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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 | 983840 | ||||||||
| 基金代码 | 968013 | ||||||||
| 公告日期 | 2018-02-23 | ||||||||
| 编号 | 1 | ||||||||
| 标题 | 施罗德亚洲高息股债基金(施罗德伞型基金II的子基金)二零一七年度未经审核之中期报告书摘要 | ||||||||
| 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) Unaudited Semi-Annual Report 2017 二零一七年度未经审核之中期报告书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 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 Investment Entity Sponsored entity GIIN: IV2GGD.00030.SF.344 Sponsoring entity: Schroder Investment Management (Hong Kong) Limited 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 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 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 律师 的近律师行 遮打道18号 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 Schroder Asian Asset Income Fund (A Sub-Fund of Schroder Umbrella Fund II) 施罗德亚洲高息股债基金 （施羅德傘型基金II的子基金） 1 Schroder Asian Asset Income Fund Manager’s Report 基金管理人报告 Market Review Over the period, Asia ex-Japan equities continued on their solid run so far in 2017, delivering positive returns against the backdrop of steady economic growth and benign inflation, backed by positive earnings releases. Although geopolitical concerns surrounding North Korea intensified over the first half of the period, the supportive environment allowed investors to overlook the c omp a ra t i v e l y t u r b u l e n t g e o p o l i t i c a l landscape. Chinese stocks led regional gains as they advanced strongly on signs that growth was picking up momentum. In nearby Hong Kong, stocks gained on positive sentiment surrounding China and on a solid earnings season for a number of its blue chip companies. This was followed by Indian equities, which also finished up on the back of positive domestic macroeconomic data and optimism surrounding quarterly earnings. Meanwhile in ASEAN, Indonesian, Thai and Philippine stocks all advanced on hopes that increased spending would spur growth. Korea equities thus shrugged off rising tensions with North Korea to deliver solid gains during the quarter on the back of robust global demand. And finally, Taiwan finished marginally ahead with the island’s technology sector driving gains. 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，期内亚洲（日本除外）股市延续二零一七年 以来的稳健走势，录得进账。尽管环绕北韩的地 缘政治隐忧于上半段期间有所加剧，投资者在利 好环境下并不介怀地缘政治局势比较动荡。有迹 象显示增长动力回勇，中资股升幅在区内领先， 大幅上扬。至于邻近的香港，中国获看好，数间 蓝筹公司又业绩报捷，都支持股市向上。接著是 印度股市，同样因为内部宏观经济数据利好和市 场对季度业绩看法乐观而收市报升。至于东协方 面，印尼、泰国和菲律宾股市都因为憧憬消费会 刺激增长而上扬。因此，凭借殷切的环球需求， 即使南北韩局势日益紧张，南韩股市未受困扰， 季内录得可观升幅。最后，台湾股市轻微高收， 升势靠科技股推动。 施罗德亚洲高息股债基金2 Manager’s Report 基金管理人报告 Market Review (Continued) Asian fixed income finished the period up but underperformed Asian equities. The shift towards monetary policy normalisation continued as the Fed raised interest rates and started balance sheet reduction. The ECB also signaled tapering bond purchases. The US 10- year bond yields rose 14bps over the period amid growing momentum behind a tax reform bill which is expected to stimulate growth and inflation, while the interest rate hike also put pressure on yields. In credit, corporate bonds finished the period up and outperformed government bonds. Within Asia, India and Indonesia outperformed thanks to the credit rating upgrade of the two countries on more positive outlook of their economies, while China credit performed largely in-line with the broad market, despite the large increase in onshore bond yields amid deleveraging effort by the central government. Asian local currency bonds also delivered positive returns thanks the continued US dollar weakness. 市场观察（续） 亚洲固定收益期内收市报升，但表现逊于亚洲股 市。美国货币政策随著联储局调高利率和开始缩 减资产负债表而继续重拾正轨。欧洲央行亦暗示 缩减买债规模。期内美国十年期国库券收益率升 十四基点，税务改革法案料可刺激增长及通胀， 背后动力日益增强，而利率上升亦对收益率构成 压力。