. It is the intent of the Manager to monitor the Fund’s liquidity position on a daily basis. The Manager is entitled to limit the number of units to be redeemed on any one dealing day to 10% of the units in issue (with redemption requests reduced pro rata) and any excess redemption requests are then carried forward to the next dealing day. The Manager or the Trustee may at any time suspend the right of unitholders to redeem units and will at the same time cease to issue units in certain circumstances as mentioned in the Explanatory Memorandum. 3. 财务风险管理（续） (e) 汇兑风险（续） 上述披露乃以绝对值列示，变动及影响可属 正数或负数。汇率%的变动根据基金管理人 现行对汇率波动和其他相关因素的观点每年 调整。 (f) 流通性风险 流通性风险指企业难以偿还负债（包括赎回 指示）的风险。 本基金每日均接受投资者赎回份额以套取现 金。本基金的资产大部分投资均在活跃的市 场作买卖，因此相信可随时变现。 本基金亦投资于衍生金融工具及债务证券均 在场外交易，因此，本基金未必能以接近其 公允值迅速变现其投资资产，以满足其流动 资金需求；于不利的市场条件下，亦可能导 致有限的流动资金。基金管理人每日均监察 本基金的流动资金状况。 基金管理人有权限制任何一个交易日赎回份 额的数量，相等于本基金已发行份额总数之 百分之十。在这情况下，限制将按比例实 施，所有拟于该交易日赎回份额之持有人可 按比例赎回份额，而未能赎回的份额将拨作 下一交易日根据相同的限制赎回。基金管理 人或受托人可根据基金说明书内所呈列的情 况下限制赎回份额和发行份额。 3. FINANCIAL RISK MANAGEMENT (Continued) (f) Liquidity risk (Continued) The table below analyses the Fund’s financial liabilities into relevant maturity groupings based on the remaining period at the year end date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant. The maturity analysis of derivative financial liabilities is presented in note 5. At 30th June 2018 截至二零一八年六月三十日 Up to 1 month 少于一個月 1-3 months 一個月至三個月 Over 3 months 三個月以上 HK$ 港元 HK$ 港元 HK$ 港元 Derivative financial instruments 衍生金融工具 305,110,001 19,683,537 5,438,268 Amounts payable on purchase of ?investments 应付认购投资款项 89,784,968 – – Amounts payable on redemption of units 应付赎回份额款项 313,584,612 – – Distributions payable 应付股息 146,564,593 – – Other payables 其他应付款项 94,539,926 – 246,419 Net assets attributable to unitholders 归于份额持有人的净资产 39,323,917,498 – – Total financial liabilities 总金融负债值 40,273,501,598 19,683,537 5,684,687 3. 财务风险管理（续） (f) 流通性风险（续） 下表分析本基金的金融负债，按年结日当日 距离约定到期日的尚余期间分为有关期限组 别。下表所载款额乃约定未折现现金流。由 于折现影响不大，于十二个月内到期的余额 因而相等于结转余额。衍生金融工具合约的 到期日分析已于附注5呈列。 65 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 66 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (f) Liquidity risk (Continued) At 30th June 2017 截至二零一七年六月三十日 Up to 1 month 少于一個月 1-3 months 一個月至三個月 Over 3 months 三個月以上 HK$ 港元 HK$ 港元 HK$ 港元 Derivative financial instruments 衍生金融工具 111,225,882 537,913 12,682,937 Amounts payable on purchase of ?investments 应付认购投资款项 22,573,248 – – Amounts payable on redemption of units 应付赎回份额款项 385,877,289 – – Distributions payable 应付股息 146,584,991 – – Other payables 其他应付款项 77,138,730 450,391 253,920 Net assets attributable to unitholders 归于份额持有人的净资产 36,960,605,554 – – Total financial liabilities 总金融负债值 37,704,005,694 988,304 12,936,857 Units are redeemed on demand at the unitholders’ option. However, the Trustee and the Manager do not envisage that the contractual maturity disclosed in the table above will be representative of the actual cash outflows, as the unitholders typically retain their units for the medium to long term. As at 30th June 2018, 2 unitholders (2017: 2) held more than 10% of the Fund’s units. 3. 财务风险管理（续） (f) 流通性风险（续） 3. FINANCIAL RISK MANAGEMENT (Continued) (f) Liquidity risk (Continued) The following table illustrates the expected liquidity of financial assets held: At 30th June 2018 截至二零一八年六月三十日 Up to 1 month 少于一個月 1-3 months 一個月至 三個月 Over 3 months 三個月以上 HK$ 港元 HK$ 港元 HK$ 港元 Total financial assets 总金融资产值 40,298,869,822 – – At 30th June 2017 截至二零一七年六月三十日 Up to 1 month 少于一個月 1-3 months 一個月至 三個月 Over 3 months 三個月以上 HK$ 港元 HK$ 港元 HK$ 港元 Total financial assets 总金融资产值 37,717,930,855 – – (g) Offsetting and amounts subject to master netting arrangements and similar agreements As at 30th June 2018 and 2017 the Fund was subject to master netting arrangements for the derivative assets and liabilities of the Fund held with these counterparties. The margin balance maintained by the Fund is for the purpose of providing collateral on derivative positions. 基金份额赎回乃根据份额持有人的选择。然 而，受托人和基金管理人不预期以上合约到 期所披露为实际现金流出，因为份额持有人 一般持有基金份额作中长线投资。截至二零 一八年六月三十日，两位份额持有人（二零 一七年：两位）持有多于百分之十的基金份 额。 3. 财务风险管理（续） (f) 流通性风险（续） 下表列示以预期之变现期列示本基金所持有 的流动金融资产： (g) 受抵销和总净额结算协议及类似条款 截至二零一八年及二零一七年六月三十日， 基金的衍生工具资产及负债受与总净额结算 安排所约束。本基金设立的保证金余额是用 以作为衍生工具持仓的抵押品。 67 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 68 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (g) Offsetting and amounts subject to master netting arrangements and similar agreements (Continued) The following table presents the Fund’s financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements. The table is presented by type of financial instrument. Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements: At 30th June 2018 截至二零一八年六月三十日 ?????A Gross amounts of recognised financial assets 认可金融资产之总额 ????B Gross amounts of recognised financial liabilities set-off in the statement of financial position 于财务状况报表中受抵销 的认可金融负债之总额 ???C = A + B Net amounts of financial assets presented in the statement of financial position 于财务状况报表中受抵销 的认可金融资产之净额 D Related amounts not set-off in the statement of financial position 于财务状况报表中并未抵消的相关金额 ??????E = C – D Net amount 净额 ???D(i) Financial instruments 金融工具 ?????D(ii) Cash collateral 抵押金 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 Derivative financial instruments 衍生金融工具 Futures 期货 32,526,880 – 32,526,880 (19,683,537) – 12,843,343 Foreign exchange forward contracts 远期外汇合约 41,442,409 – 41,442,409 (8,015,120) – 33,427,289 Options 期权 86,350,500 – 86,350,500 – – 86,350,500 Credit default swap 信贷违约掉期 – – – – – – Margin deposits 保证金 180,358,577 (14,575,592) 165,782,985 – – 165,782,985 Cash collateral 现金抵押品 9,414,540 – 9,414,540 (5,438,268) – 3,976,272 350,092,906 (14,575,592) 335,517,314 (33,136,925) – 302,380,389 At 30th June 2017 截至二零一七年六月三十日 Derivative financial instruments 衍生金融工具 Futures 期货 4,377,589 – 4,377,589 (537,913) – 3,839,676 Foreign exchange forward contracts 远期外汇合约 83,418,045 – 83,418,045 (25,429) – 83,392,616 Credit default swap 信贷违约掉期 814,147 – 814,147 (814,147) – – Margin deposits 保证金 444,009,903 (405,445,825) 38,564,078 – – 38,564,078 Cash collateral 现金抵押品 7,962,579 – 7,962,579 (7,651,157) – 311,422 540,582,263 (405,445,825) 135,136,438 (9,028,646) – 126,107,792 3. 财务风险管理（续） (g) 受抵销和总净额结算协议及类似条款（续） 下表列出了基金受抵销和强制执行的总净额 结算协议和类似协议约束的金融资产和负 债。下表乃按金融工具的种类而呈列。 受抵销和强制执行的总净额结算协议和类似 协议约束的金融资产： 69 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 70 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (g) Offsetting and amounts subject to master netting arrangements and similar agreements (Continued) Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements: At 30th June 2018 截至二零一八年六月三十日 ?????A Gross amounts of recognised financial liabilities 认可金融负债之总额 ????B Gross amounts of recognised financial assets set-off in the statement of financial position 于财务状况报表中受抵销 的认可金融资产之总额 ???C = A + B Net amounts of financial liabilities presented in the statement of financial position 于财务状况报表中受抵销 的认可金融负债之净额 D Related amounts not set-off in the statement of financial position 于财务状况报表中并未抵消的相关金额 ??????E = C – D Net amount 净额 ???D(i) Financial instruments 金融工具 ?????D(ii) Cash collateral 抵押金 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 HK$ 港元 Derivative financial instruments 衍生金融工具 Futures 期货 (19,683,537) – (19,683,537) 19,683,537 – – Foreign exchange forward contracts 远期外汇合约 (305,110,001) – (305,110,001) 8,015,120 – (297,094,881) Credit default swap 信贷违约掉期 (5,438,268) – (5,438,268) – 5,438,268 – (330,231,806) – (330,231,806) 27,698,657 5,438,268 (297,094,881) At 30th June 2017 截至二零一七年六月三十日 Derivative financial instruments 衍生金融工具 Futures 期货 (537,913) – (537,913) 537,913 – – Foreign exchange forward contracts 远期外汇合约 (111,225,881) – (111,225,881) 25,429 – (111,200,452) Credit default swap 信贷违约掉期 (9,197,317) – (9,197,317) 814,147 7,651,157 (732,013) (120,961,111) – (120,961,111) 1,377,489 7,651,157 (111,932,465) 3. 财务风险管理（续） (g) 受抵销和总净额结算协议及类似条款（续） 受抵销和强制执行的总净额结算协议和类似 协议约束的金融负债： 71 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 72 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (g) Offsetting and amounts subject to master netting arrangements and similar agreements (Continued) Amounts in D(i) and D(ii) above relate to amounts subject to set-off that do not qualify for offsetting under (B) above. This includes (i) amounts which are subject to set-off against the asset (or liability) disclosed in (A) which have not been offset in the statement of financial position and (ii) any financial collateral (including cash collateral), both received and pledged. The Fund and its counterparty have elected to settle all transactions on a gross basis however, each party has the option to settle all open contracts on a net basis in the event of default of the other party. Per the terms of the master netting agreement, an event of default includes the following: – failure by a party to make payment when due; – bankruptcy. (h) Fair value estimation The fair value of financial assets and liabilities traded in active markets (such as trading securities) are based on quoted market prices at the close of trading on the year end date. The Fund utilises the last traded market price as its fair valuation inputs for both financial assets and financial liabilities. An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. 3. 财务风险管理（续） (g) 受抵销和总净额结算协议及类似条款（续） 于上表D(i)和D(ii)之金额，并不符合(B)之要 求。包括：(i)于财务状况报表中所披露的资 产（或负债）(A)并未抵消的金额和；(ii)任何 已收取或被抵押的金融抵押品（包括现金抵 押）。 基金及其交易对手方已选择按总额基准结算 所有交易，然而一旦其中一方违约，另一方 即有权按净额基准结清所有未平仓合约。根 据总净额结算协议的条款，违约事件包括： － 合约一方未能于到期时付款； － 破产。 (h) 公允值估计 本基金使用在活跃市场交易（如证券交易）之 财务资产及负债的公允值，并以年结日可观 察输入值之结算价作估值。本基金以公允值 作最新的市场价计算财务资产和财务负债。 活跃市场即该市场有足够的成交量及次数从 而提供持续的价格信息。 3. FINANCIAL RISK MANAGEMENT (Continued) (h) Fair value estimation (Continued) A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The carrying value less impairment provision of other receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Fund for similar financial instruments. HKFRS 13 requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date (Level 1). – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (Level 2). – Inputs for the asset or liability that are unobservable inputs (Level 3). 3. 财务风险管理（续） (h) 公允值估计（续） 金融工具之报价可即时且定期由交易所、交 易商、经纪人、行业组织、定价服务及监管 机构发布，且报价反映实际及经常出现按公 平原则进行之市场交易，则被视为活跃市场 报价之金融工具。 其他应收帐款及应付帐款之帐面值减值拨备 与其公允值相若。就披露资料而言，财务负 债的公允值按本基金就类似金融工具所得现 行市场利率折算日后的合约现金流量估计。 香港财务报告准则第13号「公允值计量」要 求本基金根据公允值级次进行分类从而反映 公允值在计量时所使用的输入值的重要性。 公允值级次分层如下： － 第一级次－相同资产或负债在活跃市场 中的报价（未经调整）。 － 第二级次－直接或间接地使用除第一级 次中的资产或负债的市场报价以外的其 他可观察输入值。 － 第三级次－资产或负债使用了非基于可 观察市场数据的输入值。 73 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 74 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (h) Fair value estimation (Continued) The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. 3. 财务风险管理（续） (h) 公允值估计（续） 金融工具在按照公允值计量时具有重大意义 的最低级次输入值为基础，确定应将其整体 划分为哪一个类别。如在公允值计量中使用 了可观察输入值但需要根据不可观察输入值 进行调整，则该计量应归入第三级次。在评 价特定输入值对于公允值计量整体的重大意 义，需要考虑与金融资产或负债具有特定关 系的因素进行判断。 本基金需就可观察输入值的重大意义进行判 断。本基金所考虑的可观察数据为市场数 据，定期发布及更新，可信的及可核实的， 非私有的，并且由活跃于相关市场的独立来 源提供数据。 3. FINANCIAL RISK MANAGEMENT (Continued) (h) Fair value estimation (Continued) The following table analyses within the fair value hierarchy the Fund’s investments (by class) measured at fair value at 30th June 2018 and 2017: At 30th June 2018 截至二零一八年六月三十日 Level 1 第一级次 HK$ 港元 Level 2 第二级次 HK$ 港元 Level 3 第三级次 HK$ 港元 Total 总值 HK$ 港元 Assets 资产 Held for trading 交易性资产 Equities 股票 21,217,962,498 – – 21,217,962,498 Investment funds 投资基金 3,120,739,226 – – 3,120,739,226 Debt securities 债务证券 13,066,159,554 239,569,307 – 13,305,728,861 Futures 期货 – 32,526,880 – 32,526,880 Foreign exchange forward contracts 远期外汇合约 – 41,442,409 – 41,442,409 Options 期权 – 86,350,500 – 86,350,500 Total 总值 37,404,861,278 399,889,096 – 37,804,750,374 Liabilities 负债 Futures 期货 – (19,683,537) – (19,683,537) Credit default swap 信贷违约掉期 – (5,438,268) – (5,438,268) Foreign exchange forward contracts 远期外汇合约 – (305,110,001) – (305,110,001) Total 总值 – (330,231,806) – (330,231,806) 3. 财务风险管理（续） (h) 公允值估计（续） 下表列示本基金截至二零一八年及二零一七 年六月三十日的投资按公允值级次计量之公 允值： 75 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 76 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (h) Fair value estimation (Continued) At 30th June 2017 截至二零一七年六月三十日 Level 1 第一级次 HK$ 港元 Level 2 第二级次 HK$ 港元 Level 3 第三级次 HK$ 港元 Total 总值 HK$ 港元 Assets 资产 Held for trading 交易性资产 Equities 股票 21,447,899,471 – – 21,447,899,471 Investment funds 投资基金 2,215,919,063 – – 2,215,919,063 Debt securities 债务证券 12,404,786,641 99,080,042 – 12,503,866,683 Credit default swap 信贷违约掉期 – 814,147 – 814,147 Futures 期货 – 4,377,589 – 4,377,589 Foreign exchange forward contracts 远期外汇合约 – 83,418,045 – 83,418,045 Total 总值 36,068,605,175 187,689,823 – 36,256,294,998 Liabilities 负债 Futures 期货 – (537,913) – (537,913) Credit default swap 信贷违约掉期 – (9,197,317) – (9,197,317) Foreign exchange forward contracts 远期外汇合约 – (114,711,502) – (114,711,502) Total 总值 – (124,446,732) – (124,446,732) 3. 财务风险管理（续） (h) 公允值估计（续） 3. FINANCIAL RISK MANAGEMENT (Continued) (h) Fair value estimation (Continued) Investments whose values are based on quoted market prices in active markets, and therefore classified within level 1, include active listed and quoted equity securities, debt securities and investment funds. The Fund does not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. As of 30th June 2018 and 2017, the Fund did not hold any investments classified in level 3. For the year ended 30th June 2018, there were no transfers between levels of investments held by the Fund (2017: Nil). The financial assets and liabilities included in the statement of financial position, other than investments and derivative financial instruments, are carried at amortised cost; their carrying values are a reasonable approximation of fair value. There are no other assets or liabilities not at fair value but for which the fair value is disclosed. 3. 财务风险管理（续） (h) 公允值估计（续） 由于投资价值是基于活跃市场的报价，因此 属第一级次，并包括活跃上市股票证券，债 务证券及投资基金。本基金没有调整这些工 具的报价。 于非活跃市场交易的金融投资但以市场报 价、经纪报价或其他报价来源作为可观察输 入值，此等投资即分类为第二级次。 投资被分类为第三级次，其有显著的不可观 察输入值，因为其交易次数疏落。截至二零 一八年及二零一七年六月三十日，本基金并 无持有任何第三级次的投资。 截至二零一八年及二零一七年六月三十日止 年度，本基金所持有的投资的各个级次之间 并无转拨（二零一七年：无）。 在财务状况报表内的金融资产和负债（投资 和衍生金融工具除外），均按摊销成本入 账，其账面值为公允值的合理约数。没有其 他资产或负债并非按公允值入账但以公允值 披露。 77 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 78 Notes to the Financial Statements 财务报表之附注 3. FINANCIAL RISK MANAGEMENT (Continued) (i) Capital risk management The capital of the Fund is represented by the net assets attributable to unitholders. The amount of net assets attributable to unitholders can change significantly on a daily basis as the Fund is subject to daily subscriptions and redemptions at the discretion of unitholders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns for unitholders and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Fund. In order to maintain or adjust the capital structure, the Fund’s policy is to perform the following: – monitor the level of daily subscriptions and redemptions relative to the liquid assets; and – redeem and issue units in accordance with the trust deed of the Fund, which includes the requirement of minimum redemption amount of HK$5,000 for HKD denominated accumulation and distribution units of Class A, Class M and Class C, RMB5,000 for RMB denominated accumulation and distribution units of Class A, Class M and Class C and US$1,000 (or equivalent value in other currencies) for accumulation and distribution units of Class A, Class M and Class C denominated in a currency other than HKD or RMB. 3. 财务风险管理（续） (i) 资本风险管理 本基金的资本是以归于份额持有人的净资产 呈示。每日之归于份额持有人的净资产可能 有显著改变，因本基金每日之认购和赎回乃 由份额持有人决定。本基金会以保障基金资 本能有一个持续经营的能力为目标，以便为 份额持有人提供回报和保持一个强大的资本 基础，以支持基金中的投资活动。 为了维持或调整资本结构，本基金的政策执 行如下： － 监测每日认购和赎回之水平相对流动性 资产；及 － 赎回及发行份额乃按照本基金的信托契 约，其中包括要求赎回基金的最低金额 为5,000港元（以港元为货币份额累积及 收息之A类别、M类别和C类别基金份 额），及5,000人民币（以人民币为货币 份额累积及收息之A类别、M类别和C 类别基金份额）或1,000美元或其他货币 之等值金额（以港元或人民币以外货币 为货币份额之A类别、M类别和C类别 累积及收息份额）。 3. FINANCIAL RISK MANAGEMENT (Continued) (i) Capital risk management (Continued) The Manager monitors capital on the basis of the value of net assets attributable to unitholders. (j) Financial instruments by category Financial assets Apart from investments and derivative financial instruments as disclosed in the statement of financial position, all other financial assets as disclosed in the statement of financial position, including amounts receivable on disposal of investments, amounts receivable on subscription of units, dividends receivable, interest receivable on debt securities, interest receivable on bank deposits, other receivables and prepayments, margin deposits and cash and bank deposits are categorized as “loans and receivables”. Financial liabilities Apart from derivative financial instruments as disclosed in the statement of financial position, all other financial liabilities as disclosed in the statement of financial position, including amounts payable on purchase of investments, amounts payable on redemption of units, distributions payable and other payables are categorized as “other financial liabilities”. 3. 财务风险管理（续） (i) 资本风险管理（续） 基金管理人会监督归于份额持有人的净资产 资金的基金资本。 (j) 按类别划分的金融工具 金融资产 除了在财务状况报表中披露的投资及衍生金 融工具外，所有在财务状况报表中披露的其 他金融工具，包括出售投资应收款、认购基 金份额应收款、应收股息、债务证券应收利 息、银行存款应收利息、其他应收款及应付 款项、保证金，以及现金和银行存款均分类 为「贷款及应收款」。 金融负债 除了在财务状况报表中披露的衍生金融工具 外，所有在财务状况报表中披露的其他金融 负债，包括购买投资应付款、赎回基金份额 应付款、应付分派以及其他应付款均分类为 「其他金融负债」。 79 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 80 Notes to the Financial Statements 财务报表之附注 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below. (a) Critical accounting estimates Fair value of unlisted investments As at 30th June 2018 and 2017, the Fund held a number of debt securities and derivatives that were valued by reference to broker quotes. In determining the fair value of such investments, the Trustee and the Manager exercise judgments and estimates on the sources of brokers and the quantity and quality of broker quotes used. Such broker quotes adopted to fair value the investments may be indicative and not executable or legally binding. As such, broker quotes do not necessarily indicate the price at which the security could actually be traded as of 30th June 2018 and 2017. Actual transacted prices may differ from the broker quotes provided by the brokers. The Trustee and the Manager consider that in the absence of any other reliable market sources, the broker quotes available to them reflect the best estimate of fair value. 4. 引用会计政策的重要会计估计与判断 基金管理层对未来作出估计及假设。按定义 而言，会计估计绝少与实际结果完全一致。 会计估计会不断基于对历史经验和其他因素 进行评估，包括对未来事件作出合理的预 期。公允值乃根据市况及有关金融工具的资 讯而作出估计。下文讨论于下个财政年度有 相当大风险将会导致资产与负债的帐面值须 作出重大调整的估计和假设。 (a) 重要会计估计 非上市的投资的公允值 于二零一八年及二零一七年六月三十日，本 基金持有多项债务证券及衍生工具，其价值 乃参考经纪报价而厘订。厘订该等投资的公 允值时，受托人和基金管理人会作出判断， 并对经纪人的资料来源和采用的报价数量与 质量作出估计。用于投资公允值的该等报价 可作参考之用，但不可执行，亦不受法律约 束。故此，经纪报价不一定能反映证券于二 零一八及二零一七年六月三十日的实际买卖 价。实际交易价格可能有别于经纪提供的报 价。受托人和基金管理人认为，由于缺乏任 何其他可信赖的市场资料来源，受托人和基 金管理人所得的经纪报价已反映最佳的公允 值估计。 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (Continued) (b) Critical judgments In preparing these financial statements, the Trustee and the Manager have made certain judgment which is dependent on what might happen in the future. The judgment made by the Trustee and the Manager may not equal the related actual results. Refer to note 10(c) to the financial statements. 