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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 | 792117 | ||||||||
| 基金代码 | 968013 | ||||||||
| 公告日期 | 2017-02-20 | ||||||||
| 编号 | 1 | ||||||||
| 标题 | 施罗德亚洲高息股债基金2016年中期报告摘要 | ||||||||
| 信息全文 | SP_AAISAR_FEB17 (A Sub-Fund of Schroder Umbrella Fund II) （施羅德傘型基金 II 的子基金） Unaudited Semi-Annual Report 2016 二零一六年度未經審核之中期報告書 施羅德亞洲高息股債基金 Schroder Asian Asset Income Fund施羅德亞洲高息股債基金 Schroder Asian Asset Income Fund (A Sub-Fund of Schroder Umbrella Fund II) 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 Registrar’s Service Provider Schroder Investment Management (Luxembourg) S.A. 5 rue Hohenhof L-1736 Senningerberg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers Certified Public Accountants 22/F Prince’s Building Central Hong Kong Solicitors Deacons 5/F Alexandra House 18 Chater Road 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 施羅德亞洲高息股債基金 （施羅德傘型基金II的子基金） 基金管理人 施羅德投資管理（香港）有限公司 香港金鐘道88號 太古廣場二座33字樓 電話：2521 1633 熱線：2869 6968 圖文傳真：2530 9095 網頁：http://www.schroders.com.hk 受託人及註冊登記機構 ?豐機構信託服務（亞洲）有限公司 香港中環皇后大道中1號 註冊登記機構之服務提供機構 Schroder Investment Management (Luxembourg) S.A. 5 rue Hohenhof L-1736 Senningerberg Grand Duchy of Luxembourg 審計機構 羅兵咸永道會計師事務所 香港 中環太子大廈二十二樓 律師 的近律師行 遮打道18號 香港中環歷山大廈5樓 額外資訊 施羅德乃合規美國《海外帳戶稅收合規法案》 （「FATCA」）機構。其FATCA類別及其機構的美 國全球中介人識別碼（「GIIN」）如下。 FATCA發行機構的類別：在跨政府協議下免申報 的海外金融機構╱註冊資助機構 資助機構的GIIN：IV2GGD.00030.SF.344 發行機構：施羅德投資管理（香港）有限公司1 Schroder Asian Asset Income Fund Manager’s Report 基金管理人報告 Market Review Asia ex Japan equities had a strong third quarter as robust returns for the region were driven by continued global monetary easing in the wake of a shock Brexit vote in the UK. Chinese equities saw some of Asia’s largest gains over the period, with data showing that GDP expanded by 6.7% year-on-year in the second quarter – in line with expectations. However, share prices were supported by expectations from investors that more easing from the People’s Bank of China (PBoC) will be forthcoming towards the end of the year given disappointing manufacturing and trade numbers over the summer months. Meanwhile, in Hong Kong stocks finished up strongly on positive policy sentiment from China and as attractive valuations tempted mainland investors into the market. Over the strait in Taiwan, share prices saw robust returns driven mainly by technology stocks and as foreign investors returned to the market. Similarly, in Korea, equity prices advanced on a wave of buying interest from foreign investors. In ASEAN, equity returns were strong in Thailand and Indonesia as both markets benefitted from a delay in expectations over the hiking of interest rates by the US Federal Reserve. Within fixed income, economic momentum continued to track broadly in the right direction in the US and by September the Federal Open Market Committee was split on whether to raise rates. The 10-year Treasury yield climbed from 1.5% to 1.6% in Q3. In Asia, the Asian USD credits rose in value supported by tighter credits spreads. The high yield sector outperformed and rose by 3.4% during the quarter. 市場回顧 二零一六年第三季亞洲（日本除外）股市表現強 勁，「英國脫歐」公投結果震撼，環球央行持續放 鬆銀根，推動區內錄得可觀回報。中資股位居期 內亞洲升幅最大行列，數據顯示第二季國內生產 總值 (GDP) 按年增長百分之六點七 — 與預期相 符。不過，支持股價的因素卻是投資者預期中國 人民銀行 (PBoC) 會基於夏季期間製造業和貿易 數據令人失望而將於年底之前加推寬鬆措施。與 此同時，港股因中國政策氣氛向好和估值吸引驅 使內地投資者入市而大幅高收。台灣方面股價回 報豐厚，主要有賴科技股推動和外國投資者重投 台股。同樣，南韓股價因為外資蜂擁入市而上 揚。東協方面，泰國和印尼股市進賬可觀，兩地 市場都受惠於美聯儲加息預期推遲。固定收益當 中，經濟動力繼續大致跟隨美國的樂觀去向，但 直至九月份聯邦公開市場委員會對是否加息依然 意見分歧。第三季美國十年期國庫券收益率由一 點五釐上升至一點六釐。至於亞洲方面，亞洲美 元信貸價值因信貸息差抽緊而獲支持。高收益信 貸表現突出，季內升百分之三點四。施羅德亞洲高息股債基金 2 Manager’s Report 基金管理人報告 Asia ex Japan equities fell in the last quarter of 2016 as Donald Trump’s surprise victory in the US presidential election saw heightened expectations of a faster pace in interest rate rises by the US Federal Reserve (Fed). Broader emerging market assets saw a selloff as US Treasury yields rose sharply over the period. In China, stocks fell on the back of weaker investor sentiment following a ramp up in property curbs as well as tightening liquidity. Capital outflows also intensified over the period on the back of a greater depreciation of the Chinese yuan as China’s foreign exchange reserves at the People’s Bank of China (PBoC) fell nearly US$ 70 billion in November, a decline of 2.2% from the previous month and the largest drop since January. The yuan declined -3.9% against the greenback over the quarter. Meanwhile, in Hong Kong, stocks fell as newly-introduced property tightening policies weighed on sentiment for developers. Over the strait in Taiwan, the market was down driven by the technology sector on the back of uncertainty surrounding trade policies following the outcome of the US presidential election. Similarly, Korean equities were down on protectionist concerns as well as on an ongoing corruption scandal involving President Park Geun-hye. In ASEAN, all markets were down on worries over the pace of US interest rate hikes by the Fed. Within fixed income, the last quarter of the year saw government bond yields rise amid expectations of larger fiscal spending, higher inflation after the US election victory for Donald Trump as well as expectations of a faster pace of rate hike by the US Federal Reserve in 2017. During the quarter, the US Federal Reserve hike interest rate by 25bps – a move widely expected by market participants. Against this backdrop, the 10-year US Treasury yield rose from 1.6% to 2.4% during 二零一六年第四季亞洲（日本除外）股市報跌，原 因是特朗普 (Donald Trump) 爆冷勝出美國總統 大選，導致有關美聯儲加息步伐加快的預期升 溫。期內新興市場資產普遍因為美國國庫券收益 率急升而下挫。中國方面，股市因為當局加強打 壓樓市和收緊流動性導致投資意欲疲軟而下跌。 期內資本外流亦因為人民幣貶值幅度擴大而加劇 （中國存放於中國人民銀行的外匯儲備減少近 七百億美元，較上月下降百分之二點二，是一月 以來最大跌幅）。與此同時，港股因為新引進收 緊措施壓抑發展股氣氛而下挫。至於海峽另一 邊，美國總統大選結果揭盅後貿易政策欠明朗， 台灣市場受科技股推動而下跌。同樣，南韓股市 因為保護主義隱憂和牽涉總統朴槿惠的貪污醜聞 持續擾攘而下挫。東盟方面，所有市場皆因美聯 儲加息步伐憂慮而報跌。固定收益當中，第四季 政府債券收益率上升，原因是市場預期財政開支 加大、特朗普當選後通脹上升以及預期二零一七 年美聯儲加息步伐會加快。季內美聯儲加息四分 一釐 — 此舉早在市場人士意料之內。在此形勢 下，第三季美國十年期國庫券收益率由一點六釐 上升至二點四釐。亞洲信貸當中，高收益類別因3 Schroder Asian Asset Income Fund Manager’s Report 基金管理人報告 the period. The Asian credit, high yield sector outperformed their investment grade counterparts given their lower correlation to US Treasuries, to return -0.2% while the JPMorgan Asian Credit Investment grade sector returned -3.7% ( in USD). Most Asian local currency bonds fell back on a stronger US dollar and given concerns surrounding a faster pace of rate hikes in 2017 by the Fed, both of which weighed on sentiment for emerging market bonds. Outlook For the first time in nearly two years, we have upgraded our global growth forecasts. This is a reflection of the better-than-expected recovery of activity worldwide and the prospect of looser fiscal policy in the US coming through later in the year. Alongside this positive development, we are likely to see further rate hikes by the Federal Reserve (Fed) as the labour market continues to tighten and inflationary pressures build. Elsewhere though, the European Central Bank (ECB) and Bank of Japan (BoJ) are expected to keep monetary policy on hold reflecting the earlier stage of their respective cycles. Stronger US growth will have a worldwide impact which should benefit emerging markets but to a lesser degree than in the past. Emerging market assets caught up with strong performance as we enter 2017, after some retracement in UST yields and stablising USD. This reduced the stress on EM assets; on the other hand it also attracted funds flowing back to the region, supporting the asset class in the near term despite the concern on the potential protectionism policy coming out of Trump administration. Although we might see more volatilities in the near term, the structural factors, such as aging demographics, high debt levels, and lacklustre productivity, mean that the demand for income are here to stay over the longer-term. 為和美國國庫券相關性較低而跑贏投資級別信 貸，下跌百分之零點二，摩根亞洲信貸投資級別 信貸跌百分之三點七（美元）。大部分亞洲當地貨 幣債券都因為美元轉強及預期二零一七年美聯儲 加息步伐加快的隱憂而回落，兩項因素同樣令新 興市場債券氣氛受壓。 展望 我們調高了對環球增長的預測，這是接近兩年來 第一次。這反映全球各地經濟活動復甦力度勝於 預期，以及美國年內有機會放鬆財政政策。除此 項利好事態外，隨著勞工市場續趨緊張和通脹壓 力積聚，我們認為美聯儲有機會進一步加息。但 至於其他地區，預料歐洲央行和日本央行會維持 貨幣政策不變，反映兩地處於各自週期的較早階 段。 美國增長回勇將會對全球造成影響，應利好新興 市場（但程度較過往輕微）。踏入二零一七年，美 國國庫券收益率略見回落，美元回穩，新興市場 資產迎頭趕上，表現強勁。新興市場資產壓力因 而減輕；另一方面，這種情況亦吸引資金重投區 內，短期內支持該新興市場資產（雖則關注特朗 普政府可能推出保護主義政策）。儘管短期內有 可能會有更多波動，結構性因素（例如人口老 化、債務水平高企、以及生產力低迷），意味著 收入的需求長遠而言可維持在現水平。