5. DERIVATIVE FINANCIAL INSTRUMENTS The Fund holds the following derivative financial instruments: (a) Futures Futures are contractual obligations to buy or sell financial instruments on a future date at a specified price established in an organised market. The futures contracts are collateralised by cash or marketable securities; changes in the futures contracts’ value are settled daily with the exchange. Futures are settled on a net basis. 4. 引用会计政策的重要会计估计与判断（续） (b) 重要判断 在编制本财务报表时，受托人及基金管理人 依赖于未来可能发生的事情已作出一定的判 断。受托人及基金管理人的判断，可能不等 于相关的实际结果。请参阅本财务报表附注 10(c)。 5. 衍生金融工具 本基金持有以下的衍生金融工具： (a) 期货 期货是含合约义务的金融工具，需在有组织 的市场内的未来某一日以指定的价格买入或 卖出金融产品。期货合约需现金或有价证券 作为抵押，期货合约值之变动会每日与交易 所作结算。期货以净额基准结算。 81 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 82 Notes to the Financial Statements 财务报表之附注 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (a) Futures (Continued) At 30th June 2018 and 2017, the Fund held futures as shown below: At 30th June 2018 截至二零一八年六月三十日 Futures 期货 Contract size 合约数量 Notional value 名义值 HK$ 港元 Position 持仓 Fair value 公允值 HK$ 港元 Financial assets 金融资产： HANG SENG IDX FUT JUL18 30/07/2018 (280) 402,164,000 Short 短仓 21,303,509 MSCI SING IX ETS 30/07/2018 (1,816) 382,436,788 Short 短仓 11,223,371 32,526,880 Financial liabilities 金融负债： SPI 200 FUTURES SEP18 20/09/2018 (460) 409,831,970 Short 短仓 (12,505,131) US 10YR NOTE (CBT)SEP 18 FUT 19/09/2018 (819) 77,225,559 Short 短仓 (7,178,406) (19,683,537) At 30th June 2017 截至二零一七年六月三十日 Futures 期货 Contract size 合约数量 Notional value 名义值 HK$ 港元 Position 持仓 Fair value 公允值 HK$ 港元 Financial assets 金融资产： US 10YR NOTE (CBT) SEP17 20/09/2017 (1,709) 1,674,740,405 short 短仓 4,377,589 4,377,589 Financial liabilities 金融负债： US LONG BOND (CBT) SEP17 FUT 20/09/2017 (63) 75,584,489 short 短仓 (537,913) (537,913) 5. 衍生金融工具（续） (a) 期货（续） 于二零一八年及二零一七年六月三十日，本 基金持有于期货： 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts Foreign exchange forward contracts are contractual obligations to buy or sell foreign currencies at a specified rate established in over-the-counter markets. As at 30th June 2018 and 2017, the Fund held the outstanding foreign exchange forward contracts as shown below: At 30th June 2018 截至二零一八年六月三十日 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets 金融资产： Buy USD and Sell AUD 21st September 2018 US$ 美元263,052,527 买美元沽澳元 二零一八年九月二十一日 AUD 澳元355,825,000 230,188 Buy USD and Sell JPY 21st September 2018 US$ 美元53,355,490 买美元沽日圆 二零一八年九月二十一日 JPY 日圆5,809,271,000 4,891,198 Buy USD and Sell KOW 21st September 2018 US$ 美元50,986,439 买美元沽韩元 二零一八年九月二十一日 KOW 韩元56,210,000,000 3,716,637 Buy USD and Sell SGD 21st September 2018 US$ 美元151,612,250 买美元沽新加坡元 二零一八年九月二十一日 SGD 新加坡元205,068,000 8,067,526 Buy USD and Sell SGD 21st September 2018 US$ 美元204,113,318 买美元沽新加坡元 二零一八年九月二十一日 SGD 新加坡元276,080,000 10,861,190 Buy USD and Sell TWD 21st September 2018 US$ 美元72,166,661 买美元沽台币 二零一八年九月二十一日 TWD 台币2,172,000,000 4,221,112 Buy AUD and Sell USD 20th July 2018 AUD 澳元3,495,731 买澳元沽美元 二零一八年七月二十日 US$ 美元2,574,959 58,304 5. 衍生金融工具（续） (b) 远期外汇合约 远期外汇合约是指在场外交易市场依指定价 格买卖外币的合同责任。 截至二零一八年及二零一七年六月三十日， 本基金持有以下的远期外汇合约： 83 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 84 Notes to the Financial Statements 财务报表之附注 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets (Continued) 金融资产（续）： Buy AUD and Sell USD 20th July 2018 AUD 澳元686,162 买澳元沽美元 二零一八年七月二十日 US$ 美元506,002 6,939 Buy AUD and Sell USD 20th July 2018 AUD 澳元592,392 买澳元沽美元 二零一八年七月二十日 US$ 美元437,122 3,869 Buy AUD and Sell USD 20th July 2018 AUD 澳元1,011,781 买澳元沽美元 二零一八年七月二十日 US$ 美元746,909 4,085 Buy AUD and Sell USD 20th July 2018 AUD 澳元318,617 买澳元沽美元 二零一八年七月二十日 US$ 美元234,090 10,055 Buy AUD and Sell USD 20th July 2018 AUD 澳元955,469 买澳元沽美元 二零一八年七月二十日 US$ 美元704,599 9,662 Buy AUD and Sell USD 20th July 2018 AUD 澳元1,363,179 买澳元沽美元 二零一八年七月二十日 US$ 美元1,004,119 22,733 Buy AUD and Sell USD 20th July 2018 AUD 澳元1,102,949 买澳元沽美元 二零一八年七月二十日 US$ 美元810,342 34,801 Buy CNH and Sell USD 20th July 2018 CNH 人民币2,112,676 买人民币沽美元 二零一八年七月二十日 US$ 美元318,501 1,149 Buy CNH and Sell USD 20th July 2018 CNH 人民币8,958 买人民币沽美元 二零一八年七月二十日 US$ 美元1,350 5 Buy USD and Sell AUD 20th July 2018 US$ 美元112 买美元沽澳元 二零一八年七月二十日 AUD 澳元151 2 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets (Continued) 金融资产（续）： Buy USD and Sell AUD 20th July 2018 US$ 美元450,011 买美元沽澳元 二零一八年七月二十日 AUD 澳元608,722 2,603 Buy USD and Sell AUD 20th July 2018 US$ 美元1,327,784 买美元沽澳元 二零一八年七月二十日 AUD 澳元1,794,505 16,752 Buy USD and Sell AUD 20th July 2018 US$ 美元10,668,262 买美元沽澳元 二零一八年七月二十日 AUD 澳元14,437,407 23,266 Buy USD and Sell AUD 20th July 2018 US$ 美元884,953 买美元沽澳元 二零一八年七月二十日 AUD 澳元1,193,029 28,490 Buy USD and Sell AUD 20th July 2018 US$ 美元1,621,207 买美元沽澳元 二零一八年七月二十日 AUD 澳元2,173,933 119,762 Buy USD and Sell AUD 20th July 2018 US$ 美元1,174,492 买美元沽澳元 二零一八年七月二十日 AUD 澳元1,557,564 187,328 Buy USD and Sell AUD 20th July 2018 US$ 美元820,862 买美元沽澳元 二零一八年七月二十日 AUD 澳元1,078,007 192,291 Buy USD and Sell AUD 20th July 2018 US$ 美元1,496,754 买美元沽澳元 二零一八年七月二十日 AUD 澳元1,970,165 324,340 Buy USD and Sell CNH 20th July 2018 US$ 美元20,834 买美元沽人民币 二零一八年七月二十日 CNH 人民币137,759 441 Buy USD and Sell CNH 20th July 2018 US$ 美元8,547 买美元沽人民币 二零一八年七月二十日 CNH 人民币56,002 791 5. 衍生金融工具（续） (b) 远期外汇合约（续） 85 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 86 Notes to the Financial Statements 财务报表之附注 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets (Continued) 金融资产（续）： Buy USD and Sell CNH 20th July 2018 US$ 美元23,429 买美元沽人民币 二零一八年七月二十日 CNH 人民币152,603 3,233 Buy USD and Sell CNH 20th July 2018 US$ 美元13,384 买美元沽人民币 二零一八年七月二十日 CNH 人民币85,753 3,529 Buy USD and Sell CNH 20th July 2018 US$ 美元105,522 买美元沽人民币 二零一八年七月二十日 CNH 人民币696,072 4,206 Buy USD and Sell CNH 20th July 2018 US$ 美元16,305 买美元沽人民币 二零一八年七月二十日 CNH 人民币104,349 4,443 Buy USD and Sell CNH 20th July 2018 US$ 美元25,682 买美元沽人民币 二零一八年七月二十日 CNH 人民币165,584 5,555 Buy USD and Sell CNH 20th July 2018 US$ 美元22,215 买美元沽人民币 二零一八年七月二十日 CNH 人民币142,353 5,842 Buy USD and Sell CNH 20th July 2018 US$ 美元332,607 买美元沽人民币 二零一八年七月二十日 CNH 人民币2,199,279 7,040 Buy USD and Sell CNH 20th July 2018 US$ 美元62,173 买美元沽人民币 二零一八年七月二十日 CNH 人民币405,547 7,886 Buy USD and Sell CNH 20th July 2018 US$ 美元48,786 买美元沽人民币 二零一八年七月二十日 CNH 人民币316,504 8,225 Buy USD and Sell CNH 20th July 2018 US$ 美元57,276 买美元沽人民币 二零一八年七月二十日 CNH 人民币372,519 8,550 5. 衍生金融工具（续） (b) 远期外汇合约（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets (Continued) 金融资产（续）： Buy USD and Sell CNH 20th July 2018 US$ 美元696,096 买美元沽人民币 二零一八年七月二十日 CNH 人民币4,591,757 27,745 Buy USD and Sell CNH 20th July 2018 US$ 美元193,314 买美元沽人民币 二零一八年七月二十日 CNH 人民币1,237,177 52,682 Buy USD and Sell CNH 20th July 2018 US$ 美元512,950 买美元沽人民币 二零一八年七月二十日 CNH 人民币3,327,840 86,483 Buy USD and Sell CNH 20th July 2018 US$ 美元704,678 买美元沽人民币 二零一八年七月二十日 CNH 人民币4,596,567 89,387 Buy USD and Sell CNH 20th July 2018 US$ 美元402,197 买美元沽人民币 二零一八年七月二十日 CNH 人民币2,576,984 106,063 Buy USD and Sell CNH 20th July 2018 US$ 美元739,860 买美元沽人民币 二零一八年七月二十日 CNH 人民币4,812,028 110,445 Buy USD and Sell CNH 20th July 2018 US$ 美元445,387 买美元沽人民币 二零一八年七月二十日 CNH 人民币2,853,995 117,121 Buy USD and Sell CNH 20th July 2018 US$ 美元1,007,177 买美元沽人民币 二零一八年七月二十日 CNH 人民币6,560,262 138,980 Buy USD and Sell CNH 20th July 2018 US$ 美元698,057 买美元沽人民币 二零一八年七月二十日 CNH 人民币4,500,619 150,976 Buy USD and Sell CNH 20th July 2018 US$ 美元1,660,583 买美元沽人民币 二零一八年七月二十日 CNH 人民币10,880,087 153,587 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 87 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 88 Notes to the Financial Statements 财务报表之附注 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets (Continued) 金融资产（续）： Buy USD and Sell CNH 20th July 2018 US$ 美元3,025,979 买美元沽人民币 二零一八年七月二十日 CNH 人民币19,611,085 534,316 Buy USD and Sell CNH 20th July 2018 US$ 美元12,275,872 买美元沽人民币 二零一八年七月二十日 CNH 人民币79,558,774 2,167,627 Buy USD and Sell CNH 24th July 2018 US$ 美元9,519,502 买美元沽人民币 二零一八年七月二十四日 CNH 人民币60,000,000 3,686,611 Buy USD and Sell CNH 24th July 2018 US$ 美元2,379,875 买美元沽人民币 二零一八年七月二十四日 CNH 人民币15,000,000 921,653 Buy USD and Sell GBP 20th July 2018 US$ 美元10,745 买美元沽英镑 二零一八年七月二十日 GBP 英镑8,130 33 Buy USD and Sell GBP 20th July 2018 US$ 美元104,511 买美元沽英镑 二零一八年七月二十日 GBP 英镑78,662 4,672 41,442,409 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities 金融负债： Buy AUD and Sell USD 20th July 2018 AUD 澳元1,077,636 买澳元沽美元 二零一八年七月二十日 US$ 美元820,634 (192,680) Buy AUD and Sell USD 20th July 2018 AUD 澳元783,508 买澳元沽美元 二零一八年七月二十日 US$ 美元595,280 (129,325) Buy AUD and Sell USD 20th July 2018 AUD 澳元661,161 买澳元沽美元 二零一八年七月二十日 US$ 美元498,586 (79,798) Buy AUD and Sell USD 20th July 2018 AUD 澳元913,909 买澳元沽美元 二零一八年七月二十日 US$ 美元681,625 (50,976) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,190,843 买澳元沽美元 二零一八年七月二十日 US$ 美元883,419 (29,123) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,789,640 买澳元沽美元 二零一八年七月二十日 US$ 美元1,324,304 (17,651) Buy AUD and Sell USD 20th July 2018 AUD 澳元205,398 买澳元沽美元 二零一八年七月二十日 US$ 美元151,862 (1,011) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,425,502 买澳元沽美元 二零一八年七月二十日 US$ 美元1,078,485 (199,533) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,195,493 买澳元沽美元 二零一八年七月二十日 US$ 美元904,468 (167,338) Buy AUD and Sell USD 20th July 2018 AUD 澳元3,082,444 买澳元沽美元 二零一八年七月二十日 US$ 美元2,332,069 (431,461) 5. 衍生金融工具（续） (b) 远期外汇合约（续） 89 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 90 Notes to the Financial Statements 财务报表之附注 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy AUD and Sell USD 20th July 2018 AUD 澳元2,609,502 买澳元沽美元 二零一八年七月二十日 US$ 美元1,974,258 (365,262) Buy AUD and Sell USD 20th July 2018 AUD 澳元698,587,149 买澳元沽美元 二零一八年七月二十日 US$ 美元528,526,586 (97,783,856) Buy AUD and Sell USD 20th July 2018 AUD 澳元14,437,407 买澳元沽美元 二零一八年七月二十日 US$ 美元10,922,837 (2,020,520) Buy AUD and Sell USD 20th July 2018 AUD 澳元2,452,526 买澳元沽美元 二零一八年七月二十日 US$ 美元1,855,495 (343,232) Buy AUD and Sell USD 20th July 2018 AUD 澳元2,173,933 买澳元沽美元 二零一八年七月二十日 US$ 美元1,644,722 (304,243) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,970,165 买澳元沽美元 二零一八年七月二十日 US$ 美元1,490,558 (275,725) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,557,564 买澳元沽美元 二零一八年七月二十日 US$ 美元1,178,399 (217,982) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,310,347 买澳元沽美元 二零一八年七月二十日 US$ 美元991,363 (183,383) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,078,007 买澳元沽美元 二零一八年七月二十日 US$ 美元815,582 (150,867) Buy AUD and Sell USD 20th July 2018 AUD 澳元1,193,029 买澳元沽美元 二零一八年七月二十日 US$ 美元885,040 (29,172) 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy AUD and Sell USD 20th July 2018 AUD 澳元1,794,505 买澳元沽美元 二零一八年七月二十日 US$ 美元1,327,904 (17,696) Buy AUD and Sell USD 20th July 2018 AUD 澳元608,722 买澳元沽美元 二零一八年七月二十日 US$ 美元450,061 (2,996) Buy AUD and Sell USD 20th July 2018 AUD 澳元151 买澳元沽美元 二零一八年七月二十日 US$ 美元114 (21) Buy GBP and Sell USD 20th July 2018 GBP 英镑3,755,430 买英镑沽美元 二零一八年七月二十日 US$ 美元5,027,920 (523,830) Buy CNH and Sell USD 20th July 2018 CNH 人民币5,842,121 买人民币沽美元 二零一八年七月二十日 US$ 美元911,996 (242,110) Buy CNH and Sell USD 20th July 2018 CNH 人民币189,783 买人民币沽美元 二零一八年七月二十日 US$ 美元29,659 (8,118) Buy CNH and Sell USD 20th July 2018 CNH 人民币1,248,015 买人民币沽美元 二零一八年七月二十日 US$ 美元194,809 (51,606) Buy CNH and Sell USD 20th July 2018 CNH 人民币4,009,734 买人民币沽美元 二零一八年七月二十日 US$ 美元622,008 (135,249) Buy CNH and Sell USD 20th July 2018 CNH 人民币2,648,544 买人民币沽美元 二零一八年七月二十日 US$ 美元407,311 (61,528) Buy CNH and Sell USD 20th July 2018 CNH 人民币2,748,954 买人民币沽美元 二零一八年七月二十日 US$ 美元423,771 (71,856) 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 5. 衍生金融工具（续） (b) 远期外汇合约（续） 91 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 92 Notes to the Financial Statements 财务报表之附注 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy CNH and Sell USD 20th July 2018 CNH 人民币2,777,672 买人民币沽美元 二零一八年七月二十日 US$ 美元426,496 (59,245) Buy CNH and Sell USD 20th July 2018 CNH 人民币1,051,479 买人民币沽美元 二零一八年七月二十日 US$ 美元161,214 (20,589) Buy CNH and Sell USD 20th July 2018 CNH 人民币3,853,156 买人民币沽美元 二零一八年七月二十日 US$ 美元588,148 (54,854) Buy CNH and Sell USD 20th July 2018 CNH 人民币3,201,640 买人民币沽美元 二零一八年七月二十日 US$ 美元485,569 (21,008) Buy CNH and Sell USD 20th July 2018 CNH 人民币1,695,779 买人民币沽美元 二零一八年七月二十日 US$ 美元256,493 (5,682) Buy CNH and Sell USD 20th July 2018 CNH 人民币3,293,028 买人民币沽美元 二零一八年七月二十日 US$ 美元513,548 (132,416) Buy CNH and Sell USD 20th July 2018 CNH 人民币9,725,988 买人民币沽美元 二零一八年七月二十日 US$ 美元1,516,770 (391,093) Buy CNH and Sell USD 20th July 2018 CNH 人民币6,940,955 买人民币沽美元 二零一八年七月二十日 US$ 美元1,082,444 (279,104) Buy CNH and Sell USD 20th July 2018 CNH 人民币3,802,019,837 买人民币沽美元 二零一八年七月二十日 US$ 美元592,925,885 (152,883,619) Buy CNH and Sell USD 20th July 2018 CNH 人民币206,521 买人民币沽美元 二零一八年七月二十日 US$ 美元32,239 (8,559) 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy CNH and Sell USD 20th July 2018 CNH 人民币18,693 买人民币沽美元 二零一八年七月二十日 US$ 美元2,921 (800) Buy CNH and Sell USD 20th July 2018 CNH 人民币21,663 买人民币沽美元 二零一八年七月二十日 US$ 美元3,382 (896) Buy CNH and Sell USD 20th July 2018 CNH 人民币13,341 买人民币沽美元 二零一八年七月二十日 US$ 美元2,069 (450) Buy CNH and Sell USD 20th July 2018 CNH 人民币49,283 买人民币沽美元 二零一八年七月二十日 US$ 美元7,579 (1,145) Buy CNH and Sell USD 20th July 2018 CNH 人民币7,593 买人民币沽美元 二零一八年七月二十日 US$ 美元1,171 (199) Buy CNH and Sell USD 20th July 2018 CNH 人民币31,525 买人民币沽美元 二零一八年七月二十日 US$ 美元4,841 (672) Buy CNH and Sell USD 20th July 2018 CNH 人民币212,083 买人民币沽美元 二零一八年七月二十日 US$ 美元32,517 (4,153) Buy CNH and Sell USD 20th July 2018 CNH 人民币19,717 买人民币沽美元 二零一八年七月二十日 US$ 美元3,010 (281) Buy CNH and Sell USD 20th July 2018 CNH 人民币2,417 买人民币沽美元 二零一八年七月二十日 US$ 美元367 (16) Buy CNH and Sell USD 20th July 2018 CNH 人民币5,457 买人民币沽美元 二零一八年七月二十日 US$ 美元825 (18) 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 93 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 94 Notes to the Financial Statements 财务报表之附注 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 5. 衍生金融工具（续） (b) 远期外汇合约（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy CNH and Sell USD 20th July 2018 CNH 人民币72,234 买人民币沽美元 二零一八年七月二十日 US$ 美元11,265 (2,905) Buy CNH and Sell USD 20th July 2018 CNH 人民币266,067 买人民币沽美元 二零一八年七月二十日 US$ 美元41,493 (10,699) Buy CNH and Sell USD 20th July 2018 CNH 人民币31,829 买人民币沽美元 二零一八年七月二十日 US$ 美元4,964 (1,280) Buy CNH and Sell USD 20th July 2018 CNH 人民币937,606,303 买人民币沽美元 二零一八年七月二十日 US$ 美元146,219,923 (37,702,235) Buy CNH and Sell USD 20th July 2018 CNH 人民币7,690 买人民币沽美元 二零一八年七月二十日 US$ 美元1,199 (309) Buy CNH and Sell USD 20th July 2018 CNH 人民币79,558,774 买人民币沽美元 二零一八年七月二十日 US$ 美元12,407,209 (3,198,027) Buy CNH and Sell USD 20th July 2018 CNH 人民币19,611,085 买人民币沽美元 二零一八年七月二十日 US$ 美元3,058,353 (788,307) Buy CNH and Sell USD 20th July 2018 CNH 人民币10,880,087 买人民币沽美元 二零一八年七月二十日 US$ 美元1,696,752 (437,347) Buy CNH and Sell USD 20th July 2018 CNH 人民币6,560,262 买人民币沽美元 二零一八年七月二十日 US$ 美元1,023,074 (263,703) Buy CNH and Sell USD 20th July 2018 CNH 人民币4,812,028 买人民币沽美元 二零一八年七月二十日 US$ 美元750,437 (193,429) 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 5. 衍生金融工具（续） (b) 远期外汇合约（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy CNH and Sell USD 20th July 2018 CNH 人民币4,596,567 买人民币沽美元 二零一八年七月二十日 US$ 美元716,836 (184,768) Buy CNH and Sell USD 20th July 2018 CNH 人民币4,591,757 买人民币沽美元 二零一八年七月二十日 US$ 美元716,086 (184,575) Buy CNH and Sell USD 20th July 2018 CNH 人民币4,500,619 买人民币沽美元 二零一八年七月二十日 US$ 美元701,873 (180,912) Buy CNH and Sell USD 20th July 2018 CNH 人民币3,177,471 买人民币沽美元 二零一八年七月二十日 US$ 美元495,527 (127,725) Buy CNH and Sell USD 20th July 2018 CNH 人民币2,853,995 买人民币沽美元 二零一八年七月二十日 US$ 美元445,081 (114,722) Buy CNH and Sell USD 20th July 2018 CNH 人民币2,576,984 买人民币沽美元 二零一八年七月二十日 US$ 美元402,256 (106,523) Buy CNH and Sell USD 20th July 2018 CNH 人民币2,199,279 买人民币沽美元 二零一八年七月二十日 US$ 美元342,978 (88,405) Buy CNH and Sell USD 20th July 2018 CNH 人民币3,327,840 买人民币沽美元 二零一八年七月二十日 US$ 美元513,011 (86,956) Buy CNH and Sell USD 20th July 2018 CNH 人民币1,237,177 买人民币沽美元 二零一八年七月二十日 US$ 美元193,343 (52,904) Buy CNH and Sell USD 20th July 2018 CNH 人民币696,072 买人民币沽美元 二零一八年七月二十日 US$ 美元108,553 (27,980) 95 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 96 Notes to the Financial Statements 财务报表之附注 5. 衍生金融工具（续） (b) 远期外汇合约（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy CNH and Sell USD 20th July 2018 CNH 人民币372,519 买人民币沽美元 二零一八年七月二十日 US$ 美元58,094 (14,974) Buy CNH and Sell USD 20th July 2018 CNH 人民币316,504 买人民币沽美元 二零一八年七月二十日 US$ 美元49,359 (12,722) Buy CNH and Sell USD 20th July 2018 CNH 人民币405,547 买人民币沽美元 二零一八年七月二十日 US$ 美元62,179 (7,938) Buy CNH and Sell USD 20th July 2018 CNH 人民币165,584 买人民币沽美元 二零一八年七月二十日 US$ 美元25,823 (6,656) Buy CNH and Sell USD 20th July 2018 CNH 人民币152,603 买人民币沽美元 二零一八年七月二十日 US$ 美元23,798 (6,134) Buy CNH and Sell USD 20th July 2018 CNH 人民币142,353 买人民币沽美元 二零一八年七月二十日 US$ 美元22,200 (5,722) Buy CNH and Sell USD 20th July 2018 CNH 人民币137,759 买人民币沽美元 二零一八年七月二十日 US$ 美元21,484 (5,538) Buy CNH and Sell USD 20th July 2018 CNH 人民币104,349 买人民币沽美元 二零一八年七月二十日 US$ 美元16,273 (4,195) Buy CNH and Sell USD 20th July 2018 CNH 人民币85,753 买人民币沽美元 二零一八年七月二十日 US$ 美元13,373 (3,447) Buy CNH and Sell USD 20th July 2018 CNH 人民币56,002 买人民币沽美元 二零一八年七月二十日 US$ 美元8,734 (2,251) 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy CNH and Sell USD 20th July 2018 CNH 人民币53,231 买人民币沽美元 二零一八年七月二十日 US$ 美元8,301 (2,140) Buy CNH and Sell USD 24th July 2018 CNH 人民币60,000,000 买人民币沽美元 二零一八年七月二十四日 US$ 美元9,405,051 (2,788,694) Buy CNH and Sell USD 24th July 2018 CNH 人民币15,000,000 买人民币沽美元 二零一八年七月二十四日 US$ 美元2,310,852 (380,131) Buy GBP and Sell USD 20th July 2018 GBP 英镑390,462 买英镑沽美元 二零一八年七月二十日 US$ 美元 522,766 (54,464) Buy GBP and Sell USD 20th July 2018 GBP 英镑78,662 买英镑沽美元 二零一八年七月二十日 US$ 美元105,315 (10,979) Buy GBP and Sell USD 20th July 2018 GBP 英镑8,130 买英镑沽美元 二零一八年七月二十日 US$ 美元10,885 (1,135) Buy AUD and Sell USD 20th July 2018 AUD 澳元29 买澳元沽美元 二零一八年七月二十日 US$ 美元 22 (5) Buy AUD and Sell USD 20th July 2018 AUD 澳元7,501 买澳元沽美元 二零一八年七月二十日 US$ 美元 5,675 (1,050) Buy USD and Sell AUD 20th July 2018 US$ 美元810,264 买美元沽澳元 二零一八年七月二十日 AUD 澳元1,102,949 (35,419) Buy USD and Sell AUD 20th July 2018 US$ 美元1,003,951 买美元沽澳元 二零一八年七月二十日 AUD 澳元1,363,179 (24,051) 5. 衍生金融工具（续） (b) 远期外汇合约（续） 97 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 98 Notes to the Financial Statements 财务报表之附注 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities (Continued) 金融负债：（续） Buy USD and Sell AUD 20th July 2018 US$ 美元1,809,538 买美元沽澳元 二零一八年七月二十日 AUD 澳元2,452,526 (17,321) Buy USD and Sell AUD 20th July 2018 US$ 美元704,524 买美元沽澳元 二零一八年七月二十日 AUD 澳元955,469 (10,252) Buy USD and Sell AUD 20th July 2018 US$ 美元967,217 买美元沽澳元 二零一八年七月二十日 AUD 澳元1,310,347 (6,046) Buy USD and Sell CNH 20th July 2018 US$ 美元478,986 买美元沽人民币 二零一八年七月二十日 CNH 人民币3,177,471 (2,045) Buy USD and Sell CNH 20th July 2018 US$ 美元8,024 买美元沽人民币 二零一八年七月二十日 CNH 人民币53,231 (34) (305,110,001) 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2018 (Continued) 截至二零一八年六月三十日（续） 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2017 截至二零一七年六月三十日 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets 金融资产： Buy AUD and Sell USD 21st July 2017 AUD 澳元7,301 买澳元沽美元 二零一七年七月二十一日 US$ 美元5,500 767 Buy CNH and Sell USD 21st July 2017 CNH 人民币23,982 买人民币沽美元 二零一七年七月二十一日 US$ 美元3,521 86 Buy AUD and Sell USD 21st July 2017 AUD 澳元1,713,807 买澳元沽美元 二零一七年七月二十一日 US$ 美元1,291,617 174,822 Buy CNH and Sell USD 21st July 2017 CNH 人民币2,217,076 买人民币沽美元 二零一七年七月二十一日 US$ 美元325,524 8,125 Buy GBP and Sell USD 21st July 2017 GBP 英镑1,130,485 买英镑沽美元 二零一七年七月二十一日 US$ 美元1,442,815 204,225 Buy AUD and Sell USD 21st July 2017 AUD 澳元1,000,092 买澳元沽美元 二零一七年七月二十一日 US$ 美元761,779 39,099 Buy CNH and Sell USD 21st July 2017 CNH 人民币3,475,989 买人民币沽美元 二零一七年七月二十一日 US$ 美元511,550 3,471 Buy GBP and Sell USD 21st July 2017 GBP 英镑296 买英镑沽美元 二零一七年七月二十一日 US$ 美元377 57 Buy AUD and Sell USD 21st July 2017 AUD 澳元2,410,356 买澳元沽美元 二零一七年七月二十一日 US$ 美元1,827,257 162,449 Buy CNH and Sell USD 21st July 2017 CNH 人民币1,718,550 买人民币沽美元 二零一七年七月二十一日 US$ 美元251,642 11,653 5. 衍生金融工具（续） (b) 远期外汇合约（续） 99 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 100 Notes to the Financial Statements 财务报表之附注 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets (Continued) 金融资产（续）： Buy GBP and Sell USD 21st July 2017 GBP 英镑758 买英镑沽美元 二零一七年七月二十一日 US$ 美元967 137 Buy AUD and Sell USD 21st July 2017 AUD 澳元1,214,549 买澳元沽美元 二零一七年七月二十一日 US$ 美元925,466 44,888 Buy CNH and Sell USD 21st July 2017 CNH 人民币5,726,040 买人民币沽美元 二零一七年七月二十一日 US$ 美元838,266 40,239 Buy AUD and Sell USD 21st July 2017 AUD 澳元560,264 买澳元沽美元 二零一七年七月二十一日 US$ 美元425,742 29,842 Buy AUD and Sell USD 21st July 2017 AUD 澳元151 买澳元沽美元 二零一七年七月二十一日 US$ 美元115 6 Buy CNH and Sell USD 21st July 2017 CNH 人民币6,532,530 买人民币沽美元 二零一七年七月二十一日 US$ 美元955,360 53,507 Buy AUD and Sell USD 21st July 2017 AUD 澳元606,080 买澳元沽美元 二零一七年七月二十一日 US$ 美元459,620 39,601 Buy CNH and Sell USD 21st July 2017 CNH 人民币1,876,261 买人民币沽美元 二零一七年七月二十一日 US$ 美元274,311 16,038 Buy AUD and Sell USD 21st July 2017 AUD 澳元736,122 买澳元沽美元 二零一七年七月二十一日 US$ 美元555,741 67,596 Buy CNH and Sell USD 21st July 2017 CNH 人民币3,260,163 买人民币沽美元 二零一七年七月二十一日 US$ 美元476,686 27,495 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2017 (Continued) 截至二零一七年六月三十日（续） 5. 衍生金融工具（续） (b) 远期外汇合约（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets (Continued) 金融资产（续）： Buy CNH and Sell USD 21st July 2017 CNH 人民币2,336,063 买人民币沽美元 二零一七年七月二十一日 US$ 美元341,467 20,495 Buy AUD and Sell USD 21st July 2017 AUD 澳元1,577,407 买澳元沽美元 二零一七年七月二十一日 US$ 美元1,188,943 159,939 Buy AUD and Sell USD 21st July 2017 AUD 澳元469,412 买澳元沽美元 二零一七年七月二十一日 US$ 美元355,293 36,024 Buy CNH and Sell USD 21st July 2017 CNH 人民币4,275,290 买人民币沽美元 二零一七年七月二十一日 US$ 美元625,061 36,469 Buy CNH and Sell USD 21st July 2017 CNH 人民币3,954,245 买人民币沽美元 二零一七年七月二十一日 US$ 美元576,846 43,713 Buy AUD and Sell USD 21st July 2017 AUD 澳元420,313 买澳元沽美元 二零一七年七月二十一日 US$ 美元318,890 26,322 Buy AUD and Sell USD 21st July 2017 AUD 澳元1,180,532 买澳元沽美元 二零一七年七月二十一日 US$ 美元896,051 70,917 Buy CNH and Sell USD 21st July 2017 CNH 人民币2,217,806 买人民币沽美元 二零一七年七月二十一日 US$ 美元324,751 15,007 Buy AUD and Sell USD 21st July 2017 AUD 澳元968,052 买澳元沽美元 二零一七年七月二十一日 US$ 美元736,679 43,274 Buy CNH and Sell USD 21st July 2017 CNH 人民币1,641,121 买人民币沽美元 二零一七年七月二十一日 US$ 美元240,708 7,976 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2017 (Continued) 截至二零一七年六月三十日（续） 101 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 102 Notes to the Financial Statements 财务报表之附注 Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial assets (Continued) 金融资产（续）： Buy CNH and Sell USD 21st July 2017 CNH 人民币1,283,147 买人民币沽美元 二零一七年七月二十一日 US$ 美元188,541 3,594 Buy AUD and Sell USD 21st July 2017 AUD 澳元7,515,337 买澳元沽美元 二零一七年七月二十一日 US$ 美元5,661,071 789,216 Buy AUD and Sell USD 21st July 2017 AUD 澳元4,437,165 买澳元沽美元 二零一七年七月二十一日 US$ 美元3,342,379 465,965 Buy AUD and Sell USD 21st July 2017 AUD 澳元3,084,536 买澳元沽美元 二零一七年七月二十一日 US$ 美元2,323,485 323,920 Buy AUD and Sell USD 21st July 2017 AUD 澳元2,919,411 买澳元沽美元 二零一七年七月二十一日 US$ 美元2,199,102 306,579 Buy AUD and Sell USD 21st July 2017 AUD 澳元3,611,530 买澳元沽美元 二零一七年七月二十一日 US$ 美元2,720,453 379,261 Buy AUD and Sell USD 21st July 2017 AUD 澳元1,620,402 买澳元沽美元 二零一七年七月二十一日 US$ 美元1,220,598 170,165 Buy AUD and Sell USD 21st July 2017 AUD 澳元637,097,198 买澳元沽美元 二零一七年七月二十一日 US$ 美元479,905,569 66,904,187 Buy CNH and Sell USD 21st July 2017 CNH 人民币3,243,603 买人民币沽美元 二零一七年七月二十一日 US$ 美元476,282 11,592 Buy CNH and Sell USD 21st July 2017 CNH 人民币3,547,789,880 买人民币沽美元 二零一七年七月二十一日 US$ 美元520,947,711 12,679,327 83,418,045 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2017 (Continued) 截至二零一七年六月三十日（续） 5. 衍生金融工具（续） (b) 远期外汇合约（续） 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (b) Foreign exchange forward contracts (Continued) At 30th June 2017 (Continued) 截至二零一七年六月三十日（续） Fair value 公允值 Foreign exchange forward contracts 远期外汇合约 Maturity date 到期日 Notional value 名义值 HK$ 港元 Financial liabilities 金融负债： Buy USD and Sell AUD 21st July 2017 US$ 美元297,794 买美元沽澳元 二零一七年七月二十一日 AUD 澳元402,000 (82,364) Buy USD and Sell AUD 21st July 2017 US$ 美元263,573,264 买美元沽澳元 二零一七年七月二十一日 AUD 澳元356,042,000 (74,317,664) Buy USD and Sell SGD 21st July 2017 US$ 美元214,847,387 买美元沽新加坡元 二零一七年七月二十一日 SGD 新加坡元300,000,000 (23,730,791) Buy USD and Sell SGD 21st July 2017 US$ 美元117,661,928 买美元沽新加坡元 二零一七年七月二十一日 SGD 新加坡元164,309,000 (13,069,634) Buy AUD and Sell USD 21st July 2017 AUD 澳元1,618,695 买澳元沽美元 二零一七年七月二十一日 US$ 美元1,242,829 (13,670) Buy CNH and Sell USD 21st July 2017 CNH 人民币73,920,832 买人民币沽美元 二零一七年七月二十一日 US$ 美元10,889,635 (11,759) Buy CNH and Sell USD 21st July 2017 CNH 人民币523 买人民币沽美元 二零一七年七月二十一日 US$ 美元77 (0) Buy USD and Sell CNH 25th October 2017 US$ 美元23,690,558 买美元沽人民币 二零一七年十月二十五日 CNH 人民币165,000,000 (3,485,620) (114,711,502) 5. 衍生金融工具（续） (b) 远期外汇合约（续） 103 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 104 Notes to the Financial Statements 财务报表之附注 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (c) Credit default swaps Credit default swaps are contractual arrangement where the purchaser of the swap makes payments up until the maturity date of a contract. Payments are made to the seller of the swap. In return, the seller agrees to pay off a third party debt if this party defaults on the loan. At 30th June 2018 and 2017, the Fund held the outstanding credit default swaps contract as shown below: At 30th June 2018 截至二零一八年六月三十日 Credit default swaps 信贷违约掉期 Maturity date 到期日 Notional value 名义值 Fair value 公允值 HK$ 港元 Financial liabilities 金融负债： SCH CDS USD BNP 201220 – 35M_11389822 21st December 2020 二零二零年十二月二十一日 US$美元35,000,000 (4,281,498) SCH CDS USD BARC 200623 – 42M_12269178A 20th June 2023 二零二三年六月二十日 US$美元42,000,000 (1,156,770) (5,438,268) 5. 衍生金融工具（续） (c) 信贷违约掉期 信贷违约掉期是合约安排，其中互换交易的 购买方支付款项直到合约到期日为止。款项 将支付给互换交易的卖方。卖方作为回报会 在第三方一旦就贷款违约时负责缴清该债 务。 在二零一八及二零一七年六月三十日，基金 持有的未结算信贷违约掉期如下： 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (c) Credit default swaps (Continued) At 30th June 2017 截至二零一七年六月三十日 Credit default swaps (Continued) 信贷违约掉期（续）： Maturity date 到期日 Notional value 名义值 Fair value 公允值 HK$ 港元 Financial assets 金融资产： CDS USD BNP 201221 – 20M_11752408A 20th December 2021 二零二一年十二月二十日 US$美元20,000,000 367,457 CDS USD BNP 220620 – 6M_11857420A 20th June 2022 二零二二年六月二十日 US$美元6,000,000 446,690 814,147 Credit default swaps (Continued) 信贷违约掉期（续）： Maturity date 到期日 Notional value 名义值 Fair value 公允值 HK$ 港元 Financial liabilities 金融负债 CDS USD BNP 201220 – 35M_11389822 20th December 2020 二零二零年十二月二十日 US$美元35,000,000 (4,952,401) CDS USD JPM 201220 – 30M_11604316 20th December 2020 二零二零年十二月二十日 US$美元30,000,000 (4,244,916) (9,197,317) 5. 衍生金融工具（续） (c) 信贷违约掉期（续） 105 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 106 Notes to the Financial Statements 财务报表之附注 5. DERIVATIVE FINANCIAL INSTRUMENTS (Continued) (d) Options Options are contractual arrangements under which the seller grants the buyer the right, but not the obligation, either to buy (a call option) or sell (a put option) at or by a set date or during a set period, a specific amount of securities or financial instruments at a predetermined price. Options are settled on a net basis. At 30th June 2018, the Fund held the outstanding options contract as shown below: At 30th June 2018 截至二零一八年六月三十日 Maturity date 到期日 Notional 名义值 Fair value 公允值 HK$ 港元 HK$ 港元 Options 期权 HONG KONG HANG SENG INDEX ?28000 PUT 30/08/2018 30th August 2018 二零一八年八月三十日 409,861,950 9,150,000 HANG SENG INDEX 30000 PUT ?30/07/2018 30th July 2018 二零一八年七月三十日 1,461,131,010 77,200,500 86,350,500 There was no outstanding options contract as at 30th June 2017. 5. 衍生金融工具（续） (d) 期权 期权是在特定日期或在指定期限内，按预定 价格购入（认购期权）或卖出（认沽期权）特 定数量的证券或金融工具的权利，而非责 任。期权以净额基准结算。 截至二零一八年六月三十日，基金持有未结 算之期权合约如下： 截至二零一七年六月三十日，基金未持有未 结算之期权合约。 6. MARGIN ACCOUNTS Margin accounts represent margin deposits held in respect of open futures contracts. As at 30th June 2018, the Fund held margin deposits of HK$165,782,985 (2017: HK$38,564,078), of which HK$165,782,985 (2017: HK$16,891,596) is restricted. 7. MANAGEMENT FEE AND TRUSTEE FEE Management fee and trustee fee are charged by Schroder Investment Management (Hong Kong) Limited and HSBC Institutional Trust Services (Asia) Limited respectively. Management fee is currently charged at a rate of 1.25% per annum for Class A and Class M and 0.625% per annum for Class C with an allowable maximum rate of 7% per annum of the net asset value of the Fund. No management fee is charged to Class I. The Trustee fee for the Fund is 0.07% per annum of the net asset value of the Fund subject to a minimum fee of HK$156,000 per annum, with an allowable maximum rate of 0.5% per annum of net asset value of the Fund. Management fee and trustee fee payable as at year end amounted to HK$40,466,192 (2017: HK$37,221,703) and HK$2,331,484 (2017: HK$2,142,886) respectively. Total management fee and trustee fee for the year amounted to HK$479,982,088 (2017: HK$434,150,642) and HK$27,648,460 (2017: HK$24,872,536 ) respectively. These fees are accrued daily on each valuation date and payable monthly or quarterly in arrears. 6. 保证金戶口 保证金户口持有为未平仓之期货的交易保证 金。截至二零一八年六月三十日，本基金持 有165,782,985港元保证金（二零一七年： 38,564,078 港元），其中 165,782,985 港元 为受限制存款（二零一七年：16,891,596港 元）。 7. 管理费用及受托人费用 施罗德投资管理（香港）有限公司及汇丰机构 信托服务（亚洲）有限公司分别收取管理费用 及受托人费用。 现时管理费用分别为类别资产净值的每年百 分比，A类别及M类别为百分之一点二五， C类别为百分之零点六二五，以每年本基金 资产净值百分之七为限。本基金没有征收I 类别的管理费。 本基金征收的受托人费用为每年本基金资产 净值的百分之零点零七，惟最低收费为每年 156,000港元，以每年本基金资产值的百分 之零点五为限。 截至年终，应付管理费及受托人费用分别为 40,466,192港元（二零一七年：37,221,703 港 元 ）及 2,331,484 港 元（ 二 零 一 七 年： 2,142,886港元）。 年 内 之 管 理 费 及 受 托 人 费 用 分 别 为 479,982,088港元（二零一七年：434,150,642 港 元 ）及 27,648,460 港 元（ 二 零 一 七 年： 24,872,536 港元）。 费用于每个估值日每日累计，并于每月月底 或每季季末支付。 107 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 108 Notes to the Financial Statements 财务报表之附注 8. DISTRIBUTIONS (a) Accumulation units The Manager shall not make any distributions of income or net capital gains realised on the sale of investments in respect of the accumulation units. Any income and net capital gains in respect of the accumulation units shall be accumulated and capitalised. (b) Distribution units In respect of distribution units, the Manager will declare and pay monthly distributions on such date as may be determined by the Manager. However, the distribution rate is not guaranteed. In the event that the income generated from the Fund’s investments attributable to the relevant Class of the distribution units during the relevant period is insufficient to pay distributions as declared, the Manager may in its discretion determine such distributions be paid from capital. The Manager will periodically review distribution units and reserve the right to make changes to the distribution policies of the distribution units. Any change to the frequency of distributions is subject to one month’s prior notice to the relevant unitholders. If the Manager does not intend to retain the flexibility to pay distributions out of the amount originally invested or income attributable to the prior year of the Fund, the change will be subject to the SFC’s prior approval and one month’s prior notice to the relevant unitholders. 8. 派息 (a) 累积份额 基金管理人不就出售投资项目变现所获取的 资本净收益派息。任何累积份额的收入和资 本净收益应予以累积和转作为资本。 (b) 收息份额 就收息份额而言，基金管理人将于其决定的 每月该等日期宣布和派发股息。然而，基金 管理人对派息率不会作出保证。假如在相关 期间本基金投资获得而可拨入相关收息份额 类别的收入不足以支付已宣布的派息，基金 管理人可酌情决定从资本中支付派息。 基金管理人会定期检讨收息份额并保留权利 更改收息份额之派息政策。任何派息次数的 更改，须向有关份额持有人发出一个月事先 通知。如基金管理人不打算保留本基金从原 来投资款项或之前累积的收入中支付派息的 灵活性，该变更将须获证监会事先批准及向 有关份额持有人发出一个月事先通知。 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) The following tables show the distributions of the Fund during the year: HKD Class A 港元A类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 HK$ 港元 Total distribution amount 总派息额 HK$ 港元 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 100,286,711.43 0.428820 43,004,947.60 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 100,125,688.65 0.430567 43,110,817.38 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 100,477,305.23 0.424199 42,622,372.40 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 100,922,778.91 0.427507 43,145,194.44 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 100,620,080.25 0.429399 43,206,161.84 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 98,794,829.85 0.431268 42,607,048.68 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 102,563,140.20 0.439922 45,119,781.76 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 104,126,234.05 0.425710 44,327,579.10 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 110,240,758.45 0.420488 46,354,916.04 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 113,308,596.95 0.416563 47,200,169.07 30th May 2018 二零一八年五月三十日 11th June 2018 二零一八年六月十一日 115,219,549.79 0.414847 47,798,484.57 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 112,970,964.16 0.407353 46,019,061.16 2017 二零一七年 27th July 2016 二零一六年七月二十七日 8th August 2016 二零一六年八月八日 81,696,848.04 0.445702 36,412,448.57 24th August 2016 二零一六年八月二十四日 6th September 2016 二零一六年九月六日 87,323,328.24 0.446911 39,025,755.95 28th September 2016 二零一六年九月二十八日 11th October 2016 二零一六年十月十一日 92,356,479.41 0.420423 38,828,788.14 26th October 2016 二零一六年十月二十六日 7th November 2016 二零一六年十一月七日 96,270,259.89 0.412607 39,721,783.12 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 99,912,354.37 0.396893 39,654,514.06 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 101,607,968.12 0.395894 40,225,984.93 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 104,554,179.52 0.403248 42,161,263.78 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 106,261,063.06 0.409916 43,558,109.93 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 104,326,334.00 0.414465 43,239,614.02 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 101,706,615.43 0.416758 42,387,045.63 24th May 2017 二零一七年五月二十四日 6th June 2017 二零一七年六月六日 100,130,134.72 0.418663 41,920,782.59 30th June 2017 二零一七年六月三十日 11th July 2017 二零一七年七月十一日 98,633,716.78 0.422789 41,701,250.48 8. 派息（续） (b) 收息份额（续） 下表呈列年内派息记录： 109 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 110 Notes to the Financial Statements 财务报表之附注 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) HKD Class C 港元C类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 HK$ 港元 Total distribution amount 总派息额 HK$ 港元 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 351,617.62 0.448120 157,566.89 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 348,830.55 0.450259 157,064.09 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 348,836.78 0.443846 154,829.81 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 348,843.01 0.447556 156,126.78 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 348,849.29 0.449850 156,929.85 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 347,555.61 0.452059 157,115.64 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 347,561.86 0.461386 160,360.18 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 414,701.03 0.446729 185,258.98 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 412,986.12 0.441557 182,356.91 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 413,890.74 0.437678 181,150.87 30th May 2018 二零一八年五月三十日 11th June 2018 二零一八年六月十一日 479,554.74 0.436178 209,171.23 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 479,564.73 0.428554 205,519.38 2017 二零一七年 27th July 2016 二零一六年七月二十七日 8th August 2016 二零一六年八月八日 203,666.37 0.462412 94,177.77 24th August 2016 二零一六年八月二十四日 6th September 2016 二零一六年九月六日 203,670.67 0.463923 94,487.51 28th September 2016 二零一六年九月二十八日 11th October 2016 二零一六年十月十一日 203,675.01 0.436729 88,950.78 26th October 2016 二零一六年十月二十六日 7th November 2016 二零一六年十一月七日 204,142.84 0.428847 87,546.04 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 204,148.89 0.412743 84,261.03 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 204,154.90 0.411991 84,109.98 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 204,160.83 0.419876 85,722.23 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 244,090.87 0.427058 104,240.96 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 280,175.62 0.432097 121,063.04 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 316,005.26 0.434729 137,376.65 24th May 2017 二零一七年五月二十四日 6th June 2017 二零一七年六月六日 351,605.28 0.436959 153,637.09 30th June 2017 二零一七年六月三十日 11th July 2017 二零一七年七月十一日 351,611.40 0.441590 155,268.08 8. 派息（续） (b) 收息份额（续） 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) USD Class A 美元A类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 US$ 美元 Total distribution amount 总派息额 US$ 美元 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 182,441,282.71 0.042749 7,799,182.39 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 184,769,351.98 0.042842 7,915,888.58 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 186,765,609.46 0.042302 7,900,558.81 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 185,177,956.59 0.042665 7,900,617.52 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 185,087,158.65 0.042822 7,925,802.31 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 179,121,979.41 0.042990 7,700,453.89 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 184,906,541.17 0.043824 8,103,344.26 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 189,238,964.37 0.042362 8,016,541.01 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 191,210,091.49 0.041722 7,977,667.44 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 194,131,949.13 0.041338 8,025,026.51 30th May 2018 二零一八年五月三十日 11th June 2018 二零一八年六月十一日 193,348,964.91 0.041167 7,959,596.84 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 185,734,129.28 0.040433 7,509,788.05 2017 二零一七年 27th July 2016 二零一六年七月二十七日 8th August 2016 二零一六年八月八日 146,957,145.34 0.044754 6,576,920.08 24th August 2016 二零一六年八月二十四日 6th September 2016 二零一六年九月六日 159,297,394.30 0.044882 7,149,585.65 28th September 2016 二零一六年九月二十八日 11th October 2016 二零一六年十月十一日 171,544,125.34 0.042220 7,242,592.97 26th October 2016 二零一六年十月二十六日 7th November 2016 二零一六年十一月七日 177,920,147.62 0.041424 7,370,164.20 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 179,124,040.68 0.039846 7,137,376.52 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 178,443,368.00 0.039735 7,090,447.23 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 186,798,572.28 0.040478 7,561,232.61 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 188,729,081.23 0.041134 7,763,182.03 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 189,243,168.39 0.041542 7,861,539.70 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 187,711,045.08 0.041717 7,830,741.67 24th May 2017 二零一七年五月二十四日 6th June 2017 二零一七年六月六日 185,575,491.31 0.041861 7,768,375.64 30th June 2017 二零一七年六月三十日 11th July 2017 二零一七年七月十一日 181,721,729.31 0.042174 7,663,932.21 8. 