施羅德亞洲高息股債基金 4 Manager’s Report 基金管理人報告 Having experienced the unexpected events in 2016, we believe that all investors would agree that 2017 could again be a year full of uncertainty. Therefore, being flexible and unconstrained as well as focusing on managing risks arising from currencies, duration and equity markets will continue to be important. As such, the Asian Asset Income strategy should be well-positioned to help your portfolio to generate income and participate in Asian growth in a risk-controlled manner. In terms of Asian equities, over the last two months, our strategy has focused on reducing the portfolio’s sensitivity to bond yields by rotating some of the exposures in sectors such as utilities into those which could benefit from higher interest rates such as banks. This means that even in a rising yield environment while the defensive holdings such as utilities and telecoms could be under pressure, other exposures in the portfolio, such as technology and banks, could balance out some of the impacts. In addition, after the sell-off over the last two months, valuation of stocks in the defensive sectors has significantly improved, presenting investors with a better entry point. Since there are still a lot of uncertainties ahead of us in 2017, we believe keeping a bias towards defensive assets would remain a sensible strategy. We will continue to focus on high quality companies with strong balance sheets and solid fundamentals which can offer more sustainable dividend yields. Asian credit remains relatively defensive in the fixed income universe during periods of rising interest rates thanks to its solid corporate fundamentals and robust demand-supply conditions. Default rates also remain close to historic lows. Asian corporate bonds have had a 經歷過二零一六年突如其來的事態，我們認為所 有投資者都會同意二零一七年有可能仍是充滿不 明朗因素的一年。因此，靈活兼不受指數規限以 及著眼於管理來自貨幣、存續期和股市的風險仍 然重要。因此，亞洲資產收益策略應具備優厚條 件，可協助投資者賺取收入，並以風險受控方式 參與亞洲的增長。 對於亞洲股市，過去兩個月來，我們的策略都是 著眼於降低投資組合對債券收益率的敏感度，辦 法是將公用事業等行業的部分投資轉換為有望受 惠於利率上升的行業（例如銀行）。這意味著即使 在收益率上升形勢下，縱使防守性行業（例如公 用事業和電信）可能受壓，但組合裡的其他投資 （例如科技及銀行）仍可望抵銷部分影響。此外， 經過最近兩個月的拋售，防守股估值已大為好 轉，為投資者提供較佳入市水平。由於二零一七 年仍須面對眾多不明朗因素，我們相信繼續偏重 防守性資產仍是明智之舉。我們會繼續著眼於資 產基礎雄厚兼基本面穩健、可持續派息的優質公 司。 有賴企業基本面雄厚和供求狀況穩健，利率上升 期間裡，固定收益範疇當中的亞洲信貸仍相對具 防守性。違約比率仍貼近歷年低位。二零一六年 亞洲企業債券氣勢如虹，主要由於信貸息差抽5 Schroder Asian Asset Income Fund Manager’s Report 基金管理人報告 very strong 2016 mainly due to the tightening of credit spreads. The high yield bonds are now priced to perfection, while the valuation of investment grade bonds still looks attractive relative to other fixed income assets, and we continue to prefer high quality investment grade corporates which have stable leverage and ample liquidity on their balance sheets. Our current strategy still focuses on diversifying our holdings in peripheral Asian countries such as Australia to maintain both the quality and the yield of the portfolio. Duration wise, we maintained the duration hedge and the portfolio duration was maintained at 1.5 years. As at 31st December 2016, the Fund size was HK$34,646,211,077, represented by units as below: 31st December 2016 二零一六年 十二月三十一日 Units 份額數量 30th June 2016 二零一六年 六月三十日 Units 份額數量 A Class 類別 HKD Accumulation Units 港元累積單位 2,559,926.81 2,560,478.08 HKD Distribution Units 港元收息單位 101,798,974.37 77,955,228.06 USD Accumulation Units 美元累積單位 13,197,002.86 12,079,513.84 USD Distribution Units 美元收息單位 178,109,885.15 132,186,225.21 AUD Hedged Distribution Units 澳元對沖收息單位 72,214,871.98 63,663,690.71 RMB Hedged Distribution Units 人民幣對沖收息單位 39,153,343.62 42,750,061.02 GBP Hedged Accumulation Units (Note) 英鎊對沖累積單位（註） 100.00 – GBP Hedged Distribution Units (Note) 英鎊對沖收息單位（註） 20,124.64 – 緊。現時高收益債券已估值過高，投資級別債券 的估值相對於其他固定收益資產仍屬吸引，我們 繼續看好負債水平穩定兼資產負債表上擁有充裕 流動性的優質投資級別企業。我們的現行策略仍 著眼於分散所持亞洲周邊國家（例如澳大利亞）的 投資，以維持組合的質素和收益率。存續期方 面，我們維持存續期對沖，並將組合的存續期保 持在一年半。 截至二零一六年十二月三十一日，基金總值 34,646,211,077港元，發行份額如下： Note: Schroder Asian Asset Income Fund GBP Hedged Class A Distribution Units and GBP Hedged Class A Accumulation Units were launched on 3rd November 2016. 註：施羅德亞洲高息股債英鎊對沖A類別收息單位及A類別累積單位於二零一六年十一月三日成立。施羅德亞洲高息股債基金 6 Manager’s Report 基金管理人報告 31st December 2016 二零一六年 十二月三十一日 Units 份額數量 30th June 2016 二零一六年 六月三十日 Units 份額數量 C Class 類別 HKD Accumulation Units 港元累積單位 199,227.64 156,848.82 HKD Distribution Units 港元收息單位 204,154.90 168,155.95 USD Accumulation Units 美元累積單位 4,313,721.70 3,333,269.95 USD Distribution Units (Note) 美元收息單位（註） 497.92 485.91 AUD Hedged Distribution Units (Note) 澳元對沖收息單位（註） 720.11 699.09 I Class 類別 USD Accumulation Units 美元累積單位 903,366.44 878,373.83 USD Distribution Units (Note) 美元收息單位（註） 3,915,432.98 3,606,077.89 M Class 類別 RMB Hedged Accumulation Units人民幣對沖累積單位 213.11 213.11 Note: Schroder Asian Asset Income Fund USD Class C Distribution Units and AUD Hedged Class C Distribution Units were launched on 10th June 2016. Schroder Asian Asset Income Fund Class USD Class I Distribution Units was launched on 20th October 2015. 註： 施羅德亞洲高息股債基金美元C類別收息單位及澳元對沖C類別收息單位於二零一六年六月十日。 施羅德亞洲高息股債基金美元 I 類別收息單位於二零一五年十月二十日成立。7 Schroder Asian Asset Income Fund Manager’s Report 基金管理人報告 The prices of units were: 基金份額價格如下： NET ASSET VALUE PER UNIT 每份額淨值資產 31st December 2016 二零一六年 十二月三十一日 30th June 2016 二零一六年 六月三十日 A Class 類別 HKD Accumulation Units 港元累積單位 HK$港元133.78 HK$港元135.62 HKD Distribution Units 港元收息單位 HK$港元100.06 HK$港元103.91 USD Accumulation Units 美元累積單位 US$美元13.44 US$美元13.61 USD Distribution Units 美元收息單位 US$美元10.05 US$美元10.43 AUD Hedged Distribution Units 澳元對沖收息單位 AU$澳元9.40 AU$澳元9.77 RMB Hedged Distribution Units人民幣對沖收息單位 RMB人民幣94.90 RMB人民幣98.72 GBP Hedged Accumulation Units英鎊對沖累積單位 GBP 英鎊9.76 – GBP Hedged Distribution Units 英鎊對沖收息單位 GBP 英鎊9.67 – C Class 類別 HKD Accumulation Units 港元累積單位 HK$港元139.18 HK$港元140.58 HKD Distribution Units 港元收息單位 HK$港元104.13 HK$港元107.75 USD Accumulation Units 美元累積單位 US$美元12.50 US$美元12.62 USD Distribution Units 美元收息單位 US$美元10.08 US$美元10.43 AUD Hedged Distribution Units 澳元對沖收息單位 AU$ 澳元9.44 AU$澳元9.78 I Class 類別 USD Accumulation Units 美元累積單位 US$美元12.65 US$美元12.72 USD Distribution Units 美元收息單位 US$美元11.94 US$美元12.30 M Class 類別 RMB Hedged Accumulation Units人民幣對沖累積單位 RMB人民幣103.72 RMB 人民幣103.95施羅德亞洲高息股債基金 8 DISTRIBUTION HKD Class A 港元A類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 HK$ 港元 Total distribution amount 總派息額 HK$ 港元 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 For the year ended 30th June 2016 二零一六年六月三十日止年度 29th July 2015二零一五年七月二十九日 11th August 2015二零一五年八月十一日 97,838,387.51 0.411830 40,292,783.13 26th August 2015二零一五年八月二十六日 8th September 2015二零一五年九月八日 95,851,555.99 0.392594 37,630,745.77 23rd September 2015二零一五年九月二十三日 8th October 2015二零一五年十月八日 94,445,771.02 0.390813 36,910,635.11 28th October 2015二零一五年十月二十八日 6th November 2015二零一五年十一月六日 92,483,985.12 0.403439 37,311,646.47 25th November 2015二零一五年十一月二十五日 7th December 2015二零一五年十二月七日 91,116,957.16 0.395167 36,006,414.61 30th December 2015二零一五年十二月三十日 11th January 2016二零一六年一月十一日 89,054,047.83 0.413158 36,793,392.29 27th January 2016二零一六年一月二十七日 5th February 2016二零一六年二月五日 87,267,665.26 0.403574 35,218,960.74 24th February 2016二零一六年二月二十四日 4th March 2016二零一六年三月四日 85,259,699.30 0.409866 34,945,051.91 30th March 2016二零一六年三月三十日 11th April 2016二零一六年四月十一日 82,465,235.04 0.422367 34,830,593.93 27th April 2016二零一六年四月二十七日 9th May 2016二零一六年五月九日 81,970,882.57 0.424576 34,802,869.44 25th May 2016二零一六年五月二十五日 6th June 2016二零一六年六月六日 80,492,207.70 0.424617 34,178,359.76 30th June 2016二零一六年六月三十日 12th July 2016二零一六年七月十二日 77,955,228.06 0.434785 33,893,763.83 派息 Manager’s Report 基金管理人報告9 Schroder Asian Asset Income Fund Manager’s Report 基金管理人報告 DISTRIBUTION (Continued) HKD Class C 港元C類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 HK$ 港元 Total distribution amount 總派息額 HK$ 港元 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 For the year ended 30th June 2016 二零一六年六月三十日止年度 29th July 2015二零一五年七月二十九日 11th August 2015二零一五年八月十一日 61,212.94 0.424218 25,967.63 26th August 2015二零一五年八月二十六日 8th September 2015二零一五年九月八日 60,849.11 0.404626 24,621.13 23rd September 2015二零一五年九月二十三日 8th October 2015二零一五年十月八日 60,853.03 0.403004 24,524.01 28th October 2015二零一五年十月二十八日 6th November 2015二零一五年十一月六日 134,945.07 0.416302 56,177.90 25th November 2015二零一五年十一月二十五日 7th December 2015二零一五年十二月七日 134,949.08 0.407991 55,058.01 30th December 2015二零一五年十二月三十日 11th January 2016二零一六年一月十一日 92,512.87 0.426867 39,490.69 27th January 2016二零一六年一月二十七日 5th February 2016二零一六年二月五日 92,517.17 0.417200 38,598.16 24th February 2016二零一六年二月二十四日 4th March 2016二零一六年三月四日 131,116.06 0.423951 55,586.78 30th March 2016二零一六年三月三十日 11th April 2016二零一六年四月十一日 131,120.22 0.437160 57,320.52 27th April 2016二零一六年四月二十七日 9th May 2016二零一六年五月九日 131,124.49 0.439702 57,655.70 25th May 2016二零一六年五月二十五日 6th June 2016二零一六年六月六日 168,151.71 0.439994 73,985.74 30th June 2016二零一六年六月三十日 12th July 2016二零一六年七月十二日 168,155.95 0.450828 75,809.41 派息（續）施羅德亞洲高息股債基金 10 Manager’s Report 基金管理人報告 DISTRIBUTION (Continued) USD Class A 美元A類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 