派息（续） (b) 收息份额（续） 111 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 112 Notes to the Financial Statements 财务报表之附注 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) USD Class C 美元C类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 US$ 美元 Total distribution amount 总派息额 US$ 美元 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 511.87 0.043044 22.03 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 962,271.58 0.043167 41,538.38 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 985,868.46 0.042647 42,044.33 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 990,466.60 0.043036 42,625.72 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 990,468.66 0.043225 42,813.01 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 990,470.73 0.043418 43,004.26 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 51,759.76 0.044286 2,292.23 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 51,761.88 0.042833 2,217.12 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 74,869.14 0.042215 3,160.60 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 146,434.99 0.041849 6,128.16 30th May 2018 二零一八年五月三十日 11th June 2018 二零一八年六月十一日 224,772.07 0.041705 9,374.12 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 205,811.49 0.040985 8,435.18 2017 二零一七年 27th July 2016 二零一六年七月二十七日 8th August 2016 二零一六年八月八日 487.91 0.044795 21.86 24th August 2016 二零一六年八月二十四日 6th September 2016 二零一六年九月六日 489.94 0.044939 22.02 28th September 2016 二零一六年九月二十八日 11th October 2016 二零一六年十月十一日 491.99 0.042300 20.81 26th October 2016 二零一六年十月二十六日 7th November 2016 二零一六年十一月七日 493.97 0.041521 20.51 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 495.95 0.039959 19.82 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 497.92 0.039870 19.85 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 499.86 0.040634 20.31 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 501.82 0.041312 20.73 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 503.82 0.041746 21.03 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 505.82 0.041941 21.21 24th May 2017 二零一七年五月二十四日 6th June 2017 二零一七年六月六日 507.83 0.042107 21.38 30th June 2017 二零一七年六月三十日 11th July 2017 二零一七年七月十一日 509.83 0.042448 21.64 8. 派息（续） (b) 收息份额（续） 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) USD Class I 美元I类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 US$ 美元 Total distribution amount 总派息额 US$ 美元 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 4,360,271.01 0.051209 223,285.12 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 4,359,863.98 0.051391 224,057.77 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 4,359,863.98 0.050799 221,476.73 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 4,352,898.89 0.051291 223,264.54 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 4,351,501.61 0.051550 224,319.91 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 4,351,501.61 0.051809 225,446.95 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 4,343,217.16 0.052873 229,638.92 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 4,343,217.16 0.051165 222,220.71 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 4,768,856.61 0.050461 240,641.27 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 4,768,856.61 0.050051 238,686.04 30th May 2018 二零一八年五月三十日 11th June 2018 二零一八年六月十一日 5,115,698.44 0.049913 255,339.86 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 5,115,698.44 0.049080 251,078.48 2017 二零一七年 27th July 2016 二零一六年七月二十七日 8th August 2016 二零一六年八月八日 3,606,077.89 0.052838 190,537.94 24th August 2016 二零一六年八月二十四日 6th September 2016 二零一六年九月六日 3,606,077.89 0.053061 191,342.10 28th September 2016 二零一六年九月二十八日 11th October 2016 二零一六年十月十一日 3,926,399.99 0.049982 196,249.32 26th October 2016 二零一六年十月二十六日 7th November 2016 二零一六年十一月七日 3,926,399.99 0.049094 192,762.68 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 3,915,432.98 0.047276 185,106.01 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 3,915,432.98 0.047208 184,839.76 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 3,915,432.98 0.048144 188,504.61 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 3,905,009.32 0.048978 191,259.55 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 3,926,061.78 0.049531 194,461.77 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 3,926,061.78 0.049795 195,498.25 24th May 2017 二零一七年五月二十四日 6th June 2017 二零一七年六月六日 3,925,225.84 0.050022 196,347.65 30th June 2017 二零一七年六月三十日 11th July 2017 二零一七年七月十一日 4,382,518.73 0.050469 221,181.34 8. 派息（续） (b) 收息份额（续） 113 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 114 Notes to the Financial Statements 财务报表之附注 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) AUD Hedged Class A 澳元对冲A类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 AU$ 澳元 Total distribution amount 总派息额 AU$ 澳元 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 64,883,889.45 0.044163 2,865,467.21 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 60,721,278.62 0.044262 2,687,645.23 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 59,468,159.01 0.043687 2,597,985.46 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 60,897,706.95 0.044052 2,682,665.79 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 62,797,376.29 0.044215 2,776,585.99 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 62,867,688.49 0.042258 2,656,662.78 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 61,737,959.09 0.040887 2,524,279.93 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 60,618,674.30 0.039514 2,395,286.30 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 65,993,797.08 0.036863 2,432,729.34 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 71,268,969.87 0.036516 2,602,457.70 30th May 2018 二零一八年五月三十日 11th June 2018 二零一八年六月十一日 74,716,788.41 0.036371 2,717,524.31 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 75,242,159.73 0.035706 2,686,596.56 2017 二零一七年 27th July 2016 二零一六年七月二十七日 8th August 2016 二零一六年八月八日 63,607,462.79 0.050300 3,199,455.38 24th August 2016 二零一六年八月二十四日 6th September 2016 二零一六年九月六日 64,810,917.94 0.050455 3,270,034.86 28th September 2016 二零一六年九月二十八日 11th October 2016 二零一六年十月十一日 68,265,915.90 0.047874 3,268,162.46 26th October 2016 二零一六年十月二十六日 7th November 2016 二零一六年十一月七日 68,114,270.95 0.046954 3,198,237.48 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 69,577,283.39 0.045146 3,141,136.04 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 71,949,817.32 0.045019 3,239,108.83 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 74,071,365.81 0.045838 3,395,283.27 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 70,785,810.64 0.044539 3,152,729.22 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 68,687,653.79 0.042930 2,948,760.98 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 68,358,192.05 0.043126 2,948,015.39 24th May 2017 二零一七年五月二十四日 6th June 2017 二零一七年六月六日 71,328,329.60 0.043275 3,086,733.46 30th June 2017 二零一七年六月三十日 11th July 2017 二零一七年七月十一日 67,981,330.12 0.043592 2,963,442.14 8. 派息（续） (b) 收息份额（续） 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) AUD Hedged Class C 澳元对冲C类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 AU$ 澳元 Total distribution amount 总派息额 AU$ 澳元 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 743.22 0.044557 33.12 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 746.48 0.044684 33.36 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 749.75 0.044126 33.08 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 753.02 0.044525 33.53 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 756.33 0.044724 33.83 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 759.66 0.042754 32.48 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 762.80 0.041392 31.57 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 765.89 0.040032 30.66 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 768.96 0.037370 28.74 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 771.83 0.037038 28.59 30th May 2018 二零一八年五月三十日 12th June 2018 二零一八年六月十二日 774.73 0.036913 28.60 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 777.64 0.036258 28.20 2017 二零一七年 27th July 2016 二零一六年七月二十七日 8th August 2016 二零一六年八月八日 702.68 0.050400 35.42 24th August 2016 二零一六年八月二十四日 6th September 2016 二零一六年九月六日 706.19 0.050582 35.72 28th September 2016 二零一六年九月二十八日 11th October 2016 二零一六年十月十一日 709.74 0.048045 34.10 26th October 2016 二零一六年十月二十六日 7th November 2016 二零一六年十一月七日 713.21 0.047153 33.63 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 716.67 0.045330 32.49 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 720.11 0.045237 32.58 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 723.51 0.046095 33.35 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 726.95 0.044808 32.57 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 730.31 0.043221 31.56 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 733.52 0.043423 31.85 24th May 2017 二零一七年五月二十四日 6th June 2017 二零一七年六月六日 736.74 0.043595 32.12 30th June 2017 二零一七年六月三十日 11th July 2017 二零一七年七月十一日 739.95 0.043939 32.51 8. 派息（续） (b) 收息份额（续） 115 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 116 Notes to the Financial Statements 财务报表之附注 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) RMB Hedged Class A 人民币对冲A类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 RMB 人民币 Total distribution amount 总派息额 RMB 人民币 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 36,747,359.78 0.579003 21,276,831.55 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 37,798,193.88 0.579763 21,913,994.28 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 37,250,585.48 0.572050 21,309,197.42 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 37,930,385.80 0.576762 21,876,805.17 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 39,099,815.53 0.579143 22,644,384.47 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 38,598,551.37 0.581481 22,444,324.25 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 38,084,018.13 0.592122 22,550,384.98 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 37,490,981.21 0.572297 21,455,976.07 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 38,679,986.85 0.522192 20,198,379.69 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 38,776,836.29 0.517000 20,047,624.36 30th May 2018 二零一八年五月三十日 11th June 2018 二零一八年六月十一日 39,445,528.05 0.514859 20,308,885.13 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 39,607,249.52 0.505845 20,035,129.13 2017 二零一七年 27th July 2016 二零一六年七月二十七日 8th August 2016 二零一六年八月八日 41,510,633.74 0.593333 24,629,628.85 24th August 2016 二零一六年八月二十四日 6th September 2016 二零一六年九月六日 41,931,122.13 0.552276 23,157,552.41 28th September 2016 二零一六年九月二十八日 11th October 2016 二零一六年十月十一日 41,991,307.80 0.653983 27,461,601.45 26th October 2016 二零一六年十月二十六日 7th November 2016 二零一六年十一月七日 41,761,457.80 0.599397 25,031,692.52 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 40,491,099.04 0.576462 23,341,579.93 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 39,215,513.22 0.693421 27,192,860.39 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 36,872,931.33 0.709988 26,179,338.77 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 36,523,517.38 0.638402 23,316,686.54 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 35,621,466.04 0.603654 21,503,040.46 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 35,853,311.13 0.585329 20,985,982.75 24th May 2017 二零一八年五月二十四日 6th June 2017 二零一八年六月六日 35,852,113.98 0.607944 21,796,077.58 30th June 2017 二零一八年六月三十日 11th July 2017 二零一八年七月十一日 35,958,145.85 0.613417 22,057,337.95 8. 派息（续） (b) 收息份额（续） 8. DISTRIBUTIONS (Continued) (b) Distribution units (Continued) GBP Hedged Class A 英镑对冲A类别份额 Record date 纪录日 Payment date 派息日 No. of units entitled distributions 有权收取派息 之份额 Distribution per unit 每份额 派息额 GBP 英镑 Total distribution amount 总派息额 GBP 英镑 2018 二零一八年 26th July 2017 二零一七年七月二十六日 4th August 2017 二零一七年八月四日 110,109.29 0.030382 3,345.34 30th August 2017 二零一七年八月三十日 8th September 2017 二零一七年九月八日 115,738.55 0.030451 3,524.35 27th September 2017 二零一七年九月二十七日 10th October 2017 二零一七年十月十日 105,735.06 0.032197 3,404.35 25th October 2017 二零一七年十月二十五日 6th November 2017 二零一七年十一月六日 116,753.42 0.032463 3,790.17 29th November 2017 二零一七年十一月二十九日 8th December 2017 二零一七年十二月八日 184,549.81 0.032579 6,012.45 27th December 2017 二零一七年十二月二十七日 8th January 2018 二零一八年一月八日 187,862.69 0.030508 5,731.31 24th January 2018 二零一八年一月二十四日 5th February 2018 二零一八年二月五日 265,712.09 0.031068 8,255.14 21st February 2018 二零一八年二月二十一日 5th March 2018 二零一八年三月五日 367,518.89 0.030026 11,035.12 28th March 2018 二零一八年三月二十八日 11th April 2018 二零一八年四月十一日 367,519.20 0.027426 10,079.58 25th April 2018 二零一八年四月二十五日 8th May 2018 二零一八年五月八日 382,119.32 0.025084 9,585.08 30th May 2018 二零一八年五月三十日 11th June 2018 二零一八年六月十一日 382,119.58 0.024983 9,546.49 29th June 2018 二零一八年六月二十九日 11th July 2018 二零一八年七月十一日 382,119.84 0.024526 9,371.87 2017 二零一七年 23rd November 2016 二零一六年十一月二十三日 2nd December 2016 二零一六年十二月二日 100.00 0.021239 2.12 28th December 2016 二零一六年十二月二十八日 9th January 2017 二零一七年一月九日 20,124.64 0.030193 607.62 25th January 2017 二零一七年一月二十五日 7th February 2017 二零一七年二月七日 107,490.44 0.030832 3,314.15 22nd February 2017 二零一七年二月二十二日 3rd March 2017 二零一七年三月三日 106,731.13 0.033427 3,567.70 29th March 2017 二零一七年三月二十九日 11th April 2017 二零一七年四月十一日 106,731.47 0.031645 3,377.52 26th April 2017 二零一七年四月二十六日 9th May 2017 二零一七年五月九日 111,277.02 0.031771 3,535.38 24th May 2017 二零一七年五月二十四日 6th June 2017 二零一七年六月六日 111,277.34 0.031883 3,547.86 30th June 2017 二零一七年六月三十日 11th July 2017 二零一七年七月十一日 110,108.99 0.029971 3,300.08 8. 派息（续） (b) 收息份额（续） Note: Schroder Asian Asset Income Fund GBP Hedged Class A Distribution Units was launched on 3rd November 2016. 附注： 施罗德亚洲高息股债基金英镑对冲 A 类别收息份额于二零一六年十一月三日成立。 117 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 118 Notes to the Financial Statements 财务报表之附注 9. TRANSACTIONS WITH RELATED PARTIES AND CONNECTED PERSONS In addition to the management fee and trustee fee disclosed in note 7 to the financial statements, the Fund had the following transactions with related parties and connected persons. Connected persons of the Manager are those as defined in the Code on Unit Trusts and Mutual Funds established by the SFC. (i) As at 30th June 2018, the Fund placed bank deposits amounted to HK$996,995,702 (2017: HK$823,279,788) with the Hongkong and Shanghai Banking Corporation Limited, a related company of the Trustee and Registrar. Bank interest income amounted to HK$2,411,188 (2017: HK$556,771) has been earned by the Fund. (ii) As at 30th June 2018, the Fund placed investments amounting to HK$37,644,430,585 (2017: HK$ 36,167,685,217) with the Trustee and Registrar. (iii) During the year, transaction handling fees on purchases and sales of investments, amounting to HK$116,531 (2017: HK$154,336) were charged by the Trustee. 9. 与连系人及关连人士之交易 除载于财务报表附注7之管理费用及受托人 费用外，基金与其连系人及关连人士之交易 如下。基金管理人的关连人士是根据香港证 券及期货事监察委员会所颁布的单位信托及 互惠基金守则（「证监会守则」）中的定义。 (i) 截至二零一八年六月三十日，基金存放 总值 996,995,702 港元（二零一七年： 823,279,788港元）银行存款于与受托人 及注册登记机构有关连之香港汇丰银行 有限公司。本基金有收取银行利息收入 总 值 2,411,188 港 元（ 二 零 一 七 年： 556,771港元）。 (ii) 截至二零一八年六月三十日，基金存放 总 值 37,644,430,585 港 元（ 二 零 一 七 年：36,167,685,217港元）投资于受托 人及注册登记机构。 (iii) 本 年 度 买 卖 证 券 的 交 易 手 续 费 为 116,531港元（二零一七年：154,336港 元）。此费用支付予受托人－汇丰机构信 托服务（亚洲）有限公司。 9. TRANSACTIONS WITH RELATED PARTIES AND CONNECTED PERSONS (Continued) (iv) During the year, the net registrar’s cost amounting to HK$76,440,781 (2017: HK$69,194,050) was paid to Schroder Investment Management (Europe) S.A. (formerly known as Schroder Investment Management (Luxembourg) S.A.), the registrar’s service provider of the fund. (v) As at 30th June 2018 and 2017, the Fund held investments in unit trusts/ mutual funds which are managed by the Manager or other companies under the same group of the Manager, amounting to HK$2,371,842,576 (2017: HK$2,215,919,063). All transactions with related parties and connected persons were entered into in the ordinary course of business and on normal commercial terms. 9. 与连系人及关连人士之交易（续） (iv) 本年度注册登记机构费用为76,440,781 港 元（ 二 零 一 七 年：69,194,050 港 元）。此费用支付予注册登记机构之 服务提供机构－Schroder Investment Management (Europe) S.A（. 前 称 Schroder Investment Management (Luxembourg) S.A.）。 (v) 在 二 零 一 八 和 二 零 一 七 年 六 月 三 十 日， 基 金 在 由 基 金 管 理 人 或 该 基 金 管 理 人 所 属 集 团 旗 下 其 他 公 司 管 理 的单位信托╱互惠基金中持有投资为 2,371,842,576 港 元（ 二 零 一 七 年： 2,215,919,063港元）。 所有与其连系人及关连人士之交易乃按商业 条款进行，并为一般经常性业务。 119 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 120 Notes to the Financial Statements 财务报表之附注 10. 税项 (a) 香港税项 根据香港税务条例第26A条本基金已获豁免 缴纳香港利得税，因此并无税项拨备。 (b) 中国税项 本基金投资于在海外证券交易所上市的中国 企业的股份，当中包括在香港联合交易所上 市的 H 股（「H 股」）。根据中国企业所得税 法，本基金或须就买卖H股所得的资本收益 缴付中国税项。然而，由于受托人及基金管 理人相信，本基金可根据目前的税务规例维 持无需呈交报税表，且中国不大可能会就资 本收益征收税项，故此本财务报表并无就此 等收益的税项计提准备。 10. TAXATION (a) Hong Kong Tax No provision for Hong Kong profits tax has been made as the Fund is exempt from Hong Kong profits tax under Section 26A of the Hong Kong Inland Revenue Ordinance. (b) The People’s Republic of China Tax The Fund invests in shares of companies in the People’s Republic of China (“PRC”) listed on overseas stock exchanges including the H-shares listed on the Hong Kong Stock Exchange (“H-shares”). Under the PRC Corporate Income Tax Law, the Fund may be liable to pay PRC tax on the capital gains realized in the trading of H-shares. However, no provision was made for taxation from such gains in the financial statements as the Trustee and the Manager believe that the Fund can sustain a position for not filing a tax return based on the existing tax regulations and that the enforcement of PRC tax on capital gains is not probable. 10. TAXATION (Continued) (c) Australian Tax The Fund invests in securities listed on the stock exchange in Australia. Gains generated from disposals of Australian investments may be exposed to Australian tax at the rate of 30%. In September 2012, the Australian Government introduced legislation exempting gains realised by a foreign fund on or before 30th June 2011, provided that certain ownership conditions and other criteria are met. In June 2015, the Australian Government further introduced legislation (“Legislation”) which exempts gains realised by a foreign fund on or after 1 July 2011 given that certain ownership conditions and other criteria can be met. As at 30th June 2018 and 2017, the Trustee and the Manager of the Fund (the “Management”) consider that the charge for Australian tax on Australian investments is unlikely as at the date of approval of these financial statements. Management is of the view that the Fund should meet the criteria under the Legislation and should be eligible for the exemption of tax. No provision for such tax was made as at 30th June 2018 and 2017 accordingly. This assessment represents the best estimate of the Trustee and the Manager and the amount ultimately payable could differ significantly. (d) Withholding Tax Withholding tax was charged on certain dividend received during the year. 10. 税项（续） (c) 澳大利亚税项 本基金投资于澳大利亚证券交易所上市的证 券。而出售该投资所产生的收益可能须缴付 百分之三十的澳大利亚税项。 于二零一二年九月，澳大利亚政府公布新法 例，只要符合若干拥有权的规定和其他条 件，外国基金在二零一一年六月三十日或之 前所产生的收益，将获得税项豁免。于二零 一五年六月，澳大利亚政府亦已宣布进一步 立法，只要符合若干拥有权的规定和其他条 件，外国基金在二零一一年七月一日或之后 所产生的收益，将获得税项豁免。 于二零一八及二零一七年六月三十日，受托 人和基金管理人认为，在本财务报表签发 时，澳大利亚投资的税项的可能性不大。管 理层就本基金应满足立法下的标准，并应符 合税收豁免的条件。因此，并没有就此等税 项进行拨备。受托人和基金管理人已对此报 告作出最佳的评估，但最终支付的税款可能 有显著的差异。 (d) 预提税 相关的预提税于收取股息时已入账。 