US$ 美元 Total distribution amount 總派息額 US$ 美元 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 For the year ended 30th June 2016 二零一六年六月三十日止年度 29th July 2015二零一五年七月二十九日 11th August 2015二零一五年八月十一日 178,208,659.56 0.041361 7,370,888.37 26th August 2015二零一五年八月二十六日 8th September 2015二零一五年九月八日 167,947,088.83 0.039422 6,620,810.14 23rd September 2015二零一五年九月二十三日 8th October 2015二零一五年十月八日 164,645,358.45 0.039263 6,464,470.71 28th October 2015二零一五年十月二十八日 6th November 2015二零一五年十一月六日 161,396,654.09 0.040530 6,541,406.39 25th November 2015二零一五年十一月二十五日 7th December 2015二零一五年十二月七日 156,004,150.05 0.039699 6,193,208.75 30th December 2015二零一五年十二月三十日 11th January 2016二零一六年一月十一日 152,121,105.94 0.041503 6,313,482.26 27th January 2016二零一六年一月二十七日 5th February 2016二零一六年二月五日 144,780,038.72 0.040337 5,839,992.42 24th February 2016二零一六年二月二十四日 4th March 2016二零一六年三月四日 139,764,006.32 0.041087 5,742,483.73 30th March 2016二零一六年三月三十日 11th April 2016二零一六年四月十一日 136,741,669.15 0.042420 5,800,581.61 27th April 2016二零一六年四月二十七日 9th May 2016二零一六年五月九日 134,709,484.57 0.042628 5,742,395.91 25th May 2016二零一六年五月二十五日 6th June 2016二零一六年六月六日 133,535,897.93 0.042587 5,686,893.29 30th June 2016二零一六年六月三十日 12th July 2016二零一六年七月十二日 132,186,225.21 0.043628 5,767,020.63 派息（續）11 Schroder Asian Asset Income Fund Manager’s Report 基金管理人報告 DISTRIBUTION (Continued) USD Class C 美元C類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 US$ 美元 Total distribution amount 總派息額 US$ 美元 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 For the period ended 30th June 2016 二零一六年六月三十日止期間 30th June 2016二零一六年六月三十日 12th July 2016二零一六年七月十二日 485.91 0.043670 21.22 派息（續）施羅德亞洲高息股債基金 12 Manager’s Report 基金管理人報告 DISTRIBUTION (Continued) USD Class I 美元I類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 US$ 美元 Total distribution amount 總派息額 US$ 美元 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 For the period ended 30th June 2016 二零一六年六月三十日止期間 25th November 2015二零一五年十一月二十五日 7th December 2015二零一五年十二月七日 2,537,178.37 0.046427 117,793.58 30th December 2015二零一五年十二月三十日 11th January 2016二零一六年一月十一日 2,537,178.37 0.048629 123,380.45 27th January 2016二零一六年一月二十七日 5th February 2016二零一六年二月五日 2,537,178.37 0.047295 119,995.85 24th February 2016二零一六年二月二十四日 4th March 2016二零一六年三月四日 2,516,536.78 0.048212 121,327.27 30th March 2016二零一六年三月三十日 11th April 2016二零一六年四月十一日 2,804,091.63 0.049879 139,865.29 27th April 2016二零一六年四月二十七日 9th May 2016二零一六年五月九日 3,454,398.65 0.050171 173,310.63 25th May 2016二零一六年五月二十五日 6th June 2016二零一六年六月六日 3,445,486.52 0.050171 172,863.50 30th June 2016二零一六年六月三十日 12th July 2016二零一六年七月十二日 3,606,077.89 0.051504 185,727.44 派息（續）13 Schroder Asian Asset Income Fund Manager’s Report 基金管理人報告 DISTRIBUTION (Continued) AUD Hedged Class A 澳元對沖A類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 AU$ 澳元 Total distribution amount 總派息額 AU$ 澳元 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 For the year ended 30th June 2016 二零一六年六月三十日止年度 29th July 2015二零一五年七月二十九日 11th August 2015二零一五年八月十一日 75,552,247.84 0.055294 4,177,585.99 26th August 2015二零一五年八月二十六日 8th September 2015二零一五年九月八日 74,358,055.61 0.052706 3,919,115.68 23rd September 2015二零一五年九月二十三日 8th October 2015二零一五年十月八日 73,803,071.75 0.052425 3,869,126.04 28th October 2015二零一五年十月二十八日 6th November 2015二零一五年十一月六日 74,300,411.01 0.050101 3,722,524.89 25th November 2015二零一五年十一月二十五日 7th December 2015二零一五年十二月七日 73,439,013.08 0.049059 3,602,844.54 30th December 2015二零一五年十二月三十日 11th January 2016二零一六年一月十一日 71,427,746.85 0.050703 3,621,601.05 27th January 2016二零一六年一月二十七日 5th February 2016二零一六年二月五日 70,070,413.71 0.049241 3,450,337.24 24th February 2016二零一六年二月二十四日 4th March 2016二零一六年三月四日 68,411,571.15 0.050161 3,431,592.82 30th March 2016二零一六年三月三十日 11th April 2016二零一六年四月十一日 66,306,499.06 0.051787 3,433,814.67 27th April 2016二零一六年四月二十七日 9th May 2016二零一六年五月九日 64,076,374.02 0.052003 3,332,163.68 25th May 2016二零一六年五月二十五日 6th June 2016二零一六年六月六日 64,988,470.99 0.051895 3,372,576.70 30th June 2016二零一六年六月三十日 12th July 2016二零一六年七月十二日 63,663,690.71 0.051143 3,255,952.13 派息（續）施羅德亞洲高息股債基金 14 Manager’s Report 基金管理人報告 DISTRIBUTION (Continued) AUD Hedged Class C 澳元對沖C類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 AU$ 澳元 Total distribution amount 總派息額 AU$ 澳元 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 For the period ended 30th June 2016 二零一六年六月三十日止期間 30th June 2016二零一六年六月三十日 12th July 2016二零一六年七月十二日 699.09 0.051195 35.79 派息（續）15 Schroder Asian Asset Income Fund Manager’s Report 基金管理人報告 DISTRIBUTION (Continued) RMB Hedged Class A 人民幣對沖A類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 RMB 人民幣 Total distribution amount 總派息額 RMB 人民幣 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 For the year ended 30th June 2016 二零一六年六月三十日止年度 29th July 2015二零一五年七月二十九日 11th August 2015二零一五年八月十一日 73,466,296.52 0.598400 43,962,231.84 26th August 2015二零一五年八月二十六日 8th September 2015二零一五年九月八日 65,162,180.91 0.648863 42,281,328.19 23rd September 2015二零一五年九月二十三日 8th October 2015二零一五年十月八日 60,685,650.58 0.684865 41,561,478.08 28th October 2015二零一五年十月二十八日 6th November 2015二零一五年十一月六日 59,244,538.49 0.586497 34,746,744.09 25th November 2015二零一五年十一月二十五日 7th December 2015二零一五年十二月七日 58,113,048.10 0.653331 37,967,055.83 30th December 2015二零一五年十二月三十日 11th January 2016二零一六年一月十一日 55,380,843.79 0.786719 43,569,162.05 27th January 2016二零一六年一月二十七日 5th February 2016二零一六年二月五日 48,726,053.79 0.727493 35,447,863.05 24th February 2016二零一六年二月二十四日 4th March 2016二零一六年三月四日 46,559,840.77 0.741031 34,502,285.37 30th March 2016二零一六年三月三十日 11th April 2016二零一六年四月十一日 45,007,981.93 0.563526 25,363,168.03 27th April 2016二零一六年四月二十七日 9th May 2016二零一六年五月九日 44,260,491.11 0.525286 23,249,416.33 25th May 2016二零一六年五月二十五日 6th June 2016二零一六年六月六日 43,195,858.77 0.564984 24,404,969.07 30th June 2016二零一六年六月三十日 12th July 2016二零一六年七月十二日 42,750,061.02 0.537637 22,984,014.56 派息（續）施羅德亞洲高息股債基金 16 Manager’s Report 基金管理人報告 DISTRIBUTION (Continued) GBP Hedged Class A 英鎊對沖A類別單位 Record date 紀錄日 Payment date 派息日 No. of units entitled distributions 有權收取派息 之份額數量 Distribution per unit 每份額 派息額 GBP 英鎊 Total distribution amount 總派息額 GBP 英鎊 For the period ended 31st December 2016 二零一六年十二月三十一日止期間 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 Schroder Investment Management (Hong Kong) Limited 20th February 2017 派息（續） 施羅德投資管理（香港）有限公司 二零一七年二月二十日17 Schroder Asian Asset Income Fund Statement of Financial Position 財務狀況報表 As at 31st December 2016 截至二零一六年十二月三十一日 31st December 2016 二零一六年 十二月三十一日 HK$ 港元 30th June 2016 二零一六年 六月三十日 HK$ 港元 ASSETS 資產 Current assets流動資產 Investments投資 32,960,448,234 28,536,244,167 Derivative financial instruments衍生金融工具 241,722,999 40,298,876 Amounts receivable on disposal of investments應收出售投資款項 – 165,743,082 Amounts receivable on subscription of units應收認購份額款項 178,618,436 150,965,922 Dividends receivable應收股息 36,172,735 115,748,887 Interest receivable on bonds應收債券利息 148,867,562 132,469,326 Interest receivable on bank deposits應收存款利息 2,041 – Other receivables and prepayments其他應收款項及預付款項 1,309,418 982,561 Margin deposits保證金 119,158,136 96,889,635 Cash and bank deposits現金及銀行存款 1,558,676,909 1,126,252,659 Total assets資產總值 35,244,976,470 30,365,595,115 LIABILITIES 負債 Current liabilities 流動負債 Derivative financial instruments衍生金融工具 160,990,863 117,241,352 Amounts payable on purchase of investments應付認購投資款項 – 181,089,192 Amounts payable on redemption of units應付贖回份額款項 220,037,557 171,138,855 Distribution payable應付股息 145,170,195 125,708,701 Other payables其他應付款項 72,566,778 50,158,175 Liabilities (excluding net assets attributable to unitholders) 負債值（不包括歸於份額持有人淨資產） 598,765,393 645,336,275 Net assets attributable to unitholders歸於份額持有人的淨資產 34,646,211,077 29,720,258,840 施羅德亞洲高息股債基金 18 Investment Portfolio (Unaudited) 基金投資組合（未經審核） As at 31st December 2016 截至二零一六年十二月三十一日 Country/Territory 國家╱地區 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 EQUITIES 股票 AUSTRALIA 澳大利亞 5,360,230,718 15.47 AGL Energy Limited Ord Npv 3,890,657 482,497,863 1.39 ASX Ltd Ord Npv 961,495 268,490,883 0.78 Ausent Services Ord Npv 70,200,480 622,692,882 1.80 Commonwealth Bank of Australia Ord Npv 498,837 230,789,106 0.67 Duet Group Ord Npv (Stapled) 39,453,570 606,895,060 1.75 National Australia Bank Ltd Ord Npv 3,738,904 643,776,061 1.86 Shopping Centres Australasia Property Group REIT Npv 9,077,030 112,619,288 0.33 Spark Infrastructure Group Ord Npv (Partly Paid) 30,385,834 405,998,894 1.17 Stockland Npv (Stapled) 22,819,659 586,747,653 1.69 Telstra Corp Ltd Ord Npv 20,504,195 587,069,654 1.69 Vicinity Centres REIT Ord Npv 16,567,142 278,096,495 0.80 Westpac Banking Corp Ltd Ord Npv 2,920,785 534,556,879 1.54 HONG KONG 香港 5,073,829,423 14.65 BOC Hong Kong (Hldgs) Ltd Ord HKD5 9,612,500 266,746,875 0.77 China Construction Bank H Shr Ord CNY1 49,996,000 298,476,120 0.86 China Mobile Ltd Ord HKD0.1 3,974,000 326,662,800 0.94 Fortune Real Estate Investment Trust REIT Npv 63,752,000 568,030,320 1.64 HK Electric Investments SS Ord HKD0.0005 98,150,677 628,164,333 1.81 HKT Trust and HKT Ltd Share Stapled Unit 59,130,060 562,326,870 1.62 HSBC Hldgs Plc Ord USD0.5 (HKSE) 11,761,600 732,159,600 2.11 Hutchison Telecommunications Hong Kong Holdings Ltd Ord HKD0.25 24,896,000 62,240,000 0.18 Industrial and Commercial Bank of China H Shs Ord CNY1 61,346,000 285,258,900 0.83 Link REIT 14,736,000 742,694,400 2.15 Power Assets Holdings Ltd Ord Npv 6,562,500 448,546,875 1.30 Sands China Ltd Ord USD0.01 1,926,000 64,906,200 0.19 VTech Holdings Ltd Ord USD0.05 844,900 87,616,130 0.25 INDONESIA 印尼 530,748,716 1.53 Telekomunikasi Indonesia Tbk Pt Ord IDR50 (Demat) 231,726,600 530,748,716 1.53 JAPAN 日本 247,586,906 0.71 Advance Residence Investment REIT 724 14,871,211 0.04 AEON REIT Investment Corp Ord Npv 1,308 11,120,584 0.03 Daiwa House REIT Investment Corp REIT Npv 718 14,108,413 0.04 Frontier Real Estate Investment Corp (REIT) 329 10,923,975 0.0319 Schroder Asian Asset Income Fund Country/Territory 國家╱地區 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 EQUITIES 股票 JAPAN 日本 Fukuoka REIT Corp 758 9,311,517 0.03 GLP J-REIT REIT Npv 2,472 22,117,845 0.06 Japan Excellent Inc Ord Npv REIT 1,450 14,294,154 0.04 Japan Hotel Fund Investment Corp (REIT) 1,966 10,272,008 0.03 Japan Rental Housing Investment Inc Ord Npv 2,802 14,602,711 0.04 Japan Retail Fund Investment Corp REIT Npv 528 8,304,203 0.03 Kenedix Office Investment Corp Ord Npv 465 20,771,675 0.06 Lasalle Logiport REIT Npv 2,000 14,717,258 0.04 Mid REIT Inc 815 18,257,310 0.05 Nippon Accommodations Fund 357 12,126,582 0.04 Nomura Real Estate Master Fund Inc REIT V 1,515 17,805,091 0.05 ORIX JREIT Inc REIT 607 7,444,480 0.02 Sekisui House REIT Inc Ord Npv 1,539 15,355,664 0.05 Sekisui House SI Residential Investment Corporation REIT Npv 1,295 11,182,225 0.03 NEW ZEALAND 新西蘭 624,496,335 1.80 Spark New Zealand Ltd Ord Npv (New Zealand) 33,874,872 624,496,335 1.80 SINGAPORE 新加坡 4,759,103,404 13.74 Ascendas Real Estate Investment Trust Npv 47,788,400 582,168,733 1.68 Capitacommercial Trust Ord Npv 52,581,100 417,630,215 1.21 CapitaMall Trust REIT SGD1 53,609,600 542,318,539 1.56 CDL Hospitality Trusts 32,733,600 235,396,011 0.68 DBS Group Hldgs Ltd Ord Npv 1,486,700 138,348,025 0.40 Frasers Centrepoint Trust Ord Npv 33,341,600 339,969,978 0.98 Mapletree Commercial Trust Ord Npv 74,595,456 558,453,619 1.61 Mapletree Greater China Commercial Trust REIT 86,413,000 440,558,127 1.27 Mapletree Industrial Trust Ord Npv 58,843,500 519,475,331 1.50 Singapore Telecommunications Ltd Ord Npv 20,976,700 410,894,720 1.19 Soilbuild Business Space REIT Npv 31,976,230 109,826,656 0.32 StarHub Ltd Ord Npv 8,871,500 133,783,917 0.39 Suntec REIT 37,299,000 330,279,533 0.95 SOUTH KOREA 南韓 353,268,176 1.02 SK Telecom Ord KRW500 245,682 353,268,176 1.02 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日施羅德亞洲高息股債基金 20 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日 Country/Territory 國家╱地區 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 EQUITIES 股票 TAIWAN 台灣 751,331,945 2.17 Chunghwa Telecom Co Ltd Ord TWD10 2,514,000 61,385,059 0.18 Novatek Microelectronics Ltd Ord TWD10 6,082,000 155,821,502 0.45 Pegatron Corp Ord Twd10 6,105,000 113,085,717 0.33 Taiwan Mobile Co Ltd Ord TWD10 16,829,000 421,039,667 1.21 THAILAND 泰國 1,179,434,712 3.40 Bangkok Bank Pcl NVDR THB10 2,016,000 69,617,596 0.20 Electricity Generating Pcl Ord Nvdr THB10 12,095,300 521,119,743 1.50 Intouch Holdings Public Company Limited Ord THB1 36,985,500 398,375,283 1.15 Land & Houses Pcl Ord Nvdr THB1 40,115,900 85,115,846 0.24 Ratchaburi Electricity Generating Holding Pcl Nvdr THB10 3,732,500 40,405,234 0.12 Ratchaburi Electricity Generating Holding Pcl Ord THB10 (Fr) 5,986,100 64,801,010 0.19 INVESTMENT FUNDS 投資基金 HONG KONG 香港 511,675,261 1.48 Schroder Umbrella Fund II – Schroder China Asset Income Fund – I Acc USD 6,887,619 511,675,261 1.48 LUXEMBOURG 盧森堡 1,232,794,394 3.56 Schroder International Selection Fund – Global Multi Asset Income USD I Class Acc 1,271,360 1,232,794,394 3.56 THAILAND 泰國 424,457,013 1.22 BTS Rail Mass Transit Growth Infrastructure Fund (Fr) Ord 173,495,200 424,457,013 1.2221 Schroder Asian Asset Income Fund Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 INDIAN RUPEE 印度盧比 338,371,735 0.98 Export-Import Bank of India Ser Q20 9.7% 21/11/2018 250,000,000 29,992,107 0.09 Housing Development Finance Corp Ltd Ser N002 8.75% 13/01/2020 332,000,000 38,992,224 0.11 India (Govt of) 8.24% 22/04/2018 540,000,000 63,147,258 0.18 India (Govt of) Ser Spb 8.28% 21/09/2027 500,000,000 62,917,835 0.18 Intl Finance Corp Ser Gmtn 6.45% 30/10/2018 320,000,000 37,097,924 0.11 Power Finance Corp Ltd Ser 90A 9.61% 01/06/2017 230,000,000 26,553,033 0.08 Power Grid Corp of India Ser 41C 8.85% 19/10/2018 480,000,000 56,488,133 0.16 Rural Electrification Corp Ltd 9.25% 25/08/2017 200,000,000 23,183,221 0.07 INDONESIAN RUPIAH 印尼盾 568,933,365 1.64 Indonesia (Rep of) Ser Fr61 (Reg) 7% 15/05/2022 40,000,000,000 22,578,370 0.06 Indonesia (Rep of) Ser Fr73 8.75% 15/05/2031 73,000,000,000 44,116,819 0.13 Indonesia (Republic of) (Reg S) 8.375% 15/03/2034 172,000,000,000 100,096,057 0.29 Indonesia (Republic of) (Reg) 8.375% 15/03/2024 377,000,000,000 222,531,603 0.64 Indonesia Government Ser Fr69 (Reg) 7.875% 15/04/2019 260,000,000,000 151,120,963 0.44 Inter-American Development Bank Ser Emtn (Reg) 7.25% 17/07/2017 50,000,000,000 28,489,553 0.08 PHILIPPINE PESO 菲律賓披索 6,516,854 0.02 Philippines (Rep of) (Reg) 3.9% 26/11/2022 44,000,000 6,516,854 0.02 RENMINBI 人民幣 237,115,893 0.68 China Development Bank (Reg S) 4.3% 02/08/2032 4,000,000 4,460,648 0.01 China New Town Finance I (Reg S) (Reg) 5.5% 06/05/2018 20,000,000 22,217,882 0.06 China Unicom Hong Kong Ltd Ser Emtn (Reg S) 4% 16/04/2017 30,000,000 33,162,058 0.10 Jinchuan Group (Reg S) 4.75% 17/07/2017 32,000,000 33,881,750 0.10 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日施羅德亞洲高息股債基金 22 Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 RENMINBI 人民幣 Longfor Properties (Reg S) (Reg) 6.75% 28/05/2018 10,000,000 11,101,874 0.03 New World China Land Ltd 5.5% 06/02/2018 42,000,000 46,163,257 0.13 Proven Honour Cap (Reg) (Regs) 4.55% 25/09/2017 35,000,000 39,390,976 0.11 Shui On Development Holdings Ltd (Reg S) 6.875% 26/02/2017 18,000,000 19,893,429 0.06 Vast Expand Ltd (Regs) 5.2% 11/09/2017 24,000,000 26,844,019 0.08 THAI BAHT 泰銖 47,290,051 0.14 Thailand Government Bond Ser ILB (Reg S) (Reg) Frn 12/03/2028 230,000,000 47,290,051 0.14 UNITED STATES DOLLAR 美元 10,713,263,333 30.92 361 Degrees International (Reg S) (Reg) 7.25% 03/06/2021 900,000 7,464,923 0.02 ABJA Investment Co (Reg S) (Reg) 5.95% 31/07/2024 5,000,000 38,135,807 0.11 Abu Dhabi National Energ Ser Regs (Reg) 3.625% 22/06/2021 2,200,000 17,269,545 0.05 AIA Group Ltd (Reg S) 4.875% 11/03/2044 4,500,000 36,865,298 0.11 AIA Group Ltd Ser Regs (Reg) 4.5% 16/03/2046 2,500,000 19,255,045 0.06 Alam Synergy Pte Ltd (Regs) 6.625% 24/04/2022 7,600,000 58,090,755 0.17 Alibaba Group Holding Ltd (Reg) 3.6% 28/11/2024 21,800,000 168,598,490 0.49 APT Pipelines Ltd (Reg S) 3.875% 11/10/2022 10,000,000 78,234,168 0.23 APT Pipelines Ltd Ser Regs 4.2% 23/03/2025 5,000,000 38,518,618 0.11 Asciano Finance (Reg S) (Reg) 5% 07/04/2018 2,500,000 20,071,742 0.06 Astra Sedaya Finance PT Ser Emtn (Reg S) (Reg) 2.875% 01/04/2018 3,800,000 29,634,323 0.09 Aust & Nz Banking Group Ser Regs 4.4% 19/05/2026 7,000,000 55,010,693 0.16 Axiata SPV2 Ser (Reg S) (Reg) 4.357% 24/03/2026 200,000 1,561,663 0.00 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日23 Schroder Asian Asset Income Fund Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 Axis Bank/Dubai (Reg S) 3.25% 21/05/2020 10,000,000 77,770,685 0.22 Banco De Bogota Ser Regs (Reg) 5% 15/01/2017 1,000,000 7,755,538 0.02 Banco Do Brasil (Cayman) (Regs) (Reg) 6% 22/01/2020 2,000,000 16,602,595 0.05 Bank of China Hong Kong Ltd (Regs) 5.55% 11/02/2020 8,000,000 66,250,357 0.19 BBVA Banco Continental (Reg S) (Var) 22/09/2019 8,000,000 63,678,792 0.18 BBVA Bancomer SA Texas (Reg S) 6.75% 30/09/2022 4,600,000 39,071,126 0.11 Bharat Petroleum Corp Ltd (Reg S) 4.625% 25/10/2022 6,000,000 48,583,176 0.14 Bharat Petroleum Corp Ltd Mtn (Reg S) 4% 08/05/2025 4,200,000 32,119,393 0.09 Bharti Airtel International (Reg) (Reg S) 5.125% 11/03/2023 12,000,000 97,224,501 0.28 Bharti Airtel