121 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 122 Notes to the Financial Statements 财务报表之附注 11. NUMBER OF UNITS IN ISSUE AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS PER UNIT The Fund’s capital is represented by the units in the Fund, and shown as net assets attributable to unitholders in the statement of financial position. Subscriptions and redemptions of units during the year are shown in the statement of changes in net assets attributable to unitholders. In order to achieve the investment objectives, the Fund endeavors to invest its capital in accordance with the investment policies as outlined in note 3, whilst maintaining sufficient liquidity to meet redemption requests. Such liquidity is augmented by the holding of liquid investments. In accordance with the provisions of the Fund’s Trust Deed dated 8th October 2010, as amended, and Explanatory Memorandum, investments are stated at the last traded price on the valuation day for the purpose of determining net asset value per unit for subscriptions and redemptions and for various fee calculations. Net assets attributable to unitholders represent a liability in the statement of financial position, carried at the redemption amount that would be payable at the year end date if the unitholder exercised the right to redeem the units in the Fund. 11. 已发行份额数目及归于份额持有人每份额净 资产 本基金的资本是以基金份额为代表，并以归 于份额持有人净资产于财务状况报表呈示。 本年内之份额认购及赎回于基金份额持有人 应占资产净值变动报表中呈示。为达到投资 目标，本基金会根据附注3所列明之投资政 策作投资，并维持足够的资金流通作赎回之 用。此流通性会因应所有之流动性投资而增 加。 根据本基金于二零一零年十月八日订之信托 契约（经修订），本基金的投资乃以估值日之 最新交易价计算，从而计算每份额资产净 值，作买卖及计算其他收费用。 归于份额持有人净资产于财务状况报表为负 债，如份额持有人行使其赎回权利，则以应 付赎回款项呈示于年结日之财务状况报表。 11. NUMBER OF UNITS IN ISSUE AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS PER UNIT (Continued) Number of units in issue as at 30th June 2018 and 2017: 2018 二零一八年 Units 份额 2017 二零一七年 Units 份额 HKD Class A Accumulation 港元A类别累积份额 Number of units in issue at the beginning of the year 年初已发行份额数目 2,641,893.61 2,560,478.08 Units issued 发行份额 632,904.85 1,437,952.61 Units redeemed 赎回份额 (1,016,897.17) (1,356,537.08) Number of units in issue at the end of the year 年末已发行份额数目 2,257,901.29 2,641,893.61 HKD Class A Distribution 港元A类别收息份额 Number of units in issue at the beginning of the year 年初已发行份额数目 98,633,716.78 77,955,228.06 Units issued 发行份额 83,105,285.53 90,198,668.93 Units redeemed 赎回份额 (68,768,038.15) (69,520,180.21) Number of units in issue at the end of the year 年末已发行份额数目 112,970,964.16 98,633,716.78 HKD Class C Accumulation 港元C类别累积份额 Number of units in issue at the beginning of the year 年初已发行份额数目 199,227.64 156,848.82 Units issued 发行份额 54,749.64 42,378.82 Units redeemed 赎回份额 (5,798.22) – Number of units in issue at the end of the year 年末已发行份额数目 248,179.06 199,227.64 HKD Class C Distribution 港元C类别收息份额 Number of units in issue at the beginning of the year 年初已发行份额数目 351,611.40 168,155.95 Units issued 发行份额 139,150.84 183,599.81 Units redeemed 赎回份额 (11,197.51) (144.36) Number of units in issue at the end of the year 年末已发行份额数目 479,564.73 351,611.40 11. 已发行份额数目及归于份额持有人每份额 净资产（续） 于二零一八年及二零一七年六月三十日已发 行之份额： 123 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 124 Notes to the Financial Statements 财务报表之附注 11. NUMBER OF UNITS IN ISSUE AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS PER UNIT (Continued) 2018 二零一八年 Units 份额 2017 二零一七年 Units 份额 USD Class A Accumulation 美元A类别累积份额 Number of units in issue at the beginning of the year 年初已发行份额数目 12,093,181.86 12,079,513.84 Units issued 发行份额 3,741,119.85 8,973,519.30 Units redeemed 赎回份额 (5,402,107.90) (8,959,851.28) Number of units in issue at the end of the year 年末已发行份额数目 10,432,193.81 12,093,181.86 USD Class A Distribution 美元A类别收息份额 Number of units in issue at the beginning of the year 年初已发行份额数目 181,721,729.31 132,186,225.21 Units issued 发行份额 135,770,136.79 188,394,996.07 Units redeemed 赎回份额 (131,757,736.82)(138,859,491.97) Number of units in issue at the end of the year 年末已发行份额数目 185,734,129.28 181,721,729.31 USD Class C Accumulation 美元C类别累积份额 Number of units in issue at the beginning of the year 年初已发行份额数目 7,399,456.34 3,333,269.95 Units issued 发行份额 4,761,793.86 8,698,030.39 Units redeemed 赎回份额 (4,922,811.03) (4,631,844.00) Number of units in issue at the end of the year 年末已发行份额数目 7,238,439.17 7,399,456.34 USD Class C Distribution 美元C类别收息份额 Number of units in issue at the beginning of the year 年初已发行份额数目 509.83 485.91 Units issued 发行份额 1,164,873.11 23.92 Units redeemed 赎回份额 (959,571.45) – Number of units in issue at the end of the year 年末已发行份额数目 205,811.49 509.83 11. 已发行份额数目及归于份额持有人每份额 净资产（续） 11. NUMBER OF UNITS IN ISSUE AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS PER UNIT (Continued) 2018 二零一八年 Units 份额 2017 二零一七年 Units 份额 USD Class I Accumulation 美元I类别累积份额 Number of units in issue at the beginning of the year 年初已发行份额数目 1,302,037.64 878,373.83 Units issued 发行份额 267,051.33 597,542.14 Units redeemed 赎回份额 (12,787.18) (173,878.33) Number of units in issue at the end of the year 年末已发行份额数目 1,556,301.79 1,302,037.64 USD Class I Distribution 美元I类别收息份额 Number of units in issue at the beginning of the year 年初已发行份额数目 4,382,518.73 3,606,077.89 Units issued 发行份额 781,500.34 814,177.49 Units redeemed 赎回份额 (48,320.63) (37,736.65) Number of units in issue at the end of the year 年末已发行份额数目 5,115,698.44 4,382,518.73 AUD Hedged Class A Distribution 澳元对冲A类别收息份额 Number of units in issue at the beginning of the year 年初已发行份额数目 67,981,330.12 63,663,690.71 Units issued 发行份额 46,886,470.67 55,814,589.35 Units redeemed 赎回份额 (39,625,641.06) (51,496,949.94) Number of units in issue at the end of the year 年末已发行份额数目 75,242,159.73 67,981,330.12 AUD Hedged Class C Distribution 澳元对冲C类别收息份额 Number of units in issue at the beginning of the year 年初已发行份额数目 739.95 699.09 Units issued 发行份额 37.69 40.86 Units redeemed 赎回份额 – – Number of units in issue at the end of the year 年末已发行份额数目 777.64 739.95 11. 已发行份额数目及归于份额持有人每份额 净资产（续） 125 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 126 Notes to the Financial Statements 财务报表之附注 11. NUMBER OF UNITS IN ISSUE AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS PER UNIT (Continued) 2018 二零一八年 Units 份额 2017 二零一七年 Units 份额 RMB Hedged Class A Distribution 人民币对冲A类别收息份额 Number of units in issue at the beginning of the year 年初已发行份额数目 35,958,145.85 42,750,061.02 Units issued 发行份额 18,801,168.21 18,467,206.53 Units redeemed 赎回份额 (15,152,064.54) (25,259,121.70) Number of units in issue at the end of the year 年末已发行份额数目 39,607,249.52 35,958,145.85 RMB Hedged Class M Accumulation 人民币对冲M类别累积份额 Number of units in issue at the beginning of the year 年初已发行份额数目 213.11 213.11 Units issued 发行份额 8,568,515.87 – Units redeemed 赎回份额 (534,845.30) – Number of units in issue at the end of the year/period 年╱期末已发行份额数目 8,033,883.68 213.11 GBP Hedged Class A Accumulation (Note) 英镑对冲A类别累积份额（附注） Number of units in issue at the beginning of the year/period 年╱期初已发行份额数目 100.00 – Units issued 发行份额 36,989.07 9,998.05 Units redeemed 赎回份额 – (9,898.05) Number of units in issue at the end of the year/period 年╱期末已发行份额数目 37,089.07 100.00 GBP Hedged Class A Distribution 英镑对冲A类别收息份额 Number of units in issue at the beginning of the year/period 年╱期初已发行份额数目 110,108.99 – Units issued 发行份额 282,614.80 127,281.72 Units redeemed 赎回份额 (10,603.95) (17,172.73) Number of units in issue at the end of the year/period 年╱期末已发行份额数目 382,119.84 110,108.99 11. 已发行份额数目及归于份额持有人每份额 净资产（续） Note: Schroder Asian Asset Income Fund GBP Hedged Class A Accumulation Units were launched on 3rd November 2016. 附注： 施罗德亚洲高息股债英镑对冲 A类别累积份额于二零一六年十一月三日成立。 11. NUMBER OF UNITS IN ISSUE AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS PER UNIT (Continued) 2018 二零一八年 2017 二零一七年 Net assets attributable to unitholders per unit 归于份额持有人净资产每份额计 HKD Class A Accumulation 港元A类别累积份额 HK$港元 147.2493 145.6691 HKD Class A Distribution 港元A类别收息份额 HK$港元 102.5489 106.3916 HKD Class C Accumulation 港元C类别累积份额 HK$港元 154.8634 152.0950 HKD Class C Distribution 港元C类别收息份额 HK$港元 107.8884 111.1226 USD Class A Accumulation 美元A类别累积份额 US$美元 14.6154 14.5308 USD Class A Distribution 美元A类别收息份额 US$美元 10.1787 10.6129 USD Class C Accumulation 美元C类别累积份额 US$美元 13.7465 13.5682 USD Class C Distribution 美元C类别收息份额 US$美元 10.3180 10.6816 USD Class I Accumulation 美元I类别累积份额 US$美元 14.0525 13.7728 USD Class I Distribution 美元I类别收息份额 US$美元 12.3561 12.7002 AUD Hedged Class A Distribution 澳元对冲A类别收息份额 AU$澳元 9.4895 9.9198 AUD Hedged Class C Distribution 澳元对冲C类别收息份额 AU$澳元 9.6361 9.9987 RMB Hedged Class A Distribution 人民币对冲A类别收息份额 RMB人民币 96.6580 100.9079 RMB Hedged Class M Accumulation人民币对冲M类别累积份额 RMB人民币 116.7020 114.4701 GBP Hedged A Accumulation 英镑对冲A类别累积份额 GBP英镑 10.4026 10.5501 GBP Hedged A Distribution 英镑对冲A类别收息份额 GBP英镑 9.7897 10.2441 12. SOFT COMMISSION ARRANGEMENTS During the years ended 30th June 2018 and 2017, the Manager and its connected persons did not enter into any soft commission arrangements with brokers in relation to dealings in the assets of the Fund. 11. 已发行份额数目及归于份额持有人每份额 净资产（续） 12. 非金钱收益的安排 截至二零一八年及二零一七年六月三十日止 年度内，基金管理人及关连人士并无与经纪 订立与本基金有关资产交易之非金钱收益的 安排。 127 Schroder Asian Asset Income Fund Notes to the Financial Statements 财务报表之附注 施罗德亚洲高息股债基金 128 13. Uncommitted Bank overdraft facilities During the year ended 30th June 2017, the Fund had arranged uncommitted overdraft facilities (“Facility 1”) with the Hongkong and Shanghai Banking Corporation Limited (“HSBC”). The overdraft facility amount of Facility 1 is the lesser of US$25,000,000 or 25% of the net asset value of the Fund. The overdraft balance shall bear interest at 0.6% above HSBC’s best lending rate for United States dollars and 1.625% below HSBC’s best lending rate for Hong Kong dollars. As at 30th June 2017, there was no outstanding payable under the Facility 1 overdraft facility. During the year ended 30th June 2018, the Fund had arranged uncommitted overdraft facilities (“Facility 2”) to replace Facility 1 with the Hongkong and Shanghai Banking Corporation Limited (“HSBC”). The overdraft facility amount of Facility 2 is the lesser of US$12,500,000 or 10% of the net asset value of the Fund. The overdraft balance shall bear interest at 0.6% above HSBC’s best lending rate for USD and CNY; 2% over HSBC’s best lending rate for CAD, GBP, EUR, SGD, JPY, NZD and AUD; 1.625% below HSBC’s best lending rate for HKD. As at 30th June 2018, there was no outstanding payable under the Facility 2 overdraft facility. 14. APPROVAL OF FINANCIAL STATEMENTS The financial statements of the Fund were approved by the Trustee and the Manager on 15th October 2018. 13. 非承诺性的透支额度 截至二零一七年六月三十日止年度，本基金 于香港上海汇丰银行有限公司（「汇丰」）安排 非承诺性的透支额度（「非承诺性的透支额 度1」）。透支额度为25,000,000美元或本基 金净资产值百分之二十五（以最低为准）。美 元透支金额度须承担汇丰最优惠贷款利率加 百分之零点六，而港元则为汇丰最优惠贷款 利率减百分之一点六二五。截至二零一七年 六月三十日，本基金没有就非承诺性的透支 额度1支付任何的利息。 截至二零一八年六月三十日止年度，本基金 于香港上海汇丰银行有限公司（「汇丰」）安排 非承诺性的透支额度（「非承诺性的透支额 度2」）以取代非承诺性的透支额度1。透支额 度为12,500,000美元或本基金净资产值百分 之十（以最低为准）。美元及人民币透支金额 度须承担汇丰最优惠贷款利率加百分之零点 六，加币、英镑、欧元、新加坡元、日圆、 新西兰元及澳元则为汇丰最优惠贷款利率加 百分之二；而港元则为汇丰最优惠贷款利率 减百分之一点六二五。截至二零一八年六月 三十日，本基金没有就非承诺性的透支额 度2支付任何的利息。 14. 财务报告之批准 本账目于二零一八年十月十五日由受托人及 基金管理人批准。 Investment Portfolio (Unaudited) 基金投资组合（未经审核） As at 30th June 2018 截至二零一八年六月三十日 Country/Territory 国家╱地区 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED EQUITIES 上市股票 AUSTRALIA 澳大利亚 4,915,604,832 12.50 AGL Energy Limited Ord Npv 3,130,784 407,965,602 1.04 ASX Ltd Ord Npv 830,965 310,152,504 0.79 AusNet Services Ord Npv (Stapled) 70,200,480 653,114,390 1.66 Australia and NZ Banking Group Ltd Ord Npv 3,356,303 549,414,336 1.40 National Australia Bank Ltd Ord Npv 3,738,904 594,056,133 1.51 Shopping Centres Australasia Property Group REIT Npv 15,670,214 222,543,619 0.57 Spark Infrastructure Group Ord Npv (Partly Paid) 30,064,580 397,341,679 1.01 Stockland Npv (Stapled) 22,819,659 525,138,418 1.33 Telstra Corp Ltd Ord Npv 13,626,042 206,940,335 0.53 Transurban Group Ord Npv (Stapled) 2,862,243 198,597,962 0.50 Vicinity Centres REIT Ord Npv 21,205,065 318,356,342 0.81 Westpac Banking Corp Ltd Ord Npv 3,132,250 531,983,512 1.35 HONG KONG 香港 6,702,266,533 17.04 BOC Hong Kong (Holdings) Ltd Ord HKD5 9,188,500 339,515,075 0.86 China Construction Bank H Shr Ord CNY1 71,322,000 517,084,500 1.31 China Mobile Ltd Ord HKD0.1 9,723,500 677,727,950 1.72 China Petroleum & Chemical Corp H Shr Ord CNY1 40,400,000 283,204,000 0.72 China Yangtze Power Co Ltd Ord CNY1 8,210,693 156,867,068 0.40 Fortune Real Estate Investment Trust REIT Npv 70,684,000 651,706,480 1.66 HK Electric Investments SS Ord HKD0.0005 107,266,677 802,354,744 2.04 HKT Trust and HKT Ltd Share Stapled Unit 43,395,060 434,818,501 1.11 HSBC Holdings Plc Ord USD0.5 (HKSE) 6,096,400 448,695,040 1.14 Industrial and Commercial Bank of China H Shs Ord CNY1 86,220,000 506,111,400 1.29 Link REIT 10,859,500 778,083,175 1.98 Power Assets Holdings Ltd Ord Npv 6,274,500 344,156,325 0.88 Sands China Ltd Ord USD0.01 9,012,400 378,070,180 0.96 Sun Hung Kai Properties Ltd Ord Npv 2,596,000 307,366,400 0.78 VTech Holdings Ltd Ord USD0.05 844,900 76,505,695 0.19 INDIA 印度 290,719,041 0.74 India Grid Trust Ord Inr Npv 14,334,327 159,148,340 0.41 IRB InvIT Fund Ord Npv 12,625,000 114,394,396 0.29 National Hydroelectric Power Corp Ltd Ord INR10 (Demat) 6,396,681 17,176,305 0.04 INDONESIA 印尼 360,551,871 0.92 Telekomunikasi Indonesia Tbk Pt Ord IDR50 (Demat) 175,616,300 360,551,871 0.92 129 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 130 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 Country/Territory 国家╱地区 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED EQUITIES (Continued) 上市股票（续） JAPAN 日本 800,730,743 2.04 Advance Residence Investment REIT 1,820 36,584,665 0.09 AEON REIT Investment Corp Ord Npv 7,141 64,589,993 0.17 Daiwa Office Investment Corp (REIT) 794 35,767,857 0.09 Frontier Real Estate Investment Corp (REIT) 1,230 38,768,628 0.10 Fukuoka REIT Corp 2,271 28,246,000 0.07 GLP J-REIT REIT Npv 8,183 68,160,879 0.17 Invesco Office J-REIT Inc Ord Npv 40,036 43,500,210 0.11 Japan Excellent Inc Ord Npv REIT 4,351 43,977,280 0.11 Japan Hotel Fund Investment Corp (REIT) 5,900 34,685,297 0.09 Japan Rental Housing Investment Inc Ord Npv (REIT) 8,413 53,093,811 0.14 KenedixOfficeInvestmentCorpOrdNpv (REIT) 1,395 67,979,498 0.17 Lasalle Logiport REIT Npv 6,017 46,794,807 0.12 MUCUBS Midcity REIT Inc 10,966 64,389,949 0.16 Nippon Accommodations Fund (REIT) 843 30,093,550 0.08 Nomura Real Estate Master Fund Inc REIT Npv 6,024 66,689,775 0.17 Premier Investment Co REIT Ord Npv 6,544 52,098,463 0.13 Sekisui House REIT Inc Ord Npv 4,922 25,310,081 0.07 NEW ZEALAND 新西兰 261,682,508 0.67 Spark New Zealand Ltd Ord Npv (New Zealand) 13,207,702 261,682,508 0.67 SINGAPORE 新加坡 5,399,073,243 13.73 Ascendas Real Estate Investment Trust Npv 49,269,000 748,411,422 1.90 CapitaCommercial Trust Ord Npv 62,463,463 596,618,723 1.52 CapitaMall Trust REIT SGD1 50,971,000 607,094,407 1.54 DBS Group Holdings Ltd Ord Npv 1,475,400 225,900,601 0.58 Frasers Centrepoint Trust Ord Npv (REIT) 35,311,100 449,020,587 1.14 Mapletree Commercial Trust Ord Npv (REIT) 77,258,556 697,925,348 1.78 Mapletree Industrial Trust Ord Npv 61,203,400 679,666,071 1.73 Mapletree Logistics Trust Ord Npv 14,560,900 103,051,914 0.26 Mapletree North Asia Commercial Trust REIT 110,792,700 726,739,440 1.85 Oversea-Chinese Banking Corp Ord Npv 1,628,200 109,049,446 0.28 Soilbuild Business Space REIT Npv 31,976,230 119,592,336 0.30 Suntec REIT 33,754,700 336,002,948 0.85 SOUTH KOREA 南韩 465,012,150 1.18 ING Life Insurance Korea Ltd Ord KOW1000 485,923 143,153,082 0.36 SK Telecom Ord KRW500 196,233 321,859,068 0.82 Country/Territory 国家╱地区 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED EQUITIES (Continued) 上市股票（续） TAIWAN 台湾 418,844,849 1.06 ASE Technology Holding Co Ltd Ord TWD10 2,110,500 38,884,828 0.10 Novatek Microelectronics Ltd Ord TWD10 7,796,000 275,839,421 0.70 Quanta Computer Inc Ord TWD10 2,571,000 35,394,653 0.09 Taiwan Mobile Co Ltd Ord TWD10 2,417,000 68,725,947 0.17 THAILAND 泰国 1,603,476,728 4.08 Bangkok Bank Pcl NVDR THB10 2,016,000 93,332,675 0.24 BTS Rail Mass Transit Growth Infrastructure Fund (Fr) Ord 88,482,900 249,346,187 0.63 Electricity Generating Pcl Ord Nvdr THB10 9,983,600 529,580,046 1.35 Intouch Holdings Public Company Limited Ord THB1 33,465,800 422,004,659 1.07 Land & Houses Pcl Ord Nvdr THB1 115,553,500 309,213,161 0.79 LISTED INVESTMENT FUNDS 上市投资基金 FRANCE 法国 748,896,650 1.90 Lyxor China Enterprise HSCEI UCITS ETF 5,899,640 748,896,650 1.90 UNLISTED INVESTMENT FUNDS 非上市投资基金 HONG KONG 香港 1,156,910,608 2.94 Schroder Umbrella Fund II – Schroder China Asset Income Fund USD Class I Acc 11,985,907 1,156,910,608 2.94 LUxEMBOURG 卢森堡 1,214,931,968 3.09 Schroder International Selection Fund – Emerging Multi Asset Income USD Class I Acc 1,467,375 1,189,135,707 3.02 Schroder International Selection Fund – Dynamic Indian Income Fund USD Class I Acc (formerly known as Schroder International Selection Fund – Indian Bond USD Class I Acc) 35,270 25,796,261 0.07 131 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 132 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES 上市／挂牌债务证券 HONG KONG DOLLAR 港元 207,306,225 0.53 China Evergrande Group (Reg S) Conv 4.25% 14/02/2023 40,000,000 35,443,400 0.09 Future Land Development (Reg) (Reg S) 2.25% 10/02/2019 60,000,000 58,890,000 0.15 Powerlong Real Estate Ser 1238 (Reg S) Conv 0% 11/02/2019 55,000,000 54,154,375 0.14 Smart Insight International Ltd (Reg) (Reg S) Conv 0% 27/01/2019 60,000,000 58,818,450 0.15 INDIAN RUPEE 印度卢比 166,965,633 0.42 Export-Import Bank of India Ser Q20 9.7% 21/11/2018 250,000,000 28,758,229 0.07 Housing Development Finance Corp Ltd Ser N002 8.75% 13/01/2020 332,000,000 38,082,867 0.10 India Government Bond 6.79% 15/05/2027 80,000,000 8,428,708 0.02 International Finance Corp Ser Gmtn 6.45% 30/10/2018 320,000,000 36,660,721 0.09 Power Grid Corp of India Ser 41C 8.85% 19/10/2018 480,000,000 55,035,108 0.14 INDONESIAN RUPIAH 印尼盾 54,550,092 0.14 European Bank for Reconstruction and Development Ser Emtn (Reg) 6.45% 13/12/2022 50,000,000,000 25,980,457 0.06 Inter-American Development Bank (Reg) Ser GDP 7.875% 14/03/2023 40,000,000,000 22,067,887 0.06 Jasa Marga (Persero) Ser Regs (Reg) 12,000,000,000 6,501,748 0.02 PHILIPPINE PESO 菲律宾披索 6,168,822 0.01 Philippines (Republic of) (Reg) 3.9% 26/11/2022 44,000,000 6,168,822 0.01 RENMINBI 人民币 77,414,669 0.20 Bank of China Ltd (Reg S) (Reg) Var Perp 60,000,000 72,773,830 0.19 China Development Bank (Reg S) 4.3% 02/08/2032 4,000,000 4,640,839 0.01 THAI BAHT 泰铢 53,519,138 0.14 Thailand Government Bond Ser ILB (Reg S) (Reg) Frn 12/03/2028 230,000,000 53,519,138 0.14 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR 美元 12,500,234,975 31.79 ABJA Investment Co (Reg S) (Reg) 5.95% 31/07/2024 5,000,000 38,050,432 0.10 ABJA Investment Co (Reg) (Reg S) 4.45% 24/07/2023 4,200,000 30,132,291 0.08 ABJA Investment Co (Reg) (Reg S) 5.45% 24/01/2028 3,050,000 20,399,151 0.05 ABM Investama Tbk Pt Ser Regs (Reg) 7.125% 01/08/2022 9,800,000 68,428,015 0.17 Abu Dhabi National Energy Ser Regs (Reg) 4.375% 23/04/2025 8,000,000 62,184,825 0.16 Abu Dhabi National Energy Ser Regs (Reg) 4.875% 23/04/2030 4,400,000 34,545,335 0.09 AEGEA Finance Sarl Ser Regs (Reg) 5.75% 10/10/2024 2,534,000 18,439,043 0.05 AIA Group Ltd (Reg) Ser Reg S 3.9% 06/04/2028 2,000,000 15,698,902 0.04 AIA Group Ltd Ser Regs (Reg) 4.5% 16/03/2046 2,500,000 20,640,104 0.05 Alam Synergy Pte Ltd (Regs) 6.625% 