International (Regs) (Reg) 5.35% 20/05/2024 5,000,000 40,655,580 0.12 BHP Billiton Fin USA Ltd Ser (Reg S) (Reg) Var 19/10/2075 12,000,000 101,062,310 0.29 BHP Billiton Fin USA Ltd Ser (Reg S) Var 19/10/2075 10,800,000 93,886,770 0.27 BJ State-Owned Ast HK (Reg S) 4.125% 26/05/2025 5,400,000 41,762,342 0.12 Bluestar Finance Holdings (Reg S) 3.125% 30/09/2019 5,000,000 38,321,301 0.11 BOC Aviation Pte Ltd (Reg) (Ser Regs) 3.875% 27/04/2026 14,000,000 105,499,981 0.30 Brambles USA Inc Ser Regs (Reg S) 4.125% 23/10/2025 8,000,000 63,136,381 0.18 BRF (Reg S) 3.95% 22/05/2023 3,500,000 25,906,424 0.07 Busan Bank Ser Gmtn (Reg S) (Reg) 3.625% 25/07/2026 2,000,000 14,390,389 0.04 CBQ Finance Ltd Ser Emtn (Reg S) (Reg) 3.25% 13/06/2021 5,000,000 38,499,235 0.11 CCBL Cayman 1 Corp (Reg S) (Ser Emtn) 2.75% 31/05/2021 6,000,000 45,559,448 0.13 CCCI Treasure Ltd (Reg S) (Reg) Var Perp 9,000,000 70,040,019 0.20 CDB Leasing Co Ltd Ser Emtn (Reg S) 4.25% 02/12/2024 18,000,000 142,173,388 0.41 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日施羅德亞洲高息股債基金 24 Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 CDBL Funding 1 (Reg S) 3.25% 02/12/2019 3,000,000 23,608,342 0.07 Cencosud (Regs) 4.875% 20/01/2023 2,500,000 20,030,418 0.06 Central China Real Estate Emtn 6.5% 04/06/2018 1,000,000 7,869,447 0.02 Century Master Investment (Regs) (Reg) 4.75% 19/09/2018 4,000,000 32,144,870 0.09 CGNPC International Ltd Ser Regs (Reg) 4% 19/05/2025 8,600,000 66,929,129 0.19 Chalieco Hong Kong Corp (Reg) Reg S (Reg S) Frn Perp 900,000 7,089,550 0.02 Charming Light Investment Ser Emtn (Reg S) (Reg) 3.75% 03/09/2019 3,000,000 23,811,862 0.07 China Aoyuan Property Group (Reg S) 10.875% 26/05/2018 4,000,000 33,454,842 0.10 China Aoyuan Property Group (Regs) 11.25% 17/01/2019 6,600,000 54,432,928 0.16 China Construction Bank (Reg S) (Reg) Var 13/05/2025 14,000,000 109,161,173 0.31 China Construction Bank Asia Ser Emtn (Reg S) Var 20/08/2024 4,000,000 31,787,915 0.09 China Life Insurance (Reg S) Var 03/07/2075 12,500,000 94,926,177 0.27 China Merchants Finance (Reg S) 4.75% 03/08/2025 9,550,000 77,535,171 0.22 China Oil & Gas Group Ltd (Reg S) 5% 07/05/2020 5,000,000 39,201,865 0.11 China Overseas Fin Ky III (Regs) (Reg) 5.375% 29/10/2023 2,000,000 16,866,513 0.05 China Overseas Finance (Reg S) (Reg) 5.95% 08/05/2024 4,000,000 34,617,815 0.10 China Resources Land Ltd Ser Emtn (Reg S) 4.375% 27/02/2019 2,200,000 17,741,936 0.05 China Taiping Insurance Holdings Co Ltd (Reg S) (Reg) Var Perp 3,000,000 24,160,754 0.07 CHN Clean Energy Develop (Reg S) (Reg) 4% 05/11/2025 2,600,000 20,095,196 0.06 CIFI Holdings Group Co (Reg S) (Reg) 8.875% 27/01/2019 3,000,000 24,451,497 0.07 CITIC Bank Intl Ltd Ser Emtn (Reg S) (Reg) Var 28/09/2022 9,960,000 77,713,660 0.22 CITIC Ltd Ser Emtn (Reg S) (Reg) 2.8% 14/12/2021 6,000,000 45,564,797 0.13 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日25 Schroder Asian Asset Income Fund Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 CITIC Ltd Ser Emtn (Reg S) (Reg) 3.7% 14/06/2026 3,500,000 26,371,332 0.08 CITIC Pacific Limited Var Perp 7,000,000 59,834,935 0.17 CK Bond Sec 03 Ltd (Regs) (Reg) 5.375% Perp 15,000,000 116,878,736 0.34 CLP Power HK Financing Ltd (Reg S) (Reg) Var Perpetual 5,000,000 39,590,685 0.11 CNOOC Finance 2015 Ltd (Reg) 3.5% 05/05/2025 17,000,000 129,105,531 0.37 CNPC General Capital (Reg S) 3.4% 16/04/2023 2,000,000 15,518,162 0.04 Columbus Intl Inc Ser Reg S (Reg) 7.375% 30/03/2021 2,000,000 16,591,741 0.05 Commonwealth Bank Aust (Reg S) Var 20/10/2026 9,000,000 68,032,147 0.20 Commonwealth Bank Aust Ser (Reg S) 4.5% 09/12/2025 13,050,000 103,703,520 0.30 Compania Minera Milpo Ser (Reg S) (Reg) 4.625% 28/03/2023 2,000,000 15,273,705 0.04 COSCO Pacific Finance Co (Reg S) 4.375% 31/01/2023 16,560,000 126,789,830 0.37 Country Garden Holdings Company (Reg S) (Reg) 7.5% 09/03/2020 8,000,000 66,134,369 0.19 CRCC Yupeng Ltd (Reg) (Reg S) Var Perp 28/02/2049 7,000,000 55,493,171 0.16 Development Bank of Mongolia (Reg S) 5.75% 21/03/2017 4,500,000 34,453,060 0.10 Dianjian Haixing (Reg S) (Reg) Frn Perpetual 14,000,000 110,521,773 0.32 DP World (Reg S) 6.85% 02/07/2037 4,000,000 33,315,906 0.10 DP World Crescent Ltd Ser Regs 3.908% 31/05/2023 7,300,000 56,668,742 0.16 Elementia Ser Regs (Reg) 5.5% 15/01/2025 2,000,000 15,273,705 0.04 Export Import Bank of Korea (Reg) 2.875% 21/01/2025 4,000,000 30,045,395 0.09 Fermaca Enterprises S RL (Reg S) 6.375% 30/03/2038 3,500,000 26,898,585 0.08 Finansbank Ser Regs (Reg) 5.15% 01/11/2017 500,000 3,922,322 0.01 Formosa Group Cayman Ltd (Reg S) (Reg) 3.375% 22/04/2025 16,300,000 120,531,439 0.35 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日施羅德亞洲高息股債基金 26 Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 Foxconn Far East Ltd Ser Emtn (Reg S) (Reg) 2.25% 23/09/2021 4,000,000 30,059,273 0.09 Foxconn Far East Ltd Ser Emtn (Reg S) (Reg) 3% 23/09/2026 1,500,000 10,796,339 0.03 Franshion Properties China Ltd (Reg) Conv 6.8% Perp 4,000,000 33,401,501 0.10 Future Land Development Holdings (Reg S) (Reg) 6.25% 12/11/2017 300,000 2,369,556 0.01 Gerda4 (Reg S) (Reg) 5.75% 30/01/2021 3,500,000 27,899,226 0.08 Global Logistic Properties Ltd (Reg S) 3.875% 04/06/2025 11,000,000 83,259,140 0.24 GNL Quintero (Reg S) (Reg) 4.634% 31/07/2029 2,000,000 15,263,735 0.04 Golden Legacy Pte Ltd Ser Regs (Reg) 8.25% 07/06/2021 7,500,000 60,038,455 0.17 Goodman HK Finance Ser Emtn (Reg S) (Reg) 4.375% 19/06/2024 9,000,000 71,086,694 0.21 Greenko Investment Co Ser Regs (Reg) (Regs) 4.875% 16/08/2023 2,400,000 17,514,087 0.05 Greentown China Holdings (Reg S) (Reg) 8% 24/03/2019 2,200,000 18,037,703 0.05 Grupo Bimbo Ser Regs 4.875% 27/06/2044 3,800,000 26,980,624 0.08 GZ MTR Fin BVI Ser Emtn (Reg S) (Reg) 3.375% 12/03/2020 1,200,000 9,348,624 0.03 Hana Bank Ser Regs 4.375% 30/09/2024 10,500,000 82,648,286 0.24 HKT Capital No 2 Ltd (Reg S) (Reg) 3.625% 02/04/2025 13,800,000 104,987,342 0.30 HKT Capital No 4 Ltd (Reg S) (Reg) 3% 14/07/2026 8,500,000 60,761,766 0.18 HLP Finance Ltd Ser Emtn (Reg S) (Reg) 4.45% 16/04/2021 3,800,000 30,493,139 0.09 HLP Finance Ltd Ser Emtn (Reg) 4.75% 25/06/2022 9,000,000 73,177,253 0.21 Hongkong Electric Finance Ser Emtn (Reg S) (Reg) 2.875% 03/05/2026 3,000,000 21,912,728 0.06 Huarong Finance Co Ltd (Reg S) (Reg) 4% 17/07/2019 4,000,000 31,686,194 0.09 Huarong Finance Co Ltd Ser Emtn (Reg S) (Reg) 4.5% 16/01/2020 14,500,000 115,539,787 0.33 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日27 Schroder Asian Asset Income Fund Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 Huarong Finance Co Ltd Ser Emtn (Reg S) (Reg) 5% 19/11/2025 2,000,000 15,781,227 0.05 Huarong Finance II (Reg) (Regs) 4.625% 03/06/2026 3,000,000 23,026,855 0.07 Hutch Whampoa International 12 Ltd (Reg S) Var 29/05/2049 4,000,000 31,439,023 0.09 Hutchison Whampoa International 14 Ltd Ser Regs (Br) 3.625% 31/10/2024 10,000,000 77,859,071 0.22 ICBCIL Finance Co Ltd (Reg S) (Reg) 3.2% 10/11/2020 4,600,000 35,717,987 0.10 ICICI Bank Ltd/Dubai Ser Gmtn (Reg S) 3.125% 12/08/2020 4,400,000 34,093,221 0.10 ICTSI Treasury Ser Emtn (Reg S) (Reg) 5.875% 17/09/2025 8,000,000 65,822,383 0.19 Indian Oil Corp Ltd Emtn (Reg S) 5.75% 01/08/2023 18,600,000 158,491,009 0.46 Indonesia (Rep of) (Reg S) 4.75% 08/01/2026 6,000,000 48,205,210 0.14 Industrial and Commercial Bank of China (Reg S) (Reg) Var 10/09/2024 7,000,000 55,139,046 0.16 Itau Unibanco Holding (Regs) 5.65% 19/03/2022 2,500,000 19,978,705 0.06 JD.Com Inc (Reg) 3.125% 29/04/2021 8,500,000 64,945,639 0.19 JD.Com Inc (Reg) 3.875% 29/04/2026 4,500,000 33,435,849 0.10 Joyous Glory Group (Reg) (Reg S) Gmtn 5.7% 07/03/2020 15,300,000 126,192,541 0.36 Kazmunaigaz Finance Sub (Reg S) 6.375% 09/04/2021 2,000,000 16,979,398 0.05 KEB Hana Bank (Reg S) (Reg) 4.25% 14/10/2024 16,000,000 125,008,689 0.36 Kookmin Bank (Reg S) Frn 27/01/2017 4,000,000 31,011,933 0.09 Korea Development Bank 3.75% 22/01/2024 12,000,000 95,798,697 0.28 KWG Property Holding Ltd (Reg S) (Reg) 8.25% 05/08/2019 2,000,000 16,611,124 0.05 KWG Property Holding Ltd (Reg S) 8.975% 14/01/2019 1,500,000 12,211,211 0.04 Li & Fung Ltd (Reg) (Reg S) 5.25% 29/12/2049 8,000,000 54,272,050 0.16 Link Finance Cayman 2009 Ser Emtn (Reg S) (Reg) 3.6% 03/09/2024 6,000,000 46,759,240 0.13 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日施羅德亞洲高息股債基金 28 Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 Logan Property Holdings (Reg S) (Reg) 9.75% 08/12/2017 2,800,000 22,902,805 0.07 Longfor Properties (Reg S) (Reg) 6.75% 29/01/2023 4,100,000 34,013,069 0.10 MAF Global Securities (Regs) Var Perp 3,000,000 