24/04/2022 8,600,000 54,567,066 0.14 Alibaba Group Holding Ltd (Reg) 3.6% 28/11/2024 16,000,000 124,117,781 0.32 APT Pipelines Ltd (Reg S) 3.875% 11/10/2022 10,000,000 78,677,938 0.20 APT Pipelines Ltd Ser Regs 4.2% 23/03/2025 7,000,000 54,658,662 0.14 AYC Finance Ltd (Reg S) (Reg) 5.125% 1,800,000 13,627,547 0.03 Azure Orbit IV International Finance Ser (Emtn) (Reg S) (Reg) 3.5% 25/01/2021 13,000,000 100,943,914 0.26 Azure Power Energy Ltd Ser Regs 03/11/2022 8,700,000 62,624,343 0.16 Baoxin Auto Finance I Ltd (Reg S) (Reg) Var Perp 1,200,000 8,378,373 0.02 BBVA Banco Continental (Reg S) (Var) 22/09/2019 8,000,000 64,486,775 0.16 Beijing Capital Polaris (Reg S) (Reg) 4.25% 26/03/2021 4,984,000 39,019,023 0.10 Beijing State-Owned Asset Management HK (Reg S) 4.125% 26/05/2025 11,000,000 84,466,076 0.21 Bharti Airtel International (Reg) (Reg S) 5.125% 11/03/2023 12,000,000 93,203,946 0.24 BHP Billiton Fin USA Ltd Ser (Reg S) (Reg) Var 19/10/2075 8,000,000 65,744,871 0.17 133 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 134 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） BHP Billiton Fin USA Ltd Ser (Reg S) Var 19/10/2075 12,800,000 109,459,718 0.28 Bluestar Finance Holdings (Reg S) 3.125% 30/09/2019 5,000,000 38,943,049 0.10 BOC Aviation Ltd (Reg) (Ser Regs) 3.875% 27/04/2026 14,000,000 105,677,348 0.27 BPRL International Singapore Ser Emtn (Reg S) 4.375% 18/01/2027 806,000 6,016,145 0.01 Brambles USA Inc Ser Regs (Reg S) 4.125% 23/10/2025 8,000,000 62,846,762 0.16 Busan Bank Ser Gmtn (Reg S) (Reg) 3.625% 25/07/2026 2,000,000 14,466,931 0.04 Castle Peak Power Finance Co (Reg) (Reg S) Ser Emtn 3.25% 25/07/2027 4,200,000 31,308,947 0.08 CCCI Treasure Ltd (Reg S) (Reg) Var Perp 9,000,000 69,653,710 0.18 CCTI 2017 Ltd (Reg) (Reg S) 3.625% 08/08/2022 10,400,000 78,181,698 0.20 CDB Leasing Co Ltd Ser Emtn (Reg S) 4.25% 02/12/2024 18,000,000 140,512,009 0.36 Central China Real Estate (Reg S) (Reg) 6% 16/07/2018 8,100,000 63,484,597 0.16 Central Plaza Development Ltd (Reg) (Reg S) 3.875% 30/01/2021 16,000,000 123,801,201 0.31 CGNPC International Ltd Ser Regs (Reg) 4% 19/05/2025 4,600,000 35,586,530 0.09 Ch Ovs Grand Oce Finance (Reg S) (Reg) 4.875% 01/06/2021 1,845,000 14,470,658 0.04 Chalieco Hong Kong Corp (Reg) Reg S (Reg S) Frn Perp 900,000 7,042,900 0.02 Chengdu Communications Investment Group (Reg S) (Reg) 4.75% 13/12/2027 1,300,000 9,822,433 0.02 China Aoyuan Property Group (Reg) (Reg S) 6.35% 11/01/2020 3,900,000 30,253,036 0.08 China Cinda Finance 2017 (Reg) (Reg S) 4.1% 09/03/2024 15,000,000 115,031,557 0.29 China Cinda Finance 2017 Ser Emtn (Reg) (Reg S) 3.875% 08/02/2023 4,000,000 31,056,371 0.08 China Cinda Finance 2017 Ser Emtn (Reg) (Reg S) 4.375% 08/02/2025 252,000 1,949,365 – China Clean Energy Develop (Reg S) (Reg) 4% 05/11/2025 6,600,000 50,399,257 0.13 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） China Construction Bank (Reg S) (Reg) Var 13/05/2025 14,000,000 109,055,364 0.28 China Construction Bank Asia Ser Emtn (Reg S) Var 20/08/2024 4,000,000 31,489,675 0.08 China Evergrande Group (Reg S) (Br) 8.75% 28/06/2025 1,200,000 8,320,100 0.02 China Evergrande Group (Reg S) (Reg) 6.25% 28/06/2021 4,500,000 33,274,515 0.08 China Evergrande Group (Reg S) (Reg) 7.5% 28/06/2023 1,800,000 12,691,977 0.03 China Great Wall International III Ser Emtn (Reg S) (Reg) 3.875% 31/08/2027 3,600,000 25,762,277 0.07 China Hongqiao Group Ltd (Reg S) (Reg) 6.85% 22/04/2019 6,711,000 52,672,665 0.13 China Jinjiang Environment (Reg) (Reg S) 6% 27/07/2020 4,000,000 28,675,120 0.07 China Life Insurance (Reg S) Var 03/07/2075 16,500,000 126,119,178 0.32 China Merchants Finance (Reg S) 4.75% 03/08/2025 9,550,000 76,259,943 0.19 China Minmetals Corp (Reg S) (Reg) Var 9,000,000 64,872,065 0.16 China Oil & Gas Group (Reg) (Reg S) 4.625% 20/04/2022 900,000 6,516,262 0.02 China Oil & Gas Group Ltd (Reg S) 5% 07/05/2020 5,000,000 39,178,216 0.10 China Overseas Finance (Reg S) (Reg) 5.95% 08/05/2024 4,000,000 33,774,662 0.09 China Overseas Finance Ky III (Regs) (Reg) 5.375% 29/10/2023 2,000,000 16,481,094 0.04 China SCE Property Holdings (Reg S) (Reg) 7.45% 17/04/2021 5,000,000 38,922,258 0.10 China SCE Property Holdings (Reg) (Reg S) 10% 02/07/2020 2,000,000 16,416,604 0.04 China State Construction Finance II (Reg S) 3.375% 29/11/2022 3,400,000 25,624,220 0.06 China Taiping Insurance Holdings Co Ltd (Reg S) (Reg) Var Perp 3,000,000 23,742,293 0.06 Chouzhou International Investment Ltd (Reg S) (Reg) 4% 05/12/2020 6,019,000 46,361,619 0.12 CIFI Holdings Group (Reg S) (Reg) 7.75% 05/06/2020 2,000,000 15,965,491 0.04 135 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 136 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） CIFI Holdings Group (Reg S) Var Perp 10,000,000 70,412,914 0.18 Cimpor Financial Operations (Reg S) 5.75% 17/07/2024 2,000,000 12,827,311 0.03 CITIC Ltd Ser Emtn (Reg S) (Reg) 3.7% 14/06/2026 7,500,000 54,926,486 0.14 CITIC Ltd Var Perp 7,000,000 56,085,161 0.14 CK Hutchison Capital 17 (Reg) (Reg S) Var Perp 800,000 6,031,864 0.02 CK Hutchison International 17 Ltd Ser Regs (Reg) 3.5% 05/04/2027 15,000,000 113,255,739 0.29 CLP Power HK Financing Ltd (Reg S) (Reg) Var Perpetual 5,000,000 39,373,568 0.10 CNAC HK Finbridge Co Ltd (Reg S) 4.125% 14/03/2021 3,000,000 23,607,194 0.06 CNAC HK Finbridge Co Ltd (Reg S) 4.125% 19/07/2027 4,000,000 28,986,113 0.07 CNAC HK Finbridge Co Ltd (Reg) (Reg S) 3% 19/07/2020 800,000 6,153,720 0.02 CNAC HK Finbridge Co Ltd (Reg) (Reg S) 3.5% 19/07/2022 1,200,000 9,095,340 0.02 CNOOC Curtis Funding No.1 Pty Ltd (Reg S) 4.5% 03/10/2023 3,500,000 28,424,179 0.07 CNOOC Finance 2015 Ltd (Reg) 3.5% 05/05/2025 22,000,000 166,970,036 0.42 CNRC Capitale Ltd Regs (Reg) 3.9% 02/06/2022 3,000,000 22,300,692 0.06 Compania Minera Milpo Ser (Reg S) (Reg) 4.625% 28/03/2023 2,000,000 15,553,605 0.04 COSCO Pacific Finance Co (Reg S) 4.375% 31/01/2023 16,560,000 128,865,696 0.33 COSL Finance BVI Ltd (Reg S) 3.25% 06/09/2022 5,000,000 38,069,575 0.10 Country Garden Holdings Company (Reg S) (Reg) 7.5% 09/03/2020 15,000,000 119,446,976 0.30 CRCC Yupeng Ltd (Reg) (Reg S) Var Perp 7,000,000 54,986,249 0.14 Dianjian Haixing (Reg S) (Reg) Frn Perpetual 14,000,000 110,248,186 0.28 DP World (Reg S) 6.85% 02/07/2037 5,000,000 45,157,626 0.11 DP World Ltd (Reg S) (Reg) 1.75% Conv 19/06/2024 1,000,000 8,128,357 0.02 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Empresa De Transporte Me (Reg S) (Reg) Ser Regs 5% 25/01/2047 1,832,000 14,226,261 0.04 ENN Energy Holdings Ltd (Reg S) 3.25% 24/07/2022 2,200,000 16,676,171 0.04 Export-Import Bank China (Reg S) (Reg) 2.625% 14/03/2022 4,000,000 30,431,873 0.08 Export-Import Bank China (Reg S) (Reg) 3.375% 14/03/2027 5,350,000 39,814,058 0.10 Export-Import Bank Korea (Reg) 3% 01/11/2022 10,000,000 76,311,868 0.19 Fermaca Enterprises S RL (Reg S) 6.375% 30/03/2038 1,885,000 15,232,333 0.04 First Abu Dhabi Bank PJSC (Reg S) (Reg) Var Perp 2,086,000 16,229,283 0.04 Formosa Group Cayman Ltd (Reg S) (Reg) 3.375% 22/04/2025 16,300,000 122,925,453 0.31 Foxconn Far East Ltd Ser Emtn (Reg S) (Reg) 3% 23/09/2026 1,500,000 10,838,430 0.03 Future Land Development (Reg S) (Reg) 5% 16/02/2020 5,600,000 42,901,400 0.11 FWD Ltd (Reg S) (Reg) 6.25% Perp 600,000 4,624,893 0.01 GCL New Energy Holdings (Reg S) (Reg) 7.1% 30/01/2021 12,200,000 84,228,751 0.21 GMR Hyderabad International Ser Regs 4.25% 27/10/2027 6,000,000 40,135,832 0.10 GNL Quintero (Reg S) (Reg) 4.634% 31/07/2029 3,900,000 29,889,525 0.08 Gohl Capital Ltd (Reg S) 4.25% 24/01/2027 14,000,000 104,131,952 0.26 Golden Legacy Pte Ltd Ser Regs (Reg) 6.875% 27/03/2024 3,000,000 21,123,874 0.05 Golden Legacy Pte Ltd Ser Regs (Reg) 8.25% 07/06/2021 6,500,000 50,463,084 0.13 Goodman HK Finance Ser Emtn (Reg S) (Reg) 4.375% 19/06/2024 9,000,000 71,094,487 0.18 Greenko Dutch BV (Reg) Ser (Regs) 4.875% 24/07/2022 457,000 3,338,876 0.01 Greenko Investment Co Ser Regs (Reg) (Regs) 4.875% 16/08/2023 2,400,000 16,992,435 0.04 Grupo Kuo S.A.B. de C.V. (Reg) Ser Regs 5.75% 07/07/2027 1,400,000 10,104,940 0.03 Hana Bank Ser Regs 4.375% 30/09/2024 10,500,000 81,976,748 0.21 137 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 138 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Hankook Tire Co Ltd (Reg) (Reg S) 3.5% 30/01/2023 2,600,000 19,980,008 0.05 Health and Happiness H&H International Holdings Ltd (Reg S) 7.25% 21/06/2021 3,000,000 23,595,191 0.06 Hidrovias International Finance SARL Ser (Regs) (Reg) 5.95% 24/01/2025 4,000,000 28,361,302 0.07 Hilong Holding Ltd (Reg) (Reg S) 7.25% 22/06/2020 10,200,000 77,022,705 0.20 Hindustan Petroleum Corp (Reg) (Reg S) 4% 12/07/2027 1,200,000 8,683,642 0.02 HKT Capital No 2 Ltd (Reg S) (Reg) 3.625% 02/04/2025 11,000,000 84,142,451 0.21 HKT Capital No 4 Ltd (Reg S) (Reg) 3% 14/07/2026 11,500,000 83,412,667 0.21 HLP Finance Ltd Ser Emtn (Reg S) (Reg) 4.45% 16/04/2021 3,800,000 30,371,698 0.08 HLP Finance Ltd Ser Emtn (Reg) 4.75% 25/06/2022 9,000,000 72,700,137 0.18 HPCL-Mittal Energy Ltd (Reg S) (Reg) 5.25% 28/04/2027 3,991,000 28,728,018 0.07 Huaneng HK Capital Ltd (Reg) (Reg S) Var Perp 3,300,000 23,550,048 0.06 Huarong Finance 2017 Co Ser Emtn (Reg S) (Reg) 4.95% 07/11/2047 5,600,000 39,922,420 0.10 Huarong Finance Co Ltd (Reg S) (Reg) 4% 17/07/2019 4,000,000 31,430,442 0.08 Huarong Finance Co Ltd Ser Emtn (Reg S) (Reg) 5% 19/11/2025 3,500,000 27,351,985 0.07 Huarong Finance II Co Ltd Ser Emtn (Regs) (Reg) 5.5% 16/01/2025 1,900,000 15,306,293 0.04 Hutchison Whampoa International 14 Ltd Ser Regs (Br) 3.625% 31/10/2024 10,000,000 77,411,840 0.20 ICTSI Treasury Ser Emtn (Reg S) (Reg) 5.875% 17/09/2025 8,000,000 66,329,200 0.17 Indian Oil Corp Ltd Emtn (Reg S) 5.75% 01/08/2023 16,600,000 137,399,319 0.35 Indian Railway Finance (Reg S) (Reg) 3.835% 13/12/2027 3,600,000 26,304,131 0.07 Indika Energy Capital II Pte Ser Regs (Reg) 6.875% 10/04/2022 2,000,000 15,533,991 0.04 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Indika Energy III Pte Ser Regs (Reg) 5.875% 09/11/2024 3,000,000 21,065,033 0.05 Indonesia Eximbank Ser Emtn (Reg S) (Reg) 3.875% 06/04/2024 600,000 4,537,691 0.01 Industrial and Commercial Bank of China (Reg S) (Reg) Var 10/09/2024 7,000,000 54,723,740 0.14 Industrial and Commercial Bank of China (Reg) (Reg S) 2.875% 21/02/2022 3,600,000 27,453,505 0.07 Industrial and Commercial Bank of China/ SG Ser Emtn (Reg S) (Reg) Frn 16/04/2021 20,000,000 156,799,164 0.40 Industrial Bank of Korea (Reg) Ser Regs Var Perp 7,000,000 50,494,768 0.13 Inkia Energy Ltd Ser Regs (Reg) 5.875% 09/11/2027 2,804,000 20,623,727 0.05 Jababeka International Ser Regs 6.5% 05/10/2023 1,400,000 9,391,004 0.02 Johnson Electric Holding (Reg) (Regs) Conv 1% 02/04/2021 1,500,000 12,577,237 0.03 Joyous Glory Group (Reg) (Reg S) Gmtn 5.7% 07/03/2020 15,300,000 121,636,657 0.31 JSL Europe (Reg) Ser Regs 7.75% 26/07/2024 5,226,000 37,412,794 0.09 KEB Hana Bank (Reg S) (Reg) 4.25% 14/10/2024 16,000,000 123,927,356 0.31 Kia Motors Corp Ser Regs 3% 25/04/2023 4,500,000 33,691,108 0.09 Kookmin Bank Ser Reg S 2.875% 25/03/2023 5,000,000 37,695,230 0.10 Korea Development Bank (Reg) 2.75% 19/03/2023 4,000,000 30,092,526 0.08 Korea Development Bank 3.75% 22/01/2024 2,000,000 15,676,810 0.04 Korea Gas Corp (Reg) (Reg S) 2.75% 20/07/2022 2,500,000 18,916,066 0.05 Korea Housing Finance Co Ser Regs (Reg) 3% 31/10/2022 7,000,000 53,749,217 0.14 KT Corp (Reg S) (Reg) 2.625% 07/08/2022 4,000,000 30,220,987 0.08 KWG Property Holding Ltd (Reg S) 8.975% 14/01/2019 1,500,000 12,007,834 0.03 Li & Fung Ltd (Reg) (Reg S) 5.25% 9,500,000 59,625,420 0.15 139 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 140 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Lima Metro Line 2 Finance Ltd Ser Regs (Reg) (Reg S) 5.875% 05/07/2034 899,000 7,176,488 0.02 Link Finance Cayman 2009 Ser Emtn (Reg S) (Reg) 3.6% 03/09/2024 6,000,000 46,346,580 0.12 Listrindo Capital (Reg S) (Reg) 4.95% 14/09/2026 6,000,000 42,365,430 0.11 Logan Property Holdings (Reg S) 6.375% 07/03/2021 5,000,000 38,142,435 0.10 Longfor Properties (Reg S) (Reg) 3.9% 16/04/2023 2,200,000 16,526,440 0.04 Longfor Properties (Reg) (Reg S) 3.875% 13/07/2022 8,000,000 60,683,928 0.15 Maoye International Holdings Ser Emtn (Reg) (Reg S) 7% 23/10/2018 3,000,000 22,665,505 0.06 MCC Holding HK Corp Ltd (Reg S) (Reg) 2.95% 31/05/2020 3,000,000 23,109,636 0.06 Medco Straits Services Ptd Ltd Regs (Reg) 8.5% 17/08/2022 5,603,000 43,903,109 0.11 Megaworld Corp (Reg S) (Reg) 4.25% 17/04/2023 4,300,000 33,433,840 0.08 Melco Resorts Finance Ser Regs 4.875% 06/06/2025 12,400,000 92,784,214 0.24 Mexico Generadora De Ene Ser (Reg S) 5.5% 06/12/2032 300,000 2,006,339 – Millicom International Cellular Ser Regs (Reg) 6% 15/03/2025 3,000,000 23,830,554 0.06 Minerva Luxembourg SA Ser Regs (Reg) 5.875% 19/01/2028 6,100,000 41,994,732 0.11 Minerva Luxembourg (Ser Reg S) Var Perpetual 1,950,000 15,489,860 0.04 Minmetals Bounteous Finance BVI Ltd (Reg S) (Reg) 4.75% 30/07/2025 3,200,000 25,230,967 0.06 Minmetals Bounteous Finance BVI Ltd Ser Regs (Reg) 4.2% 27/07/2026 10,000,000 75,007,994 0.19 Mirvac Group Finance Ltd Ser Emtn (Reg S) 3.625% 18/03/2027 17,000,000 123,730,474 0.31 NagaCorp Ltd Ser Regs 9.375% 21/05/2021 3,000,000 24,213,020 0.06 New Metro Global Ltd (Reg) (Reg S) 4.75% 11/02/2019 3,158,000 24,651,569 0.06 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） New World Development Company (Reg S) 5.25% 26/02/2021 7,300,000 58,719,329 0.15 Newcrest Finance Pty Ltd (Reg S) 4.2% 01/10/2022 14,000,000 110,256,863 0.28 Newcrest Finance Pty Ltd Ser Regs (Reg S) (Reg) 5.75% 15/11/2041 6,863,000 56,586,210 0.14 NongHyup Bank (Reg S) 2.875% 17/07/2022 4,500,000 34,048,213 0.09 NWD Finance (BVI) Ltd (Reg) (Regs) 5.75% Perp 11,600,000 83,103,698 0.21 Oil India International (Reg S) (Reg) 4% 21/04/2027 4,000,000 28,471,766 0.07 Oil India Ltd (Reg S) (Reg) 5.375% 17/04/2024 5,400,000 43,528,785 0.11 ONGC Videsh Ltd Ser Regs 4.625% 15/07/2024 5,000,000 39,330,614 0.10 Oversea-Chinese Banking Corp Ser (Regs) 4.25% 19/06/2024 12,000,000 94,124,311 0.24 Overseas Chinese Town As (Reg) (Reg S) Var Perp 11,500,000 86,952,103 0.22 Pampa Energia Sa (Reg) Ser Regs 7.5% 24/01/2027 1,184,000 8,360,112 0.02 PB International BV (Reg) (Reg S) 7.625% 26/01/2022 4,000,000 29,743,199 0.08 PCCW HKT Capital No4 Ltd (Reg S) 5.75% 17/04/2022 8,000,000 66,363,406 0.17 Pertamina (Reg S) 4.875% 03/05/2022 1,100,000 8,802,595 0.02 Pertamina Persero 6.45% (Reg S) 30/05/2044 6,500,000 53,863,918 0.14 Pertamina Persero Pt 5.625% 20/05/2043 4,500,000 33,627,560 0.09 Perusahaan Gas Negara Reg S 5.125% 16/05/2024 17,500,000 139,268,996 0.35 Perusahaan Listrik Negar (Reg S) 5.5% 22/11/2021 6,000,000 49,144,370 0.12 Perusahaan Listrik Negar 5.25% 24/10/2042 14,100,000 101,662,769 0.26 Petroleos Del Peru Sa Ser Regs (Reg) 5.625% 19/06/2047 6,970,000 53,526,984 0.14 PETRONAS Capital Ltd Ser Regs 4.5% 18/03/2045 8,000,000 62,993,315 0.16 Phoenix Lead Ltd (Reg) (Reg S) 4.85% Perp 1,000,000 6,707,860 0.02 141 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 142 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Powerlong Real Estate (Reg S) 5.95% 19/07/2020 7,222,000 54,159,724 0.14 Powerlong Real Estate Holdings Ltd (Reg S) (Reg) 4.875% 15/09/2021 3,000,000 20,616,239 0.05 Press Metal Labuan Ltd (Reg S) 4.8% 30/10/2022 6,500,000 47,587,401 0.12 Provincia De Buenos Aire (Reg) Ser Reg S 6.5% 15/02/2023 880,000 6,338,835 0.02 Provincia De Buenos Aire Ser Reg S (Reg) (Reg S) 7.875% 15/06/2027 3,740,000 25,894,300 0.07 Provincia De Cordoba (Reg) Ser Regs 7.125% 10/06/2021 3,750,000 28,574,600 0.07 PT Pelabuhan Indo II (Reg S) 4.25% 05/05/2025 7,000,000 52,566,967 0.13 QBE Insurance Group Limited (Reg) (Reg S) Ser Emtn 3% 21/10/2022 1,640,000 12,379,990 0.03 Rede D'Or Finance SARL Ser Regs (Reg) 4.95% 17/01/2028 3,000,000 20,976,772 0.05 Reliance Industries Ltd (Reg S) 4.875% 10/02/2045 7,000,000 54,261,878 0.14 Republic of Argentina (Reg) 5.875% 11/01/2028 6,000,000 38,599,614 0.10 Republic of Indonesia (Regs) 3.375% 15/04/2023 5,000,000 37,952,364 0.10 Republic of Indonesia Ser (Reg S) (Reg S) 5.95% 08/01/2046 2,000,000 17,299,217 0.04 Republic of Philippines (Reg) 3% 01/02/2028 17,000,000 122,729,312 0.31 Royal Capital BV (Reg S) (Reg) Var Perp 3,000,000 22,476,979 0.06 Royal Capital BV Var Regs (Reg) Var Perp 12,800,000 100,683,861 0.26 Rumo Luxembourg Sarl (Reg) Ser Regs 7.375% 09/02/2024 3,000,000 23,801,134 0.06 Saka Energi Indonesia Pt (Reg) (Reg S) Ser Regs 4.45% 05/05/2024 1,000,000 7,413,950 0.02 Santos Finance Ltd Ser Emtn (Reg S) (Br) 4.125% 14/09/2027 13,500,000 99,293,977 0.25 Saudi International Bond Ser Regs (Reg) 4% 17/04/2025 6,000,000 46,923,691 0.12 Saudi International Bond Ser Regs (Reg) 4.5% 17/04/2030 17,000,000 133,570,775 0.34 Shinhan Bank (Reg S) 3.875% 24/03/2026 16,000,000 120,265,727 0.31 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Shinhan Bank Ser Gmtn (Reg) (Reg S) Var 07/12/2026 4,200,000 32,607,047 0.08 Sigma Alimentos Ser Regs (Reg) 4.125% 02/05/2026 4,500,000 32,944,594 0.08 Sino Ocean Land Treasure Finance III (Reg) (Reg S) Var Perp 5,600,000 34,818,107 0.09 Sinochem Corp (Regs) Var Perp 4,500,000 35,473,387 0.09 Sinochem International Development Pte Ltd (Reg) (Reg S) 3.125% 25/07/2022 3,200,000 24,248,717 0.06 Sinochem Offshore Capital (Reg S) (Reg) Ser Emtn 3.124% 24/05/2022 1,500,000 11,418,072 0.03 Sinopec Capital 2013 (Reg S) 3.125% 24/04/2023 2,600,000 19,768,764 0.05 Sinopec Group Overseas 2012 (Reg S) (Reg) 3.9% 17/05/2022 8,000,000 63,224,065 0.16 Sinopec Group Overseas 2013 (Reg S) 4.375% 17/10/2023 5,000,000 40,121,180 0.10 Sinopec Group Overseas 2014 Ser Regs 4.375% 10/04/2024 3,000,000 24,032,708 0.06 Sinopec Group Overseas Development (Reg) (Ser Regs) 2.75% 03/05/2021 3,000,000 23,023,611 0.06 Sinopec Group Overseas Development 2016 Ltd Ser Regs (Reg) 4.25% 03/05/2046 4,000,000 30,017,006 0.08 Sinopec Group Overseas Development Ser Regs (Reg) 4% 13/09/2047 2,000,000 14,455,712 0.04 SK Telecom Co Ltd Ser Regs (Reg) 3.75% 16/04/2023 737,000 5,751,480 0.01 SmarTone Finance Ltd (Reg S) (Reg) 3.875% 08/04/2023 11,000,000 85,157,252 0.22 Southern Copper Corp (Reg) 5.25% 08/11/2042 1,000,000 7,756,494 0.02 Southern Copper Corp (Reg) 5.875% 23/04/2045 1,000,000 8,366,400 0.02 State Grid Overseas Investment (Reg S) 4.125% 07/05/2024 4,000,000 31,821,773 0.08 Studio City Co Ltd Ser Regs (Reg) 7.25% 30/11/2021 15,800,000 128,761,487 0.33 Sunny Optical Technology (Reg) (Reg S) 3.75% 23/01/2023 10,000,000 76,386,832 0.19 143 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 144 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Swire Pacific Mtn Fin Ser Emtn (Reg S) (Reg) 3.875% 21/09/2025 10,000,000 78,313,674 0.20 Swire Properties Mtn Fin Ser Emtn (Reg S) (Reg) 3.625% 13/01/2026 5,000,000 38,246,373 0.10 Swire Properties Mtn Fin Ser Emtn (Reg) (Reg S) 3.5% 10/01/2028 4,000,000 30,087,301 0.08 Sydney Airport Finance (Reg S) (Reg) 3.375% 30/04/2025 5,000,000 37,780,941 0.10 Sydney Airport Finance Co Pty Ltd Ser Regs 3.625% 28/04/2026 6,000,000 45,425,626 0.12 TBG Global Pte Ltd (Reg S) 5.25% 10/02/2022 3,200,000 24,320,895 0.06 TBLA International Pte Ltd (Reg S) 7% 24/01/2023 1,500,000 10,439,343 0.03 Tencent Holdings Ltd (Reg S) 3.8% 11/02/2025 2,000,000 15,643,984 0.04 Three Gorges Finance I Cayman Ser Regs 2.3% 02/06/2021 1,100,000 8,367,686 0.02 Tianqi Finco Co Ltd (Reg S) (Reg) 3.75% 28/11/2022 4,751,000 34,663,453 0.09 Times China Holdings Ltd (Reg S) 6.25% 23/01/2020 (formerly known as “Times Property Holdings Ltd (Reg S) 6.25% 23/01/2020”) 2,900,000 22,529,975 0.06 Times China Holdings Ltd (Reg) (Reg S) 6.25% 17/01/2021 2,200,000 16,402,895 0.04 TNB Global Ventures Cap (Reg S) (Reg) 3.244% 19/10/2026 5,600,000 40,686,441 0.10 Transport De Gas Peru (Reg S) 4.25% 30/04/2028 4,300,000 32,735,078 0.08 Treasury Bill UCP 20/09/2018 10,000,000 78,129,330 0.20 Tsinghua Unic Ltd (Reg) (Reg S) 4.75% 31/01/2021 18,900,000 144,049,346 0.37 Vanke Real Estate HK (Reg S) (Reg) Ser Emtn Frn 25/05/2023 9,303,000 73,351,152 0.19 Vanke Real Estate HK Ser (Emtn) (Reg) (Reg S) 3.975% 09/11/2027 10,800,000 79,725,808 0.20 Vedanta Resources Plc (Reg S) 7.125% 31/05/2023 7,000,000 52,652,776 0.13 Vedanta Resources Plc (Regs) 8.25% 07/06/2021 8,000,000 65,509,508 0.17 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Vedanta Resources Plc Ser Regs (Reg) (Reg S) 6.375% 30/07/2022 4,500,000 33,715,821 0.09 VM Holding SA (Reg S) Ser Regs 5.375% 04/05/2027 8,000,000 61,281,124 0.16 Voyage Bonds Ltd (Reg S) (Reg) 3.375% 28/09/2022 1,700,000 12,878,997 0.03 Weichai International HK Energy (Reg S) (Reg) Var Perp 10,000,000 72,472,344 0.18 Weichai International Hong Kong Energy (Reg S) (Reg) 4.125% 30/09/2020 6,000,000 47,190,382 0.12 West China Cement Ltd (Reg S) (Reg) 6.5% 11/09/2019 7,500,000 58,914,426 0.15 Wisdom Glory Group Ltd (Reg S) 5.25% Var Perp 5,000,000 37,511,058 0.10 Woodside Finance Ltd (Reg S) (Reg) 15/09/2026 4,000,000 30,126,214 0.08 Woodside Finance Ltd (Reg S) 3.65% 05/03/2025 7,000,000 53,641,303 0.14 Woodside Finance Ltd Ser Regs 3.7% 15/03/2028 6,000,000 44,802,619 0.11 WTT Investment Ltd Ser Regs (Reg) 5.5% 21/11/2022 6,600,000 49,868,228 0.13 Wynn Macau Ltd Ser (Reg S) (Reg) 5.5% 01/10/2027 7,323,000 55,154,141 0.14 Xian Construction Investment Ser Emtn (Reg S) (Reg) 2.8% 13/09/2019 3,000,000 23,190,601 0.06 Yancoal International Resource Development (Reg S) Stp Perpetual 700,000 5,416,303 0.01 Yingde Gases Investment Ltd Ser (Regs) (Reg S) 6.25% 19/01/2023 972,000 7,168,231 0.02 YPF Sociedad Anonima Ser Regs (Reg) 7% 15/12/2047 5,000,000 30,008,846 0.08 Yuzhou Properties Co Ltd (Reg) (Reg S) 6.375% 06/03/2021 7,000,000 53,201,958 0.14 145 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 30th June 2018 截至二零一八年六月三十日 施罗德亚洲高息股债基金 146 Currency 货币 Investments 投资项目 Holdings 单位数目 Fair value 公允值 HK$ 港元 % of net asset value 占净资产百分比 UNLISTED DEBT SECURITIES 非上市债务证券 AUSTRALIAN DOLLAR 澳元 35,716,727 0.09 Ausgrid Finance Pty Ltd Ser Mtn (Reg) (Reg S) 3.75% 30/10/2024 5,800,000 33,588,235 0.08 DBCT Finance Pty Ltd Ser Mtn Frn 09/06/2021 400,000 2,128,492 0.01 UNITED STATES DOLLAR 美元 203,852,580 0.52 Logan Property Holdings (Reg S) 5.375% 03/12/2018 2,400,000 18,850,451 0.05 Newcastle Coal Infrastructure Ser Regs (Reg) 4.4% 29/09/2027 18,600,000 136,257,814 0.34 Scentre Group Trust 1/2 (Reg S) (Reg) 3.25% 28/10/2025 3,000,000 22,314,955 0.06 Scentre Management Ltd RE1 Ser (Reg S) (Reg) 3.75% 23/03/2027 3,500,000 26,429,360 0.07 TOTAL INVESTMENTS AT FAIR VALUE 投资总市值 37,644,430,585 95.73 OTHER NET ASSETS 其他净资产 1,679,486,913 4.27 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 截至二零一八年六月三十日净资产 39,323,917,498 100.00 TOTAL INVESTMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS, AT COST 总投资及衍生金融工具以成本计 36,887,742,707 Note: Investments are accounted for on a trade date basis. 注：投资乃以交易日为基准。 Investment Portfolio Movements (Unaudited) 投资组合变动（未经审核） For the year ended 30th June 2018 二零一八年六月三十日止年度 Holdings 单位数目 Country/Territory 国家╱地区 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED EQUITIES 上市股票 AUSTRALIA 澳大利亚 AGL Energy Limited Ord Npv – (490,363) – ASX Ltd Ord Npv – (130,530) – Australia and NZ Banking Group Ltd Ord Npv 2,175,297 – – Commonwealth Bank of Australia Ord Npv – (298,532) – Spark Infrastructure Group Ord Npv (Partly Paid) – (321,254) – Telstra Corp Ltd Ord Npv – (8,504,797) – Transurban Group Ord Npv (Stapled) 2,229,644 – – Vicinity Centres REIT Ord Npv – (2,802,214) – HONG KONG 香港 BOC Hong Kong (Holdings) Ltd Ord HKD5 3,463,000 (3,887,000) – China Construction Bank H Shr Ord CNY1 19,507,000 (16,187,000) – China Mobile Ltd Ord HKD0.1 4,521,000 – – China Petroleum & Chemical Corp H Shr Ord CNY1 40,400,000 – – China Yangtze Power Co Ltd Ord CNY1 8,210,693 – – Fortune Real Estate Investment Trust REIT Npv 2,334,000 – – HK Electric Investments SS Ord HKD0.0005 6,138,000 (3,060,500) – HKT Trust and HKT Ltd Share Stapled Unit – (13,551,000) – HSBC Holdings Plc Ord USD0.5 (HKSE) – (4,253,200) – Industrial and Commercial Bank of China H Shs Ord CNY1 3,256,000 – – Link REIT – (3,377,500) – Power Assets Holdings Ltd Ord Npv – (288,000) – Sands China Ltd Ord USD0.01 7,086,400 – – Sun Hung Kai Properties Ltd Ord Npv 2,596,000 – – INDIA 印度 India Grid Trust Ord Inr Npv 15,344,721 (11,328,660) – IRB InvIT Fund Ord Npv 50,500,000 (50,500,000) – National Hydroelectric Power Corp Ltd Ord INR10 (Demat) 6,396,681 – – INDONESIA 印尼 Telekomunikasi Indonesia Tbk Pt Ord IDR50 (Demat) 9,431,300 (39,920,600) – 147 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 148 Holdings 单位数目 Country/Territory 国家╱地区 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED EQUITIES (Continued) 上市股票（续） JAPAN 日本 Advance Residence Investment REIT 1,453 (90) – AEON REIT Investment Corp Ord Npv 5,697 (352) – Daiwa House REIT Investment Corp REIT Npv 24 (566) – Daiwa Office Investment Corp (REIT) 636 (85) – Frontier Real Estate Investment Corp (REIT) 1,043 (61) – Fukuoka REIT Corp 1,811 (112) – GLP J-REIT REIT Npv 6,718 (403) – Invesco Office J-REIT Inc Ord Npv 42,009 (1,973) – Japan Excellent Inc Ord Npv REIT 3,470 (214) – Japan Hotel Fund Investment Corp (REIT) 4,706 (291) – Japan Rental Housing Investment Inc Ord Npv (REIT) 6,711 (414) – Kenedix Office Investment Corp Ord Npv (REIT) 1,113 (69) – Lasalle Logiport REIT Npv 4,800 (296) – MUCUBS Midcity REIT Inc 9,024 (682) 2,008 Nippon Accommodations Fund (REIT) 672 (41) – Nomura Real Estate Master Fund Inc REIT Npv 5,177 (297) – Premier Investment Co REIT Ord Npv 6,866 (322) – Sekisui House REIT Inc Ord Npv 5,217 (1,457) – Sekisui House Residential Investment Corporation REIT Npv 44 (1,021) – NEW ZEALAND 新西兰 Spark New Zealand Ltd Ord Npv (New Zealand) – (19,593,865) – SINGAPORE 新加坡 Ascendas Real Estate Investment Trust Npv 98,538,000 (97,057,400) – CapitaCommercial Trust Ord Npv 9,495,963 (4,237,100) – CapitaCommercial Trust Rights Nil Paid Rts 31/12/2017 – (9,495,963) 9,495,963 CapitaMall Trust REIT SGD1 – (4,532,700) – CDL Hospitality Trusts 55,558,940 (80,883,340) – CDL Hospitality Trusts Rights Nil Paid Rts 25/07/2017 – (5,064,880) 5,064,880 DBS Group Holdings Ltd Ord Npv 178,300 – – Mapletree Industrial Trust Ord Npv 183,610,200 (183,610,200) – Mapletree Logistics Trust Ord Npv 19,325,000 (4,764,100) – Mapletree North Asia Commercial Trust REIT 227,019,800 (225,737,000) – Singapore Telecommunications Ltd Ord Npv – (8,781,100) – Suntec REIT 142,107,400 (145,651,700) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Holdings 单位数目 Country/Territory 国家╱地区 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED EQUITIES (Continued) 上市股票（续） SOUTH KOREA 南韩 ING Life Insurance Korea Ltd Ord KOW1000 485,923 – – SK Telecom Ord KRW500 – (119,045) – TAIWAN 台湾 Advanced Semiconductor Engineering Ord TWD10 4,221,000 (4,221,000) – ASE Technology Holding Co Ltd Ord TWD10 2,110,500 – – Mega Financial Holding Co Ltd Ord TWD10 3,509,000 (10,614,000) – Novatek Microelectronics Ltd Ord TWD10 – (582,000) – Pegatron Corp Ord TWD10 – (6,105,000) – Quanta Computer Inc Ord TWD10 1,270,000 – – Taiwan Mobile Co Ltd Ord TWD10 10,154,000 (17,891,000) – THAILAND 泰国 BTS Rail Mass Transit Growth Infrastructure Fund (Fr) Ord – (25,157,800) – Electricity Generating Pcl Ord Nvdr THB10 – (2,111,700) – Land & Houses Pcl Ord Nvdr THB1 45,192,400 – – UNLISTED EQUITIES 非上市股票 AUSTRALIA 澳大利亚 Transurban Group Ord Npv 74,610 (74,610) – Transurban Group Ord Npv (Placement) 74,610 (74,610) – UNLISTED INVESTMENT FUNDS 非上市投资基金 FRANCE 法国 Lyxor China Enterprise HSCEI UCITS ETF 5,899,640 – – HONGKONG 香港 Schroder Umbrella Fund II – Schroder China Asset Income Fund USD Class I Acc 264,246 (785,920) – LUxEMBOURG 卢森堡 Schroder International Selection Fund – Emerging Multi Asset Income Fund USD Class I Acc 1,467,375 – – Schroder International Selection Fund – Global Multi Asset Income Fund USD Class I Acc – (1,131,058) – Schroder International Selection Fund – Dynamic Indian Income Fund USD Class I Acc (formerly known as Schroder International Selection Fund – Indian Bond USD Class I Acc) 35,270 – – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 149 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 150 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES 上市／挂牌债务证券 HONG KONG DOLLARS 港元 China Evergrande Group (Reg S) Conv 4.25% 14/02/2023 40,000,000 – – Future Land Development (Reg) (Reg S) 2.25% 10/02/2019 60,000,000 – – Powerlong Real Estate Ser 1238 (Reg S) Conv 0% 11/02/2019 55,000,000 – – Smart Insight International Ltd (Reg) (Reg S) Conv 0% 27/01/2019 60,000,000 – – INDIAN RUPEE 印度卢比 India Government Bond 6.79% 15/05/2027 80,000,000 – – Rural Electrification Corp Ltd 9.25% 25/08/2017 – (200,000,000) – INDONESIAN RUPIAH 印尼盾 European Bank for Reconstruction and Development Ser Emtn (Reg) 6.45% 13/12/2022 50,000,000,000 – – Indonesia (Republic of) (Reg S) 8.375% 15/03/2034 – (172,000,000,000) – Indonesia (Republic of) (Reg) 8.375% 15/03/2024 – (377,000,000,000) – Indonesia (Republic of) Ser Fr61 (Reg) 7% 15/05/2022 – (40,000,000,000) – Indonesia Government Ser Fr74 7.5% 15/08/2032 – (17,000,000,000) – Inter-American Development Bank (Reg) Ser GDP 7.875% 14/03/2023 40,000,000,000 – – Inter-American Development Bank Ser Emtn (Reg) 7.25% 17/07/2017 – (50,000,000,000) – Jasa Marga (Persero) Ser Regs (Reg) 12,000,000,000 – – RENMINBI 人民币 Bank of China Ltd (Reg S) (Reg) Var Perp 60,000,000 – – China New Town Finance I (Reg S) (Reg) 5.5% 06/05/2018 – (20,000,000) – Jinchuan Group (Reg S) 4.75% 17/07/2017 – (32,000,000) – Longfor Properties (Reg S) (Reg) 6.75% 28/05/2018 – (10,000,000) – New World China Land Ltd 5.5% 06/02/2018 – (42,000,000) – Vast Expand Ltd (Regs) 5.2% 11/09/2017 – (24,000,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR 美元 361 Degrees International (Reg S) (Reg) 7.25% 03/06/2021 4,000,000 (4,900,000) – ABJA Investment Co (Reg) (Reg S) 4.45% 24/07/2023 4,200,000 – – ABJA Investment Co (Reg) (Reg S) 5.45% 24/01/2028 3,050,000 – – ABM Investama Tbk Pt Ser Regs (Reg) 7.125% 01/08/2022 9,800,000 – – Abu Dhabi Government International (Reg S) 3.125% 11/10/2027 2,600,000 (2,600,000) – Abu Dhabi Government International Ser Regs 4.125% 11/10/2047 2,400,000 (2,400,000) – Abu Dhabi National Energy Ser Regs (Reg) 4.375% 23/04/2025 8,000,000 – – Abu Dhabi National Energy Ser Regs (Reg) 4.875% 23/04/2030 4,400,000 – – ACWA Power Management Investment Ser Regs 5.95% 15/12/2039 – (4,500,000) – Adani Ports and Special Economic Zone Ltd Ser Regs 3.95% 19/01/2022 – (2,000,000) – AEGEA Finance Sarl Ser Regs (Reg) 5.75% 10/10/2024 4,534,000 (2,000,000) – AIA Group Ltd (Reg S) 4.875% 11/03/2044 – (4,500,000) – AIA Group Ltd (Reg) Ser Reg S 3.9% 06/04/2028 2,000,000 – – Akbank Tas (Reg S) 5% 24/10/2022 2,500,000 (2,500,000) – Alibaba Group Holding (Reg) 4.4% 06/12/2057 3,000,000 (3,000,000) – Alibaba Group Holding Ltd (Reg) 3.6% 28/11/2024 – (5,800,000) – Arcelik (Reg S) 5% 03/04/2023 – (1,500,000) – Asciano Finance (Reg S) (Reg) 5% 07/04/2018 – (2,500,000) – Atento Luxco 1 SA Ser Regs 6.125% 10/08/2022 705,000 (705,000) – AYC Finance Ltd (Reg S) (Reg) 5.125% 1,800,000 – – Azure Nova International Ser Emtn (Reg S) 3% 21/03/2020 – (1,800,000) – Azure Orbit IV International Finance Ser (Emtn) (Reg S) (Reg) 3.5% 25/01/2021 13,000,000 – – Azure Power Energy Ltd Ser Regs 03/11/2022 8,700,000 – – Banco Do Brasil (Cayman) (Regs) (Reg) 6% 22/01/2020 – (2,000,000) – Bank of China/Hong Kong Ser Emtn (Reg) (Reg S) Frn 14/02/2020 – (5,600,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 151 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 152 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Bank of Communications (Reg S) (Reg) Var 03/10/2024 – (4,000,000) – Baoxin Auto Finance I Ltd (Reg S) (Reg) Var Perp 1,200,000 – – BBVA Bancomer SA Texas (Reg S) 6.75% 30/09/2022 – (4,600,000) – Beijing Capital Polaris (Reg S) (Reg) 4.25% 26/03/2021 4,984,000 – – Beijing Gas Sg Capital (Reg) (Reg S) 2.75% 31/05/2022 – (2,600,000) – Beijing State-Owned Asset Management HK (Reg S) 4.125% 26/05/2025 5,600,000 – – Bharat Petroleum Corp Ltd (Reg S) 4.625% 25/10/2022 – (6,000,000) – Bharat Petroleum Corp Ltd Mtn (Reg S) 4% 08/05/2025 – (4,200,000) – Bharti Airtel International (Regs) (Reg) 5.35% 20/05/2024 – (5,000,000) – BHP Billiton Fin USA Ltd Ser (Reg S) (Reg) Var 19/10/2075 – (4,000,000) – BPRL International Singapore Ser Emtn (Reg S) 4.375% 18/01/2027 – (4,194,000) – Brazil (Republic of) 5% 27/01/2045 2,000,000 (2,000,000) – BRF (Reg S) 3.95% 22/05/2023 – (3,500,000) – Castle Peak Power Finance Co (Reg) (Reg S) Ser Emtn 3.25% 25/07/2027 4,200,000 – – CCTI 2017 Ltd (Reg) (Reg S) 3.625% 08/08/2022 10,400,000 – – CDBL Funding 1 (Reg S) 3.25% 02/12/2019 – (3,000,000) – Cencosud (Regs) 4.875% 20/01/2023 – (2,500,000) – Central China Real Estate (Reg S) (Reg) 6% 16/07/2018 8,100,000 – – Central China Real Estate Emtn 6.5% 04/06/2018 – (1,000,000) – Central Plaza Development Ltd (Reg) (Reg S) 3.875% 30/01/2021 16,000,000 – – Century Master Investment (Regs) (Reg) 4.75% 19/09/2018 – (4,000,000) – CGNPC International Ltd Ser Regs (Reg) 4% 19/05/2025 – (4,000,000) – Ch Ovs Grand Oce Finance (Reg S) (Reg) 4.875% 01/06/2021 1,845,000 – – Charming Light Investment Ser Emtn (Reg S) (Reg) 3.75% 03/09/2019 – (3,000,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Chengdu Communications Investment Group (Reg S) (Reg) 4.75% 13/12/2027 1,300,000 – – China Aoyuan Property Group (Reg S) 10.875% 26/05/2018 – (4,000,000) – China Cinda Finance 2017 Ser Emtn (Reg) (Reg S) 3.875% 08/02/2023 4,000,000 – – China Cinda Finance 2017 Ser Emtn (Reg) (Reg S) 4.375% 08/02/2025 252,000 – – China Clean Energy Develop (Reg S) (Reg) 4% 05/11/2025 4,000,000 – – China Development Bank Hong Kong Branch (Reg) (Reg S) Ser Emtn 3.375% 24/01/2027 – (4,000,000) – China Evergrande Group (Reg S) (Br) 8.75% 28/06/2025 – (1,800,000) – China Evergrande Group (Reg S) (Reg) 6.25% 28/06/2021 2,000,000 – – China Great Wall International III Ser Emtn (Reg S) (Reg) 3.875% 31/08/2027 3,600,000 – – China Hongqiao Group Ltd (Reg S) (Reg) 6.85% 22/04/2019 6,711,000 – – China Jinjiang Environment (Reg) (Reg S) 6% 27/07/2020 4,000,000 – – China Minmetals Corp (Reg S) (Reg) Var 9,000,000 – – China Oil & Gas Group (Reg) (Reg S) 4.625% 20/04/2022 900,000 – – China Overseas Finance Investment Cayman V (Reg S) (Reg) Conv 0% 05/01/2023 – (1,000,000) – China SCE Property Holdings (Reg S) (Reg) 7.45% 17/04/2021 5,000,000 – – China SCE Property Holdings (Reg S) 10% 02/07/2020 2,000,000 – – China Singyes Solar Technologies (Reg) (Reg S) 7.95% 15/02/2019 – (3,000,000) – China Southern Power Grid (Reg) Ser Regs 3.5% 08/05/2027 – (6,100,000) – China State Construction Finance II (Reg S) 3.375% 29/11/2022 3,400,000 – – Chinalco Capital Holdings (Reg) (Reg S) 4.25% 21/04/2022 – (700,000) – Chouzhou International Investment Ltd (Reg S) (Reg) 4% 05/12/2020 6,419,000 (400,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 153 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 154 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） CIFI Holdings Group (Reg S) Var Perp 10,000,000 – – Cimpor Financial Operations (Reg S) 5.75% 17/07/2024 2,000,000 – – CITIC Ltd (Reg) (Reg S) Ser Emtn 3.875% 28/02/2027 – (1,800,000) – CK Bond Sec 03 Ltd (Regs) (Reg) 5.375% Perp – (15,000,000) – CK Hutchison International 17 Ltd Ser Regs (Reg) 3.5% 05/04/2027 14,000,000 (1,200,000) – CNAC HK Finbridge Co Ltd (Reg S) 4.125% 14/03/2021 3,000,000 – – CNAC HK Finbridge Co Ltd (Reg S) 4.125% 19/07/2027 10,200,000 (6,200,000) – CNAC HK Finbridge Co Ltd (Reg) (Reg S) 3% 19/07/2020 800,000 – – CNAC HK Finbridge Co Ltd (Reg) (Reg S) 3.5% 19/07/2022 1,200,000 – – CNPC General Capital (Reg S) 3.4% 16/04/2023 – (2,000,000) – CNRC Capitale Ltd Regs (Reg) 3.9% 02/06/2022 2,000,000 – – Columbus Intl Inc Ser Reg S (Reg) 7.375% 30/03/2021 – (2,000,000) – Country Garden Holdings Company (Reg S) (Reg) 7.5% 09/03/2020 2,000,000 – – CSCEC Finance Cayman II (Reg S) (Reg) 3.5% 05/07/2027 – (1,500,000) – Dianjian Haiyu Ltd Ser Emtn (Reg) (Reg S) Var Perpetual – (600,000) – DP World (Reg S) 6.85% 02/07/2037 3,000,000 (2,000,000) – DP World Crescent Ltd Ser Regs 3.908% 31/05/2023 – (4,300,000) – DP World Ltd (Reg S) (Reg) 1.75% Conv 19/06/2024 2,200,000 (2,200,000) – Dr Peng Holding Hongkong (Reg S) (Reg) 5.05% 01/06/2020 – (2,500,000) – eHi Car Services Ltd (Reg S) 7.5% 08/12/2018 – (4,500,000) – Emirates NBD 2014 Tier 1 (Reg S) (Reg) Var Perp – (1,860,000) – Emirates NBD Tier 1 (Reg S) (Reg) Var Perp – (2,300,000) – ENN Energy Holdings Ltd (Reg S) 3.25% 24/07/2022 2,200,000 – – Export Import Bank of Korea (Reg) 2.875% 21/01/2025 – (4,000,000) – Export-Import Bank China (Reg S) (Reg) 3.375% 14/03/2027 5,350,000 – – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Export-Import Bank Korea (Reg) 3% 01/11/2022 10,000,000 – – Fermaca Enterprises S RL (Reg S) 6.375% 30/03/2038 7,000,000 (8,615,000) – Finansbank Ser Regs (Reg) 5.15% 01/11/2017 – (500,000) – First Abu Dhabi Bank PJSC (Reg S) (Reg) Var Perp – (1,414,000) – Foxconn Far East Ltd Ser Emtn (Reg S) (Reg) 2.25% 23/09/2021 – (4,000,000) – Franshion Brilliant Ltd (Reg S) (Reg) 3.6% 03/03/2022 – (2,300,000) – Future Land Development Holdings (Reg S) (Reg) 6.25% 12/11/2017 – (300,000) – Gajah Tunggal Tbk Pt Ser Emtn (Reg S) 8.375% 10/08/2022 5,000,000 (5,000,000) – GCL New Energy Holdings (Reg S) (Reg) 7.1% 30/01/2021 12,200,000 – – Geo Coal International Ser Regs (Reg) 8% 04/10/2022 500,000 (500,000) – GMR Hyderabad International Ser Regs 4.25% 27/10/2027 6,000,000 – – Gohl Capital Ltd (Reg S) 4.25% 24/01/2027 7,600,000 – – Greenko Dutch BV (Reg) Ser (Regs) 4.875% 24/07/2022 1,800,000 (1,343,000) – Greenko Dutch BV (Reg) Ser Regs (Reg S) 5.25% 24/07/2024 2,300,000 (2,300,000) – Greentown China Holdings (Reg S) (Reg) 8% 24/03/2019 – (2,200,000) – Grupo Bimbo Ser Regs 4.875% 27/06/2044 – (3,800,000) – GTL Trade Finance Inc (Reg) Ser Regs 5.893% 29/04/2024 3,000,000 (3,000,000) – Hankook Tire Co Ltd (Reg) (Reg S) 3.5% 30/01/2023 2,600,000 – – Hidrovias International Finance SARL Ser (Regs) (Reg) 5.95% 24/01/2025 4,000,000 – – Hilong Holding Ltd (Reg) (Reg S) 7.25% 22/06/2020 10,200,000 – – Hindustan Petroleum Corp (Reg) (Reg S) 4% 12/07/2027 1,200,000 – – Hongkong Electric Finance Ser Emtn (Reg S) (Reg) 2.875% 03/05/2026 – (3,000,000) – HPCL-Mittal Energy Ltd (Reg S) (Reg) 