24,567,794 0.07 Marfrig Holding Europe B (Reg S) 6.875% 24/06/2019 1,500,000 12,036,765 0.03 Marfrig Holding Europe B Ser Regs 8% 08/06/2023 4,800,000 38,657,206 0.11 MCE Finance Ltd (Reg S) 5% 15/02/2021 7,000,000 54,679,090 0.16 Megaworld Corp (Reg S) (Reg) 4.25% 17/04/2023 4,300,000 33,218,526 0.10 Mexichem SAB de Ser (Reg S) (Reg) 5.875% 17/09/2044 1,000,000 7,016,601 0.02 Mexico Generadora De Ene Ser (Reg S) 5.5% 06/12/2032 300,000 2,135,360 0.01 Minerva Luxemburg (Ser Reg S) Var Perpetual 1,950,000 15,553,303 0.04 Minmetals Bounteous Finance BVI Ltd (Reg S) (Reg) 4.75% 30/07/2025 3,200,000 25,166,725 0.07 Minmetals Bounteous Finance BVI Ltd Ser Regs (Reg) 4.2% 27/07/2026 12,000,000 90,280,625 0.26 National Australia Bank Ltd (Reg) 1.875% 12/07/2021 2,000,000 15,000,407 0.04 New World China Land Limited Ser Emtn (Reg S) (Reg) 5.375% 06/11/2019 4,000,000 32,330,635 0.09 New World Development Company (Reg S) 5.25% 26/02/2021 7,300,000 59,432,989 0.17 Newcrest Finance Pty Ltd (Reg S) 4.2% 01/10/2022 14,000,000 109,379,890 0.32 Newcrest Finance Pty Ltd Ser Regs (Reg S) (Reg) 5.75% 15/11/2041 3,610,000 26,379,511 0.08 NTPC Ltd Ser Emtn (Reg S) (Reg) 4.25% 26/02/2026 4,500,000 35,092,579 0.10 NTPC Ltd Ser Emtn (Reg S) (Reg) 4.375% 26/11/2024 6,000,000 47,460,443 0.14 NTPC Ltd Ser Emtn 5.625% 14/07/2021 3,900,000 33,246,500 0.10 NWD Finance (BVI) Ltd (Reg) (Regs) 5.75% Perp 11,600,000 89,074,498 0.26 Oil India Ltd (Reg S) (Reg) 5.375% 17/04/2024 5,400,000 44,483,698 0.13 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日29 Schroder Asian Asset Income Fund Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 ONGC Videsh Ltd Ser Regs 4.625% 15/07/2024 11,000,000 88,258,952 0.25 ONGC Videsh Vankorneft (Reg S) (Reg) 2.875% 27/01/2022 4,200,000 31,519,741 0.09 Ooredoo International Finance Ltd (Reg S) 3.75% 22/06/2026 2,920,000 22,315,684 0.06 Oversea-Chinese Banking Corp Ser (Regs) 4.25% 19/06/2024 12,000,000 94,211,518 0.27 Oversea-Chinese Banking Corp. Ltd. Ser Regs Var 15/10/2024 4,000,000 31,872,192 0.09 Pakuwon Prima (Reg S) 7.125% 02/07/2019 9,300,000 75,709,510 0.22 PCCW HKT Capital No4 Ltd (Reg S) 5.75% 17/04/2022 8,000,000 68,053,739 0.20 Pertamina (Reg S) 4.875% 03/05/2022 1,100,000 8,805,640 0.03 Pertamina (Reg S) 5.25% 23/05/2021 1,000,000 8,160,190 0.02 Pertamina Persero 6.45% (Reg S) 30/05/2044 6,500,000 51,151,407 0.15 Pertamina Persero Pt 5.625% 20/05/2043 4,500,000 32,272,487 0.09 Perusahaan Gas Negara Reg S 5.125% 16/05/2024 16,000,000 127,306,723 0.37 Perusahaan Listrik Negar (Reg S) 5.5% 22/11/2021 10,500,000 87,784,770 0.25 Perusahaan Listrik Negar 5.25% 24/10/2042 14,100,000 98,193,978 0.28 Perusahaan Penerbit SBSN (Reg S) (Ser Regs) 4.55% 29/03/2026 7,000,000 54,679,090 0.16 Petron Corp Var (Reg S) Perp 12,165,000 99,032,923 0.29 PETRONAS Capital Ltd Ser Regs 4.5% 18/03/2045 1,000,000 7,850,917 0.02 Power Grid Corp of India (Reg S) 3.875% 17/01/2023 5,900,000 46,186,840 0.13 Pratama Agung Ser Regs 6.25% 24/02/2020 15,000,000 120,513,025 0.35 Proven Honour Cap (Reg S) (Reg) 4.125% 19/05/2025 12,800,000 99,612,471 0.29 Proven Honour Capital (Reg S) (Reg) 4.125% 06/05/2026 1,700,000 13,163,880 0.04 Provincia De Cordoba (Reg) Ser Regs 7.125% 10/06/2021 750,000 5,967,503 0.02 PT Pelabuhan Indo II (Reg S) 4.25% 05/05/2025 7,000,000 51,728,048 0.15 Qatar (State of) (Reg) (Ser Regs) 3.25% 02/06/2026 1,000,000 7,497,529 0.02 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日施羅德亞洲高息股債基金 30 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日 Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 Reliance Holdings USA Inc (Reg S) 5.4% 14/02/2022 9,000,000 75,514,305 0.22 Reliance Holdings USA Inc (Regs) (Reg) 6.25% 19/10/2040 1,500,000 13,230,847 0.04 Reliance Industries Ltd (Reg S) 4.125% 28/01/2025 1,000,000 7,757,996 0.02 Reliance Industries Ltd (Reg S) 4.875% 10/02/2045 16,300,000 120,847,380 0.35 Republic of Indonesia (Reg) (Reg S) Ser Regs 3.7% 08/01/2022 1,200,000 9,379,373 0.03 Republic of Indonesia (Regs) 3.375% 15/04/2023 5,000,000 37,941,978 0.11 Republic of Indonesia Ser (Reg S) (Reg S) 5.95% 08/01/2046 2,000,000 17,173,227 0.05 Royal Capital BV Var Regs (Reg) Var Perp 29/12/2049 2,800,000 22,372,676 0.06 Saudi International Bond Ser Regs (Reg) 3.25% 26/10/2026 2,600,000 19,173,563 0.06 Saudi International Bond Ser Regs 2.375% 26/10/2021 3,800,000 28,652,208 0.08 Saudi International Bond Ser Regs 4.5% 26/10/2046 7,900,000 59,092,358 0.17 Scentre Group Trust 1/2 (Reg S) (Reg) 3.25% 28/10/2025 3,000,000 22,354,146 0.06 Shimao Property Holdings Ltd (Reg S) (Reg) 6.625% 14/01/2020 4,000,000 32,059,275 0.09 Shinhan Bank (Reg S) 3.875% 24/03/2026 16,000,000 120,599,318 0.35 Shinhan Bank Ser Gmtn (Reg) (Reg S) Var 07/12/2026 4,200,000 32,653,430 0.09 Sigma Alimentos Ser Regs (Reg) 4.125% 02/05/2026 4,500,000 33,356,145 0.10 Sino Ocean Land TRS Fin I Emtn (Reg S) (Reg) 4.625% 30/07/2019 2,000,000 15,777,660 0.05 Sinochem Corp (Regs) Var Perp 4,500,000 35,867,712 0.10 Sinopec Group Overseas 2012 (Reg S) (Reg) 3.9% 17/05/2022 1,000,000 7,986,927 0.02 Sinopec Group Overseas 2013 (Reg S) 4.375% 17/10/2023 5,000,000 40,724,661 0.12 Sinopec Group Overseas 2014 Ser Regs 4.375% 10/04/2024 3,000,000 24,243,092 0.0731 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日 Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 Sinopec Group Overseas Development (Reg) (Ser Regs) 2.75% 03/05/2021 3,000,000 23,022,436 0.07 Sinopec Group Overseas Development 2016 Ltd Ser Regs (Reg) 4.25% 03/05/2016 4,000,000 29,579,973 0.09 SM Investments Corp (Reg S) 4.25% 17/10/2019 3,600,000 28,593,772 0.08 SmarTone Finance Ltd (Reg S) (Reg) 3.875% 08/04/2023 11,000,000 83,794,727 0.24 Southern Copper Corp (Reg) 5.25% 08/11/2042 1,000,000 7,152,281 0.02 Southern Copper Corp (Reg) 5.875% 23/04/2045 1,000,000 7,646,544 0.02 SPIC 2016 US Dollar Bond (Reg) (Reg S) 3.875% 06/12/2026 1,200,000 9,343,879 0.03 Star Energy Geothermal Staren (Regs) 6.125% 27/03/2020 3,855,000 30,598,243 0.09 State Bank India/London (Reg S) (Reg) 4.875% 17/04/2024 4,000,000 32,928,155 0.09 State Bank of India Var 28/02/2049 3,000,000 23,266,079 0.07 State Bank of India Var Perpetual 3,250,000 25,441,274 0.07 State Grid Overseas Investment (Reg S) 4.125% 07/05/2024 4,000,000 32,313,486 0.09 Studio City Co Ltd Ser Regs (Reg) 5.875% 30/11/2019 6,000,000 47,972,616 0.14 Studio City Co Ltd Ser Regs (Reg) 7.25% 30/11/2021 8,300,000 67,086,069 0.19 Sun Hung Kai Properties Limited (Reg S) (Reg) 3.375% 25/02/2024 750,000 5,902,900 0.02 Swire Pacific Mtn Fin Ser Emtn (Reg S) (Reg) 3.875% 21/09/2025 10,000,000 78,749,908 0.23 Sydney Airport Finance (Reg S) (Reg) 3.375% 30/04/2025 5,000,000 37,674,106 0.11 Sydney Airport Finance (Reg S) 3.9% 22/03/2023 3,000,000 23,876,163 0.07 Sydney Airport Finance Co Pty Ltd Ser Regs 3.625% 28/04/2026 6,000,000 45,660,859 0.13 TBG Global Pte Ltd (Reg S) 5.25% 10/02/2022 3,200,000 24,841,093 0.07 Teva Pharmaceuticals Ne (Reg) 4.1% 01/10/2046 5,000,000 33,300,012 0.10 Theta Capital Pte Ltd (Reg S) 6.75% 31/10/2026 4,000,000 29,091,835 0.08施羅德亞洲高息股債基金 32 Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 Three Gorges Fin I Cayman (Ser Regs) 3.15% 02/06/2026 2,700,000 20,029,701 0.06 Three Gorges Fin I Cayman Ser Regs 2.3% 02/06/2021 1,100,000 8,324,166 0.02 Times Property Hldg Ltd (Reg S) (Reg) 12.625% 21/03/2019 5,075,000 42,642,567 0.12 TNB Global Ventures Cap (Reg S) (Reg) 3.244% 19/10/2026 2,400,000 17,372,762 0.05 Transport De Gas Peru (Reg S) 4.25% 30/04/2028 4,300,000 33,008,693 0.10 Travel Int Hotel Group Inc Emtn (Br) 6.9% 03/11/2017 16,000,000 127,828,355 0.37 TVB Finance Ltd (Reg) (Reg S) 3.625% 11/10/2021 3,200,000 25,099,862 0.07 United Overseas Bank Ltd Emtn (Reg S) Var 19/09/2024 21,000,000 166,005,718 0.48 Vale Overseas Ltd (Reg) 4.375% 11/01/2022 5,000,000 38,184,264 0.11 Vale Overseas Ltd (Reg) 6.875% 21/11/2036 4,000,000 30,702,474 0.09 Vedanta Resources (Reg S) (Reg) 9.5% 18/07/2018 200,000 1,651,421 0.00 Vedanta Resources Plc (Reg S) 6% 31/01/2019 4,000,000 31,245,194 0.09 Vedanta Resources Plc (Reg S) 7.125% 31/05/2023 4,000,000 30,469,880 0.09 Vedanta Resources Plc (Regs) 8.25% 07/06/2021 4,000,000 32,522,914 0.09 Votorantim Cimentos (Reg S) 7.25% 05/04/2041 2,000,000 14,498,391 0.04 Wanda Properties Oversea (Reg) (Reg S) 4.875% 21/11/2018 6,865,000 54,424,809 0.16 West China Cement Ltd (Reg S) (Reg) 6.5% 11/09/2019 4,500,000 36,371,965 0.10 Westpac Banking Corp (Reg) 1.3776% 19/08/2019 1,000,000 7,756,255 0.02 Westpac Banking Corp (Reg) 2% 19/08/2021 2,600,000 19,543,839 0.06 Westpac Banking Corp (Reg) 2.7% 19/08/2026 4,100,000 29,999,638 0.09 Woodside Finance Ltd (Reg S) (Reg) 15/09/2026 4,000,000 29,829,779 0.09 Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日33 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (continued) 基金投資組合（未經審核）（續） As at 31st December 2016 截至二零一六年十二月三十一日 Currency 貨幣 Investments 投資項目 Holdings 所持單位數量 Fair value 公允值 HK$ 港元 % of net asset value 佔淨資產值百分比 BONDS 債券 UNITED STATES DOLLAR 美元 Woodside Finance Ltd (Reg S) 3.65% 05/03/2025 10,000,000 75,373,798 0.22 Xian Construction Investment Ser Emtn (Reg S) (Reg) 2.8% 13/09/2019 3,000,000 23,144,083 0.07 Yestar International Holding Co Ltd (Regs) 6.9% 15/09/2021 2,500,000 19,833,333 0.06 TOTAL INVESTMENTS AT FAIR VALUE 投資總市值 32,960,448,234 95.13 OTHER NET ASSETS 其他資產淨值 1,685,762,843 4.87 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2016 歸於份額持有人的資產淨值 34,646,211,077 100.00 TOTAL INVESTMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS, AT COST 投資及衍生金融工具總成本值 33,285,337,556 Note: Investments are accounted for on a trade date basis. 註：投資乃以交易日為基準。施羅德亞洲高息股債基金 34 Investment Portfolio Movements (Unaudited) 投資組合變動（未經審核） For the period ended 31st December 2016 二零一六年十二月三十一日止期間 Holdings 所持單位數量 Country/Territory 國家╱地區 Investments 投資項目 Additions 增加 Disposals 減少 Bonus/Splits 紅股╱分拆 EQUITIES 股票 AUSTRALIA 澳大利亞 AGL Energy Limited Ord Npv – (421,108) – ASX Ltd Ord Npv 347,384 – – Commonwealth Bank of Australia Ord Npv 498,837 – – National Australia Bank Ltd Ord Npv 724,908 – – Shopping Centres Australasia Property Group REIT Npv 9,077,030 – – Spark Infrastructure Group Ord Npv (Partly Paid) – (169,678) – Stockland Npv (Stapled) 688,977 – – Telstra Corp Ltd Ord Npv 2,478,784 – – Vicinity Centres REIT Ord Npv 16,567,142 – – Westpac Banking Corp Ltd Ord Npv 773,706 – – HONG KONG 香港 BOC Hong Kong (Hldgs) Ltd Ord HKD5 2,274,500 – – China Construction Bank H Shr Ord CNY1 6,918,000 – – China Mobile Ltd Ord HKD0.1 1,102,000 – – HK Electric Investments SS Ord HKD0.0005 – (6,594,000) – HKT Trust and HKT Ltd Share Stapled Unit 7,010,000 – – HSBC Hldgs Plc Ord USD0.5 (HKSE) 4,006,800 – – Hutchison Telecommunications Hong Kong Holdings Ltd Ord HKD0.25 – (3,690,000) – MGM China Holdings Ltd Ord HKD1 – (1,076,400) – Power Assets Holdings Ltd Ord Npv 2,771,000 – – JAPAN 日本 Advance Residence Investment REIT – (590) – AEON REIT Investment Corp Ord Npv – (1,071) – Daiwa House REIT Investment Corp REIT – (443) – Daiwa House REIT Investment Corp REIT Npv 534 (606) – Frontier Real Estate Investment Corp (REIT) – (268) – Fukuoka REIT Corp – (620) – GLP J-REIT REIT Npv – (2,021) – Japan Excellent Inc Ord Npv REIT – (1,185) – Japan Hotel Fund Investment Corp (REIT) – (1,610) – Japan Rental Housing Investment Inc Ord Npv – (2,286) – Japan Retail Fund Investment Corp REIT Npv – (436) – Kenedix Office Investment Corp Ord Npv – (379) – Lasalle Logiport REIT Npv 2,000 – – Mid REIT Inc 667 (573) – Nippon Accommodations Fund – (293) – Nomura Real Estate Master Fund Inc REIT V – (1,238) –35 Schroder Asian Asset Income Fund Holdings 所持單位數量 Country/Territory 國家╱地區 Investments 投資項目 Additions 增加 Disposals 減少 Bonus/Splits 紅股╱分拆 EQUITIES 股票 JAPAN 日本 ORIX JREIT Inc REIT – (1,599) – Sekisui House REIT Inc Ord Npv 1,425 (2,111) – Sekisui House SI Residential Investment Corporation REIT Npv – (1,058) – United Urban Inv Corp REIT – (2,168) – SINGAPORE 新加坡 Ascendas Real Estate Investment Trust Npv 98,208,400 (93,880,300) – Capitacommercial Trust Ord Npv 2,256,100 – – CapitaMall Trust REIT SGD1 21,483,000 – – CDL Hospitality Trusts 32,733,600 (32,733,600) – DBS Group Hldgs Ltd Ord Npv 1,486,700 – – Mapletree Commercial Trust Nil Paid Right Aug2016 23/08/2016 – (10,838,656) 10,838,656 Mapletree Commercial Trust Ord Npv 17,290,156 – – Mapletree Greater China Commercial Trust REIT 95,486,900 (82,592,900) – Mapletree Industrial Trust Ord Npv 61,018,300 (58,843,500) – Singapore Telecommunications Ltd Ord Npv 952,400 (4,661,300) – Soilbubizreitnro Nil Paid Right Sept 2016 – (2,906,930) 2,906,930 Soilbuild Business Space REIT Npv 2,906,930 – – Suntec REIT 74,598,000 (74,598,000) – SOUTH KOREA 南韓 SK Telecom Ord KRW500 65,145 – – TAIWAN 台灣 Chunghwa Telecom Co Ltd Ord TWD10 – (2,902,000) – Novatek Microelectronics Ltd Ord TWD10 1,328,000 – – Pegatron Corp Ord Twd10 6,105,000 – – Taiwan Mobile Co Ltd Ord TWD10 2,177,000 – – THAILAND 泰國 Electricity Generating Pcl Ord Nvdr THB10 446,900 – – Intouch Holdings Public Company Limited Ord THB1 24,914,700 – – Land & Houses Pcl Ord Nvdr THB1 40,115,900 – – Investment Portfolio Movements (Unaudited) (continued) 投資組合變動（未經審核）（續） For the period ended 31st December 2016 二零一六年十二月三十一日止期間施羅德亞洲高息股債基金 36 Investment Portfolio Movements (Unaudited) (continued) 投資組合變動（未經審核）（續） For the period ended 31st December 2016 二零一六年十二月三十一日止期間 Holdings 所持單位數量 Country/Territory 國家╱地區 Investments 投資項目 Additions 增加 Disposals 減少 Bonus/Splits 紅股╱分拆 INVESTMENT FUND 投資基金 HONG KONG 香港 Schroder Umbrella Fund II-Schroder China Asset Income Fund-I Acc USD 6,887,619 – – LUXEMBOURG 盧森堡 Schroder International Selection Fund – Global Multi Asset Income USD I Class Acc 41,050 – – THAILAND 泰國 BTS Rail Mass Transit Growth Infrastructure Fund (Fr) Ord 53,689,100 (105,900) – BONDS 債券 INDIAN RUPEE 印度盧比 Housing Development Finance Corp Ltd Ser N002 8.75% 13/01/2020 332,000,000 – – Indian Government Bond 7.16% 20/05/2023 – (1,350,000,000) – Rural Electrification 9.38% 06/09/2016 – (150,000,000) – Rural Electrification Corp Ltd Ser II 9.45% 10/08/2016 – (100,000,000) – INDONESIAN RUPIAH 印尼盾 Indonesia (Rep of) Ser Fr61 (Reg) 7% 15/05/2022 40,000,000,000 – – Indonesia (Rep of) Ser Fr73 8.75% 15/05/2031 73,000,000,000 – – Indonesia Government Ser Fr69 (Reg) 7.875% 15/04/2019 260,000,000,000 – – RENMINBI 人民幣 361 Degrees International (Reg S) (Reg) 7.5% 12/09/2017 – (58,000,000) – China Unicom Hong Kong Ltd (Reg S) 3.8% 24/07/2016 – (40,000,000) – RKI Finance (2013) Ltd Ser Emtn (Reg S) (Reg) 6% 03/12/2016 – (15,000,000) – Shui On Development Holdings Ltd (Reg S) 6.875% 26/02/2017 18,000,000 – – SINGAPORE DOLLAR 新加坡元 CK Bond Sec Ltd (Reg) 5.125% Perp – (4,000,000) –37 Schroder Asian Asset Income Fund Investment Portfolio Movements (Unaudited) (continued) 投資組合變動（未經審核）（續） For the period ended 31st December 2016 二零一六年十二月三十一日止期間 Holdings 所持單位數量 Country/Territory 國家╱地區 Investments 投資項目 Additions 增加 Disposals 減少 Bonus/Splits 紅股╱分拆 BONDS 債券 UNITED STATES DOLLAR 美元 Abu Dhabi National Energy Ser Oct (Reg) (Regs) 3.625% 22/06/2021 2,200,000 (2,200,000) – Abu Dhabi National Energy Ser Regs (Reg) 3.625% 22/06/2021 2,200,000 – – Adani Transmission Ltd Ser (Reg S) (Reg) 4% 03/08/2026 600,000 (600,000) – AIA Group Ltd (Reg S) 4.875% 11/03/2044 4,500,000 – – AIA Group Ltd Ser Regs (Reg) 4.5% 16/03/2046 2,500,000 – – Alam Synergy Pte Ltd (Regs) 6.625% 24/04/2022 7,600,000 – – Alpek Sa De Cv Ser Regs (Regs) 4.5% 20/11/2022 – (625,000) – APT Pipelines Ltd (Reg S) 3.875% 11/10/2022 5,500,000 – – APT Pipelines Ltd Ser Regs 4.2% 23/03/2025 5,000,000 – – Asciano Finance (Reg S) (Reg) 4.625% 23/09/2020 – (2,500,000) – Aust & Nz Banking Group Ser Regs 4.4% 19/05/2026 5,200,000 – – Axiata SPV2 Ser (Reg S) (Reg) 4.357% 24/03/2026 – (800,000) – Bharti Airtel International (Reg) (Reg S) 5.125% 11/03/2023 2,000,000 – – BHP Billiton Fin USA Ltd Ser (Reg S) (Reg) Var 19/10/2075 10,000,000 – – BHP Billiton Fin USA Ltd Ser (Reg S) Var 19/10/2075 5,000,000 – – Bluestar Finance Holdings (Reg S) 3.125% 30/09/2019 5,000,000 – – BOC Aviation Pte Ltd (Reg) (Ser Regs) 3.875% 27/04/2026 12,000,000 – – Brambles USA Inc Ser Regs (Reg S) 4.125% 23/10/2025 8,000,000 – – BRF (Reg S) 3.95% 22/05/2023 2,000,000 – – Busan Bank Ser Gmtn (Reg S) (Reg) 3.625% 25/07/2026 2,000,000 – – CCBL Cayman 1 Corp (Reg S) (Ser Emtn) 2.75% 31/05/2021 6,000,000 – – CCBL Cayman Corp (Reg S) (Reg) 3.25% 28/07/2020 – (1,800,000) – Cemex SAB de C.V. (Reg S) (Reg) 5.875% 25/03/2019 – (3,500,000) – Central China Real Estate Emtn 6.5% 04/06/2018 1,000,000 – – Chalieco Hong Kong Corp (Reg) Reg S (Reg S) Frn Perp 900,000 – – Charming Light Investment Ser Emtn (Reg S) (Reg) 3.75% 03/09/2019 – (7,000,000) – China Aoyuan Property Group (Reg S) 10.875% 26/05/2018 2,000,000 – –施羅德亞洲高息股債基金 38 Investment Portfolio Movements (Unaudited) (continued) 投資組合變動（未經審核）（續） For the period ended 31st December 2016 二零一六年十二月三十一日止期間 Holdings 所持單位數量 Country/Territory 國家╱地區 Investments 投資項目 Additions 增加 Disposals 減少 Bonus/Splits 紅股╱分拆 BONDS 債券 UNITED STATES DOLLAR 美元 China Aoyuan Property Group (Reg) (Regs) 6.525% 25/04/2019 – (2,700,000) – China Aoyuan Property Group (Regs) 11.25% 17/01/2019 2,500,000 – – China Construction Bank (Reg S) (Reg) Var 