5.25% 28/04/2027 2,491,000 (3,500,000) – Huaneng HK Capital Ltd (Reg) (Reg S) Var Perp 3,300,000 – – Huarong Finance 2017 Co Ser Emtn (Reg S) (Reg) 4.95% 07/11/2047 5,600,000 – – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 155 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 156 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Huarong Finance Co Ltd Ser Emtn (Reg S) (Reg) 5% 19/11/2025 3,500,000 – – Huarong Finance II Co Ltd Ser Emtn (Regs) (Reg) 5.5% 16/01/2025 1,900,000 – – Indian Oil Corp Ltd Emtn (Reg S) 5.75% 01/08/2023 – (2,000,000) – Indian Railway Finance (Reg S) (Reg) 3.835% 13/12/2027 3,600,000 – – Indika Energy Capital II Pte Ser Regs (Reg) 6.875% 10/04/2022 1,200,000 – – Indika Energy III Pte Ser Regs (Reg) 5.875% 09/11/2024 5,800,000 (2,800,000) – Indonesia (Republic of) (Reg S) 4.75% 08/01/2026 – (6,000,000) – Industrial and Commercial Bank of China Ser Emtn (Reg S) (Reg) Frn 16/04/2021 20,000,000 – – Industrial Bank of Korea (Reg) Ser Regs Var Perp 7,000,000 – – Inkia Energy Ltd Ser Regs (Reg) 5.875% 09/11/2027 2,804,000 – – Johnson Electric Holding (Reg) (Regs) Conv 1% 02/04/2021 1,500,000 (3,750,000) – JSL Europe (Reg) Ser Regs 7.75% 26/07/2024 5,226,000 – – JSW Steel Ltd (Reg S) 5.25% 13/04/2022 – (3,000,000) – Kazmunaigaz Finance Sub (Reg S) 6.375% 09/04/2021 – (2,000,000) – Kia Motors Corp Ser Regs 3% 25/04/2023 4,500,000 – – Kookmin Bank Ser Reg S 2.875% 25/03/2023 5,000,000 – – Korea Development Bank (Reg) 2.75% 19/03/2023 4,000,000 – – Korea Development Bank 3.75% 22/01/2024 – (10,000,000) – Korea Gas Corp (Reg) (Reg S) 2.75% 20/07/2022 2,500,000 – – Korea Housing Finance Co Ser Regs (Reg) 3% 31/10/2022 7,000,000 – – KT Corp (Reg S) (Reg) 2.625% 07/08/2022 4,000,000 – – KWG Property Holding Ltd (Reg S) (Reg) 8.25% 05/08/2019 2,000,000 (4,000,000) – Li & Fung Ltd (Reg S) Var Perp – (4,600,000) – Lima Metro Line 2 Finance Ltd Ser Regs (Reg) (Reg S) 5.875% 05/07/2034 – (4,101,000) – Logan Property Holdings (Reg S) (Reg) 9.75% 08/12/2017 – (2,800,000) – Logan Property Holdings (Reg S) 6.375% 07/03/2021 5,000,000 – – Longfor Properties (Reg S) (Reg) 3.9% 16/04/2023 2,200,000 – – Longfor Properties (Reg S) (Reg) 6.75% 29/01/2023 – (4,100,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Longfor Properties (Reg) (Reg S) 3.875% 13/07/2022 8,000,000 – – MAF Global Securities (Regs) Var Perp – (3,000,000) – MAF Sukuk Ltd (Reg S) (Reg) 4.5% 03/11/2025 3,000,000 (3,000,000) – Maoye International Holdings Ser Emtn (Reg) (Reg S) 7% 23/10/2018 3,000,000 – – Marfrig Holding Europe B (Reg S) 6.875% 24/06/2019 – (1,500,000) – MCC Holding HK Corp Ltd (Reg S) (Reg) 2.95% 31/05/2020 4,200,000 (1,200,000) – Medco Straits Services Ptd Ltd Regs (Reg) 8.5% 17/08/2022 5,603,000 – – Melco Resorts Finance Ser Regs 4.875% 06/06/2025 10,000,000 – – Mexico City Airport Trust Ser Regs (Reg) 3.875% 30/04/2028 3,000,000 (3,000,000) – Mexico City Airport Trust Ser Regs (Reg) 5.5% 31/07/2047 3,870,000 (3,870,000) – Mexico Generadora De Ene Ser (Reg S) 5.5% 06/12/2032 600,000 (600,000) – Millicom International Cellular Ser Regs (Reg) 5.125% 15/01/2028 995,000 (995,000) – Millicom International Cellular Ser Regs (Reg) 6% 15/03/2025 6,000,000 (3,000,000) – Minerva Luxembourg SA Ser Regs (Reg) 5.875% 19/01/2028 6,100,000 – – Minmetals Bounteous Finance BVI Ltd Ser Regs (Reg) 4.2% 27/07/2026 – (4,000,000) – Mirvac Group Finance Ltd Ser Emtn (Reg S) 3.625% 18/03/2027 17,000,000 – – Mitsui Fudosan Co Ltd (Reg) (Reg S) 3.65% 20/07/2027 800,000 (800,000) – Mongolia Ser Regs (Reg S) 8.75% 09/03/2024 – (4,500,000) – NagaCorp Ltd Ser Regs 9.375% 21/05/2021 3,000,000 – – New Metro Global Ltd (Reg) (Reg S) 4.75% 11/02/2019 3,158,000 – – New Metro Global Ltd (Reg) (Reg S) 5% 08/08/2022 1,200,000 (1,200,000) – Newcrest Finance Pty Ltd Ser Regs (Reg S) (Reg) 5.75% 15/11/2041 3,000,000 – – NongHyup Bank (Reg S) 2.875% 17/07/2022 4,500,000 – – NTPC Ltd Ser Emtn (Reg S) (Reg) 4.25% 26/02/2026 – (4,500,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 157 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 158 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） NTPC Ltd Ser Emtn (Reg S) (Reg) 4.375% 26/11/2024 – (6,000,000) – NTPC Ltd Ser Emtn 5.625% 14/07/2021 – (3,900,000) – Oman Government International Bond Ser Regs 5.625% 17/01/2028 7,000,000 (7,000,000) – ONGC Videsh Ltd Ser Regs 4.625% 15/07/2024 – (6,000,000) – ONGC Videsh Vankorneft (Reg S) (Reg) 2.875% 27/01/2022 – (4,200,000) – Ooredoo International Finance Ltd (Reg S) 3.75% 22/06/2026 – (2,920,000) – Overseas Chinese Town As (Reg) (Reg S) Var Perp 11,500,000 – – Pakuwon Prima (Reg S) 5% 14/02/2024 – (4,000,000) – Pampa Energia Sa (Reg) Ser Regs 7.5% 24/01/2027 1,500,000 (1,916,000) – PB International BV (Reg) (Reg S) 7.625% 26/01/2022 4,000,000 – – Pertamina (Reg S) 5.25% 23/05/2021 – (1,000,000) – Perusahaan Listrik Negar (Reg S) 5.5% 22/11/2021 – (4,500,000) – Perusahaan Penerbit SBSN (Reg S) (Reg) 4.325% 28/05/2025 2,000,000 (2,000,000) – Perusahaan Penerbit SBSN (Reg S) (Ser Regs) 4.55% 29/03/2026 – (7,000,000) – Petkim Petrokimya Holdings Ser Regs (Reg) 5.875% 26/01/2023 3,970,000 (3,970,000) – Petrobras Global Finance (Reg) 7.375% 17/01/2027 4,000,000 (4,000,000) – Petrobras Global Finance (Reg) 8.75% 23/05/2026 – (6,000,000) – Petrobras Global Finance Ser Regs 5.999% 27/01/2028 2,000,000 (2,000,000) – Petroleos Del Peru Sa Ser Regs (Reg) 5.625% 19/06/2047 6,500,000 – – Petroleos Mexicanos (Reg S) (Reg) 6.35% 12/02/2048 1,423,000 (1,423,000) – Petroleos Mexicanos (Reg) 6.75% 21/09/2047 W/I – (3,000,000) – Petroleos Mexicanos Ser Regs (Reg S) (Reg) 6.5% 13/03/2027 3,500,000 (3,500,000) – Petron Corp Var (Reg S) Perp – (12,165,000) – PETRONAS Capital Ltd Ser Regs 4.5% 18/03/2045 8,000,000 – – Philippines (Govt of) (Reg) 5.5% 30/03/2026 – (5,000,000) – Phoenix Lead Ltd (Reg) (Reg S) 4.85% Perp 1,000,000 – – Power Grid Corp of India (Reg S) 3.875% 17/01/2023 – (5,900,000) – Powerlong Real Estate (Reg S) 5.95% 19/07/2020 8,000,000 (778,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Powerlong Real Estate Holdings Ltd (Reg S) (Reg) 4.875% 15/09/2021 3,000,000 – – Pratama Agung Ser Regs 6.25% 24/02/2020 – (15,000,000) – Press Metal Labuan Ltd (Reg S) 4.8% 30/10/2022 6,500,000 – – Proven Glory Capital Ltd (Reg S) (Reg) Ser Emtn 3.25% 21/02/2022 1,500,000 (4,900,000) – Proven Glory Capital Ltd (Reg) (Reg S) Ser Emtn 4% 21/02/2027 – (900,000) – Proven Honour Capital (Reg S) (Reg) 4.125% 06/05/2026 – (5,700,000) – Proven Honour Capital (Reg S) (Reg) 4.125% 19/05/2025 – (12,800,000) – Provincia De Buenos Aire Ser Reg S (Reg) (Reg S) 7.875% 15/06/2027 3,000,000 – – PTT Global Chemical Pcl (Reg S) 4.25% 19/09/2022 – (3,000,000) – Qatar (State of) (Reg) (Ser Regs) 3.25% 02/06/2026 – (1,000,000) – Qatar Reinsurance Co Ltd (Reg) (Reg S) Var Perp – (3,000,000) – QBE Insurance Group Limited (Reg) (Reg S) Ser Emtn 3% 21/10/2022 2,000,000 (360,000) – QBE Insurance Group Ltd Ser Emtn (Reg) (Reg S) Var 17/06/2046 – (8,800,000) – Rede D'Or Finance SARL Ser Regs (Reg) 4.95% 17/01/2028 3,000,000 – – Reliance Holdings USA Inc (Reg S) 5.4% 14/02/2022 – (9,000,000) – Reliance Holdings USA Inc (Regs) (Reg) 6.25% 19/10/2040 – (1,500,000) – Reliance Industries Ltd (Reg S) 4.875% 10/02/2045 – (8,000,000) – Republic of Argentina (Reg) 5.875% 11/01/2028 6,000,000 – – Republic of Argentina (Reg) 6.875% 11/01/2048 10,000,000 (10,000,000) – Republic of Argentina (Reg) Ser Wi 5.625% 26/01/2022 W\I – (1,200,000) – Republic of Argentina (Reg) Ser Wi 6.875% 26/01/2027 W\I – (1,100,000) – Republic of Indonesia (Reg) (Reg S) Ser Regs 3.7% 08/01/2022 – (1,200,000) – Republic of Kenya (Reg) Ser Regs 8.25% 28/02/2048 1,724,000 (1,724,000) – Republic of Philippines (Reg) 3% 01/02/2028 17,000,000 – – Republic of Sri Lanka Ser Regs (Reg S) (Reg) 6.2% 11/05/2027 – (3,000,000) – Royal Capital BV Var Regs (Reg) Var Perp 10,000,000 – – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 159 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 160 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Rumo Luxembourg Sarl (Reg) Ser Regs 7.375% 09/02/2024 1,000,000 – – Saka Energi Indonesia Pt (Reg) (Reg S) Ser Regs 4.45% 05/05/2024 – (2,500,000) – Santos Finance Ltd Ser Emtn (Reg S) (Br) 4.125% 14/09/2027 13,500,000 – – Saudi International Bond Ser Regs (Reg) 4% 17/04/2025 6,000,000 – – Saudi International Bond Ser Regs (Reg) 4.5% 17/04/2030 17,000,000 – – Sino Ocean Land Treasure Finance III (Reg) (Reg S) Var Perp 5,600,000 – – Sinochem International Development Pte Ltd (Reg) (Reg S) 3.125% 25/07/2022 3,200,000 – – Sinopec Group Overseas Development Ser Regs (Reg) 4% 13/09/2047 2,000,000 – – SK Telecom Co Ltd Ser Regs (Reg) 3.75% 16/04/2023 737,000 – – Southern Copper Corp 3.875% 23/04/2025 – (2,000,000) – SPIC 2016 US Dollar Bond (Reg) (Reg S) 3.875% 06/12/2026 – (1,200,000) – State Bank India/London (Reg S) (Reg) 4.875% 17/04/2024 – (4,000,000) – State Grid Overseas Investment Ser Regs (Reg) 4% 04/05/2047 – (2,000,000) – State Grid Overseas Investment Ser Regs (Reg)(Reg S) 3.5% 04/05/2027 – (10,000,000) – Studio City Co Ltd Ser Regs (Reg) 5.875% 30/11/2019 – (8,000,000) – Studio City Co Ltd Ser Regs (Reg) 7.25% 30/11/2021 3,000,000 – – Sunny Optical Technology (Reg) (Reg S) 3.75% 23/01/2023 10,000,000 – – Swire Properties Mtn Fin Ser Emtn (Reg S) (Reg) 3.625% 13/01/2026 5,000,000 – – Swire Properties Mtn Fin Ser Emtn (Reg) (Reg S) 3.5% 10/01/2028 4,000,000 – – Sydney Airport Finance (Reg S) 3.9% 22/03/2023 – (3,000,000) – TBLA International Pte Ltd (Reg S) 7% 24/01/2023 1,500,000 – – Theta Capital Pte Ltd (Reg S) 6.75% 31/10/2026 – (4,000,000) – Theta Capital Pte Ltd (Reg S) 7% 11/04/2022 – (3,000,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Three Gorges Finance I Cayman (Ser Regs) 3.15% 02/06/2026 – (5,700,000) – Tianqi Finco Co Ltd (Reg S) (Reg) 3.75% 28/11/2022 5,000,000 (249,000) – Times China Holdings Ltd (Reg) (Reg S) 6.25% 17/01/2021 4,200,000 (2,000,000) – Top Wise Excellence Enterprise (Reg) (Reg S) 6% 16/03/2020 – (2,300,000) – Travel Int Hotel Group Inc Emtn (Br) 6.9% 03/11/2017 – (16,000,000) – Treasury Bill UCP 0% 26/04/2018 8,000,000 (8,000,000) – Treasury Bill UCP 0% 28/06/2018 9,000,000 (9,000,000) – Treasury Bill UCP 20/09/2018 10,000,000 – – Tsinghua Unic Ltd (Reg) (Reg S) 4.75% 31/01/2021 18,900,000 – – Turkiye Garanti Bankasi (Reg S) 6.125% 24/05/2027 5,000,000 (5,000,000) – United Overseas Bank Ltd Emtn (Reg S) Var 19/09/2024 – (20,000,000) – Vale Overseas Ltd (Reg) 4.375% 11/01/2022 – (6,000,000) – Vale Overseas Ltd (Reg) 6.25% 10/08/2026 2,500,000 (2,500,000) – Vale Overseas Ltd (Reg) 6.875% 21/11/2036 – (4,000,000) – Vanke Real Estate HK (Reg S) (Reg) Ser Emtn Frn 25/05/2023 9,303,000 – – Vanke Real Estate HK Ser (Emtn) (Reg) (Reg S) 3.975% 09/11/2027 10,800,000 – – Vedanta Resources Plc (Reg S) 6% 31/01/2019 3,000,000 (10,000,000) – Vedanta Resources Plc (Regs) 8.25% 07/06/2021 3,000,000 – – VM Holding SA (Reg S) Ser Regs 5.375% 04/05/2027 5,000,000 – – Voyage Bonds Ltd (Reg S) (Reg) 3.375% 28/09/2022 1,700,000 – – Weichai International HK Energy (Reg S) (Reg) Var Perp 10,000,000 – – Weichai International Hong Kong Energy (Reg S) (Reg) 4.125% 30/09/2020 3,000,000 – – West China Cement Ltd (Reg S) (Reg) 6.5% 11/09/2019 3,000,000 – – Westpac Banking Corp (Reg) 2.7% 19/08/2026 – (4,100,000) – Wisdom Glory Group Ltd (Reg S) 5.25% Var Perp 5,000,000 – – Woodside Finance Ltd (Reg S) (Reg) 15/09/2026 2,000,000 – – Woodside Finance Ltd (Reg S) 3.65% 05/03/2025 – (3,000,000) – Woodside Finance Ltd Ser Regs 3.7% 15/03/2028 6,000,000 – – WTT Investment Ltd Ser Regs (Reg) 5.5% 21/11/2022 6,600,000 – – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 161 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 162 Holdings 单位数目 Currency 货币 Investments 投资项目 Additions 增加 Disposals 减少 Bonus/Splits 红股╱分拆 LISTED/QUOTED DEBT SECURITIES (Continued) 上市／挂牌债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Wynn Macau Ltd Ser (Reg S) (Reg) 5.5% 01/10/2027 11,010,000 (3,687,000) – Yestar Healthcare Holding Co Ltd (Reg S) 6.9% 15/09/2021 815,000 (815,000) – Yingde Gases Investment Ltd Ser (Regs) (Reg S) 6.25% 19/01/2023 972,000 – – YPF Sociedad Anonima Ser Regs (Reg) 7% 15/12/2047 5,000,000 – – Yuzhou Properties Co (Reg S) (Reg) 9% 08/12/2019 – (700,000) – Yuzhou Properties Co Ltd (Reg) (Reg S) 6.375% 06/03/2021 8,000,000 (1,000,000) – UNLISTED DEBT SECURITIES 非上市债务证券 AUSTRALIAN DOLLAR 澳元 Ausgrid Finance Pty Ltd Ser Mtn (Reg) (Reg S) 3.75% 30/10/2024 5,800,000 – – DBCT Finance Pty Ltd Ser Mtn Frn 09/06/2021 400,000 – – RENMINBI人民币 Proven Honour Cap (Reg) (Regs) 4.55% 25/09/2017 – (35,000,000) – UNITED STATES DOLLAR 美元 Commonwealth Bank Aust (Reg S) Var 20/10/2026 – (9,000,000) – Logan Property Holdings (Reg S) 5.375% 03/12/2018 2,400,000 – – Newcastle Coal Infrastructure Ser Regs (Reg) 4.4% 29/09/2027 18,600,000 – – Scentre Management Ltd RE1 Ser (Reg S) (Reg) 3.75% 23/03/2027 3,500,000 – – Tengizchevroil Finance Co International Ltd (Reg S) (Reg) Frn 15/08/2026 – (6,000,000) – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 2018 二零一八年 2017 二零一七年 2016 二零一六年 Net assets 净资产 HK$港元39,323,917,498 HK$港元39,960,605,554 HK$港元29,720,258,840 Net asset value per unit 每份额资产净值 Class A A类别 HKD Accumulation Units 港元累积份额 HK$港元147.2493 HK$港元145.6691 HK$港元135.62 HKD Distribution Units 港元收息份额 HK$港元102.5489 HK$港元106.3916 HK$港元103.91 USD Accumulation Units 美元累积份额 US$美元14.6154 US$美元14.5308 US$美元13.61 USD Distribution Units 美元收息份额 US$美元10.1787 US$美元10.6129 US$美元10.43 AUD Hedged Distribution Units 澳元对冲收息份额 AU$澳元9.4895 AU$澳元9.9198 AU$澳元9.77 RMB Hedged Distribution Units 人民币对冲收息份额 RMB人民币96.6580 RMB人民币100.9079 RMB人民币98.72 GBP Hedged Accumulation Units 英镑对冲累积份额 GBP英镑10.4026 GBP英镑10.5501 – GBP Hedged Distribution Units 英镑对冲收息份额 GBP英镑9.7897 GBP英镑10.2441 – Class C C类别 HKD Accumulation Units 港元累积份额 HK$港元154.8634 HK$港元152.0950 HK$港元140.58 HKD Distribution Units 港元收息份额 HK$港元107.8884 HK$港元111.1226 HK$港元107.75 USD Accumulation Units 美元累积份额 US$美元13.7465 US$美元13.5682 US$美元12.62 USD Distribution Units 美元收息份额 US$美元10.3180 US$美元10.6816 US$美元10.43 AUD Hedged Distribution Units 澳元对冲收息份额 AU$澳元9.6361 AU$澳元9.9987 AU$澳元9.78 Class I I类别 USD Accumulation Units 美元累积份额 US$美元14.0525 US$美元13.7728 US$美元12.72 USD Distribution Units 美元收息份额 US$美元12.3561 US$美元12.7002 US$美元12.30 Class M M类别 RMB Hedged Accumulation Units 人民币对冲累积份额 RMB人民币116.7020 RMB人民币114.4701 RMB人民币103.95 Performance Table (Unaudited) 业绩表（未经审核） For the year ended 30th June 2018 二零一八年六月三十日止年度 163 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 164 PERFORMANCE RECORD SINCE INCEPTION 由成立日起之业绩记录 HKD Class A 港元A类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Accumulation Units 累积份额 Distribution Units 收息份额 Accumulation Units 累积份额 Distribution Units 收息份额 HK$港元 HK$港元 HK$港元 HK$港元 2018二零一八年 156.0361 111.1475 144.5942 102.6624 2017二零一七年 146.2891 107.4700 132.1950 99.6590 2016二零一六年 135.62 105.16 122.25 96.04 2015二零一五年 135.51 110.50 126.99 104.78 2014二零一四年 126.95 107.79 113.69 99.91 2013二零一三年 127.38 114.19 104.65 98.52 2012二零一二年 103.92 101.75 87.48 86.13 HKD Class C 港元C类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Accumulation Units 累积份额 Distribution Units 收息份额 Accumulation Units 累积份额 Distribution Units 收息份额 HK$港元 HK$港元 HK$港元 HK$港元 2018二零一八年 163.6002 116.5706 150.9937 108.0034 2017二零一七年 152.7394 112.0368 137.4060 103.6227 2016二零一六年 140.58 108.31 126.32 99.27 2015二零一五年 139.27 113.47 130.01 107.86 2014二零一四年 129.69 110.16 115.45 101.86 2013二零一三年 129.06 115.74 105.43 99.23 2012二零一二年 104.68 101.81 87.65 86.30 Performance Table (Unaudited) (Continued) 业绩表（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Performance Table (Unaudited) (Continued) 业绩表（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 PERFORMANCE RECORD SINCE INCEPTION (CONTINUED) 由成立日起之业绩记录（续） USD Class A 美元A类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Accumulation Units 累积份额 Distribution Units 收息份额 Accumulation Units 累积份额 Distribution Units 收息份额 US$美元 US$美元 US$美元 US$美元 2018二零一八年 15.5424 11.0723 14.4143 10.1864 2017二零一七年 14.5955 10.7803 13.2697 10.0038 2016二零一六年 13.61 10.57 12.17 9.56 2015二零一五年 13.61 11.09 12.74 10.52 2014二零一四年 12.75 10.83 11.42 10.02 2013二零一三年 12.78 11.46 10.51 9.89 2012二零一二年 10.43 10.17 8.75 8.61 USD Class C 美元C类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Accumulation Units 累积份额 Distribution Units 收息份额 Accumulation Units 累积份额 Distribution Units 收息份额 US$美元 US$美元 US$美元 US$美元 2018二零一八年 14.5735 11.1889 13.4612 10.0577 2017二零一七年 13.6283 10.7939 12.3349 10.0307 2016二零一六年 12.62 10.43 11.25 10.22 2015二零一五年 12.51 – 11.67 – 2014二零一四年 11.65 – 10.37 – 2013二零一三年 11.58 – 10.00 – USD Class I 美元I类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Accumulation Units 累积份额 Distribution Units 收息份额 Accumulation Units 累积份额 Distribution Units 收息份额 US$美元 US$美元 US$美元 US$美元 2018二零一八年 14.8534 13.3584 13.6661 12.3645 2017二零一七年 13.8336 12.8069 12.4662 11.8654 2016二零一六年 12.30 12.72 11.21 11.30 2015二零一五年 12.51 – 12.01 – 165 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 166 PERFORMANCE RECORD SINCE INCEPTION (CONTINUED) 由成立日起之业绩记录（续） AUD Hedged Class A 澳元对冲A类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Distribution Units 收息份额 Distribution Units 收息份额 AU$澳元 AU$澳元 2018二零一八年 10.3302 9.4942 2017二零一七年 10.1000 9.3597 2016二零一六年 9.93 8.98 2015二零一五年 10.43 9.88 2014二零一四年 10.17 9.40 2013二零一三年 10.77 9.59 AUD Hedged Class C 澳元对冲C类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Distribution Units 收息份额 Distribution Units 收息份额 AU$澳元 AU$澳元 2018二零一八年 10.8572 9.6408 2017二零一七年 10.1247 9.4026 2016二零一六年 9.79 9.58 RMB Hedged Class A 人民币对冲A类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Distribution Units 收息份额 Distribution Units 收息份额 RMB人民币 RMB人民币 2018二零一八年 105.2661 96.8289 2017二零一七年 102.0421 96.6458 2016二零一六年 100.05 90.46 2015二零一五年 105.00 99.46 2014二零一四年 102.25 94.45 Performance Table (Unaudited) (Continued) 业绩表（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 PERFORMANCE RECORD SINCE INCEPTION (CONTINUED) 由成立日起之业绩记录（续） RMB Hedged Class M 人民币对冲M类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Accumulation Units 累积份额 Accumulation Units 累积份额 RMB人民币 RMB人民币 2018二零一八年 123.1782 113.6151 2017二零一七年 114.9862 102.1875 2016二零一六年 103.95 91.79 GBP Hedged Class A 英镑对冲A类别 Highest issue price per unit 每份额最高发行价 Lowest redemption price per unit 每份额最低赎回价 Accumulation Units 累积份额 Distribution Units 收息份额 Accumulation Units 累积份额 Distribution Units 收息份额 GBP英镑 GBP英镑 GBP英镑 GBP英镑 2018二零一八年 11.1581 10.6505 10.3688 9.7831 2017二零一七年 10.5971 10.3198 9.6548 9.6315 Performance Table (Unaudited) (Continued) 业绩表（未经审核）（续） For the year ended 30th June 2018 二零一八年六月三十日止年度 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 (A Sub-Fund of Schroder Umbrella Fund II) (施罗德伞型基金 II的子基金 ) Annual Report and Financial Statements 年度报告及财务报表 For the year ended 30th June 2018 二零一八年六月三十日止年度 SP_AAIAR_OCT18 Schroder Asian Asset Income Fund (A Sub-Fund of Schroder Umbrella Fund II) Annual Report and Financial Statements June 2018 施罗德亚洲高息股债基金 ( 施罗德伞型基金 II 的子基金 ) 年度报告及财务报表 二零一八年六月 |
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| 基金信息类型 | 基金年度报告 | ||||||||
| 公告来源 | 上海证券报 | ||||||||
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