13/05/2025 3,000,000 – – China Life Insurance (Reg S) Var 03/07/2075 3,000,000 – – CHN Clean Energy Develop (Reg S) (Reg) 4% 05/11/2025 2,600,000 – – CITIC Ltd Ser Emtn (Reg S) (Reg) 2.8% 14/12/2021 6,000,000 – – CNOOC Finance 2015 Ltd (Reg) 3.5% 05/05/2025 8,000,000 – – Commonwealth Bank Aust (Reg S) Var 20/10/2026 9,000,000 – – Commonwealth Bank Aust Ser (Reg S) 4.5% 09/12/2025 5,000,000 – – Development Bank of The Philippines 5.5% 25/03/2021 – (3,000,000) – DP World (Reg S) 6.85% 02/07/2037 4,000,000 – – DP World Crescent Ltd Ser Regs 3.908% 31/05/2023 2,000,000 – – DP World Ltd (Reg S) (Reg) 1.75% Conv 19/06/2024 600,000 (600,000) – DP World Ltd Ser (Reg S) (Reg) 3.25% 18/05/2020 – (3,000,000) – Ecopetrol 5.875% 18/09/2023 1,500,000 (1,500,000) – Ecopetrol SA Ser (Reg) 5.875% 28/05/2045 – (2,000,000) – Export Import Bank of Korea (Reg) 2.875% 21/01/2025 – (6,000,000) – Fermaca Enterprises S RL (Reg S) 6.375% 30/03/2038 3,500,000 (3,500,000) – Finansbank Ser Regs (Reg) 5.15% 01/11/2017 500,000 – – Foxconn Far East Ltd Ser Emtn (Reg S) (Reg) 2.25% 23/09/2021 4,000,000 – – Foxconn Far East Ltd Ser Emtn (Reg S) (Reg) 3% 23/09/2026 1,500,000 – – Franshion Brilliant Ltd (Reg S) (Reg) 5.75% 19/03/2019 – (7,000,000) – Franshion Investment Ltd (Regs) 4.7% 26/10/2017 – (4,300,000) – Franshion Properties China Ltd (Reg) Conv 6.8% Perp – (2,000,000) – Future Land Development Holdings (Reg S) (Reg) 10.25% 21/07/2019 – (6,000,000) – Future Land Development Holdings (Reg S) (Reg) 6.25% 12/11/2017 300,000 – – Gerda4 (Reg S) (Reg) 5.75% 30/01/2021 500,000 – – Golden Legacy Pte Ltd Ser Regs (Reg) 8.25% 07/06/2021 4,000,000 – – Greenko Investment Co Ser Regs (Reg) (Regs) 4.875% 16/08/2023 2,400,000 – –39 Schroder Asian Asset Income Fund Investment Portfolio Movements (Unaudited) (continued) 投資組合變動（未經審核）（續） For the period ended 31st December 2016 二零一六年十二月三十一日止期間 Holdings 所持單位數量 Country/Territory 國家╱地區 Investments 投資項目 Additions 增加 Disposals 減少 Bonus/Splits 紅股╱分拆 BONDS 債券 UNITED STATES DOLLAR 美元 Hana Bank Ser Regs 4.375% 30/09/2024 – (5,000,000) – HKT Capital No 4 Ltd (Reg S) (Reg) 3% 14/07/2026 8,500,000 – – Hongkong Electric Finance Ser Emtn (Reg S) (Reg) 2.875% 03/05/2026 3,000,000 – – Huarong Finance Co Ltd Ser Emtn (Reg S) (Reg) 5% 19/11/2025 2,000,000 – – Huarong Finance II (Reg) (Regs) 4.625% 03/06/2026 3,000,000 – – Indian Oil Corp Ltd Emtn (Reg S) 5.75% 01/08/2023 600,000 – – Indonesia (Rep of) (Reg S) 4.75% 08/01/2026 3,000,000 – – Instituto Costarricense (Reg S) (Reg) 6.375% 15/05/2043 – (1,400,000) – JD.Com Inc (Reg) 3.125% 29/04/2021 8,500,000 – – JD.Com Inc (Reg) 3.875% 29/04/2026 2,500,000 – – Kazmunaigaz Finance Sub (Reg S) 6.375% 09/04/2021 2,000,000 – – Kia Motors Corp Ser (Reg S)_3.25% 21/04/2026 – (500,000) – KWG Property Holding Ltd (Reg) 13.25% 22/03/2017 – (3,000,000) – Li & Fung Ltd (Reg) (Reg S) 5.25% 29/12/2049 8,000,000 – – Logan Property Holdings (Reg S) (Reg) 9.75% 08/12/2017 1,000,000 – – MAF Global Securities (Regs) Var Perp 3,000,000 – – Marfrig Holding Europe B Ser Regs 8% 08/06/2023 2,000,000 – – Megaworld Corp (Reg S) (Reg) 4.25% 17/04/2023 4,000,000 – – Metalsa de CV (Reg S) (Reg) 4.9% 24/04/2023 – (1,200,000) – Mexichem SAB de Ser (Reg S) (Reg) 5.875% 17/09/2044 1,000,000 – – Mexico Generadora De Ene Ser (Reg S) 5.5% 06/12/2032 300,000 (300,000) – Minmetals Bounteous Finance BVI Ltd Ser Regs (Reg) 4.2% 27/07/2026 12,000,000 – – Mongolia (Reg S) 5.125% 05/12/2022 – (5,000,000) – National Australia Bank Ltd (Reg) 1.875% 12/07/2021 2,000,000 – – Newcrest Finance Pty Ltd (Reg S) 4.2% 01/10/2022 14,000,000 – – Newcrest Finance Pty Ltd Ser Regs (Reg S) (Reg) 5.75% 15/11/2041 3,610,000 – – NWD Finance (BVI) Ltd (Reg) (Regs) 5.75% Perp 11,600,000 – – 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 – –施羅德亞洲高息股債基金 40 Investment Portfolio Movements (Unaudited) (continued) 投資組合變動（未經審核）（續） For the period ended 31st December 2016 二零一六年十二月三十一日止期間 Holdings 所持單位數量 Country/Territory 國家╱地區 Investments 投資項目 Additions 增加 Disposals 減少 Bonus/Splits 紅股╱分拆 BONDS 債券 UNITED STATES DOLLAR 美元 Pakuwon Prima (Reg S) 7.125% 02/07/2019 1,000,000 – – Pertamina Persero (Reg S) 4.3% 20/05/2023 5,000,000 (5,000,000) – Pertamina Persero 6.45% (Reg S) 30/05/2044 3,000,000 – – Perusahaan Penerbit SBSN (Reg S) (Ser Regs) 4.55% 29/03/2026 7,000,000 – – PETRONAS Capital Ltd Ser Regs 4.5% 18/03/2045 – (2,000,000) – Pratama Agung Ser Regs 6.25% 24/02/2020 3,500,000 – – Proven Honour Capital (Reg S) (Reg) 4.125% 06/05/2026 5,000,000 (5,300,000) – PT Pelabuhan Indo II (Reg S) 4.25% 05/05/2025 3,000,000 – – Qatar (State of) (Reg) (Ser Regs) 3.25% 02/06/2026 1,000,000 – – Qatar (State of) Ser (Reg S) (Reg) 4.625% 02/06/2046 – (2,000,000) – Reliance Industries Ltd (Reg S) 4.875% 10/02/2045 5,000,000 – – Republic of Indonesia (Reg) (Reg S) Ser Regs 3.7% 08/01/2022 1,200,000 – – Republic of Indonesia (Regs) 3.375% 15/04/2023 5,000,000 – – Republic of Indonesia Ser (Reg S) (Reg S) 5.95% 08/01/2046 2,000,000 – – Republic of Sri Lanka Ser Regs (Reg S)(Reg) 5.75% 18/01/2022 10,000,000 (10,000,000) – Royal Capital BV Var Regs (Reg) Var Perp 29/05/2049 – (6,200,000) – Royal Capital BV Var Regs (Reg) Var Perp 29/12/2049 4,000,000 (2,800,000) – Saudi International Bond Ser Regs (Reg) 3.25% 26/10/2026 2,600,000 – – Saudi International Bond Ser Regs 2.375% 26/10/2021 3,800,000 – – Saudi International Bond Ser Regs 4.5% 26/10/2046 7,900,000 – – Shimao Property Holdings Ltd (Reg S) (Reg) 8.375% 10/02/2022 3,000,000 (5,000,000) – Shinhan Bank (Reg S) 3.875% 24/03/2026 4,800,000 – – Shinhan Bank Ser Gmtn (Reg) (Reg S) Var 07/12/2026 4,200,000 – – Sigma Alimentos Ser Regs (Reg) 4.125% 02/05/2026 4,500,000 – – Sinopec Group Overseas Development 2016 Ltd Ser Regs (Reg) 4.25% 03/05/2046 4,000,000 – – Southern Copper Corp (Reg) 5.25% 08/11/2042 1,500,000 (500,000) – Southern Copper Corp (Reg) 5.875% 23/04/2045 1,500,000 (500,000) – 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 Bank of India Var 28/02/2049 3,000,000 – –41 Schroder Asian Asset Income Fund Investment Portfolio Movements (Unaudited) (continued) 投資組合變動（未經審核）（續） For the period ended 31st December 2016 二零一六年十二月三十一日止期間 Holdings 所持單位數量 Country/Territory 國家╱地區 Investments 投資項目 Additions 增加 Disposals 減少 Bonus/Splits 紅股╱分拆 BONDS 債券 UNITED STATES DOLLAR 美元 State Bank of India Var Perpetual 3,250,000 – – State Grid Overseas Investment (Reg S) 4.125% 07/05/2024 4,000,000 – – Studio City Co Ltd Ser Regs (Reg) 5.875% 30/11/2019 6,000,000 – – Studio City Co Ltd Ser Regs (Reg) 7.25% 30/11/2021 8,300,000 – – Sydney Airport Finance (Reg S) (Reg) 3.375% 30/04/2025 2,000,000 – – Sydney Airport Finance Co Pty Ltd Ser Regs 3.625% 28/04/2026 6,000,000 – – Teva Pharmaceuticals Ne (Reg) 4.1% 01/10/2046 5,000,000 – – Theta Capital Pte Ltd (Reg S) 6.75% 31/10/2026 4,000,000 – – Theta Capital Pte Ltd (Regs) 6.125% 14/11/2020 1,000,000 (5,000,000) – Theta Capital Pte Ltd 7% 16/05/2019 – (4,100,000) – Times Property Hldg Ltd (Reg S) (Reg) 11.45% 05/03/2020 3,000,000 (3,000,000) – TNB Global Ventures Cap (Reg S) (Reg) 3.244% 19/10/2026 5,400,000 (3,000,000) – Trade & Development Mongolia (Reg S) 9.375% 19/05/2020 – (3,000,000) – Treasury Bill UCP 10/11/2016 20,000,000 (20,000,000) – Treasury Bill UCP 25/08/2016 – (20,000,000) – Tupy (Reg S) 6.625% 17/07/2024 – (333,000) – Turkiye Is Bankasi A.S (Ser Regs) (Reg S) (Reg) 5.375% 06/10/2021 – (2,300,000) – TVB Finance Ltd (Reg) (Reg S) 3.625% 11/10/2021 3,200,000 – – Vale Overseas Ltd (Reg) 6.875% 21/11/2036 4,000,000 – – Vedanta Resources (Reg S) (Reg) 9.5% 18/07/2018 200,000 – – Vedanta Resources Plc (Reg S) 6% 31/01/2019 4,000,000 – – Vedanta Resources Plc (Reg S) 7.125% 31/05/2023 4,000,000 – – Vedanta Resources Plc (Regs) 8.25% 07/06/2021 4,000,000 – – Wanda Properties Oversea (Reg) (Reg S) 4.875% 21/11/2018 1,000,000 – – Westpac Banking Corp (Reg) 1.3776% 19/08/2019 1,000,000 – – Westpac Banking Corp (Reg) 2% 19/08/2021 2,600,000 – – Westpac Banking Corp (Reg) 2.7% 19/08/2026 4,100,000 – – Woodside Finance Ltd (Reg S) (Reg) 3.7% 15/09/2026 4,000,000 – – Woodside Finance Ltd (Reg S) 3.65% 05/03/2025 6,000,000 – – Xian Construction Investment Ser Emtn (Reg S) (Reg) 2.8% 13/09/2019 3,000,000 – – Yestar International Holding Co Ltd (Regs) 6.9% 15/09/2021 2,500,000 – –SP_AAISAR_FEB17 (A Sub-Fund of Schroder Umbrella Fund II) （施羅德傘型基金 II 的子基金） Unaudited Semi-Annual Report 2016 二零一六年度未經審核之中期報告書 施羅德亞洲高息股債基金 Schroder Asian Asset Income Fund |
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| 基金信息类型 | 基金中期报告 | ||||||||
| 公告来源 | 上海证券报 | ||||||||
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