信贷方面，期末企业债券收市报升，跑赢 政府债券。至于亚洲内部，印度和印尼表现突 出，原因是两国经济展望较前乐观，信贷评级获 调高，中国信贷的表现则与整体市场大致相若， 但中央政府致力去杠杆化却令境内债券收益率大 幅上升。美元持续疲软， 亚洲当地货币债券同样 录得进账。 3 Schroder Asian Asset Income Fund Manager’s Report 基金管理人报告 Outlook For 2018, we believe the global economy will continue to experience its most synchronised expansion since the global financial crisis and, in tandem with the economic upswing, the outlook for corporate profits also appears favourable. This should remain positive for risky assets such as equities and credit. In addition, the US Federal Reserve (Fed) has also well broadcasted their intention and plan to further unwind its balance sheet and raise interest rate in the next 12 months. Currently the markets look to have largely priced-in the information and thus should not result in any surprises. In such an environment, we should expect only a gradual rise in bond yields as well as a steady US dollar, which is supportive of income and Asian assets. From a valuation perspective, the strong rally in the cyclical sectors such as technology and consumption has resulted in significant expansion in their price-multiples, whereas the laggards in the more traditional sectors such as financials remain more attractive in terms of valuation. We believe these allow investors to still participate in the growth of Asian markets but with better protection on the downside should market corrections occur, which is increasingly likely given where market valuation is. 展望 对于二零一八年，我们认为环球经济将会延续环 球金融危机爆发以来同步程度最显著的扩张，而 随著经济复甦，企业利润前景同样乐观。这种形 势应该继续利好股市和信贷等风险资产。此外， 美国联邦储备局（联储局）亦早已声明其于未来 十二个月进一步缩减资产负债表和加息的意向和 计划。目前市场看来已大致上消化有关资讯，因 此应不会有任何意外。在此形势下，我们预期债 券收益率只会逐渐上升，美元保持平稳，应有利 于收益和亚洲资产。 由估值观点出发，科技及消费等周期股大幅上 扬，已导致其市盈率显著扩张，而金融等较传统 板块当中的落后股以估值衡量仍然较吸引。我们 认为这可让投资者仍有机会分享亚洲市场的增 长，但一旦市场出现调整（以现水平市场估值衡 量，机会愈来愈大），亦可获得较佳的下跌保障。 施罗德亚洲高息股债基金4 Manager’s Report 基金管理人报告 Outlook (Continued) The obvious risk to our benign outlook is that asset valuations are stretched. Valuations on their own do not predict returns on a one-tothree year time horizon, but they are an important indicator of risk and probability of loss. So far valuations have been underpinned by low inflation and low interest rates. Critical to our strategy as we close 2017 is that inflation and interest rates remain under control, and thus the key risk would be for inflation to rise faster than expected. Currently the market has priced in subdued inflation for the future, as reflected in the flat yield curve and steady inflation expectation. However, our cyclical analysis points out that we might see inflation potentially going higher in the next few months. This has a significant impact on US monetary policy, such as a faster pace in their balance sheet unwinding as well as raising interest rates. This could trigger a large appreciation of the US dollar, which could result in outflows from the Asian markets, weighing down asset prices in the region. While this is not our central scenario, this is a key risk that we have to monitor and would adjust our position by increasing our USD exposure and duration hedge, as well as potentially some put options hedges should we see any significant rise in inflation. All in all, while we are overall positive on the markets, we believe risk management has become more important now given higher valuation. In particular, higher valuation and potential risks from geopolitics or policy uncertainty in US / Europe could bring higher volatility to the markets. 展望（续） 我们的温和展望存在的明显风险，是资产估值已 露疲态。估值本身不能预言一至三年期间的回 报，但却是风险以及亏损或然率的重要指标。迄 今估值都有低通胀和低息支持。二零一七年告一 段落，我们的策略关键在于通胀和利率仍然受 控，所以主要风险是通胀上升步伐较预期急速。 现水平市场已消化未来通胀低迷的因素（由收益 率曲线平缓及通胀预期平稳可见一斑）。不过， 我们的周期分析却暗示未来数月的通胀率有可能 上升。这种情况对美国货币政策构成重大影响， 例如「缩表」和加息步伐加快。届时有可能触发美 元大幅升值，或会导致资金流出亚洲市场，压低 区内资产价格。 尽管这不是我们的基本设想，但却是我们需要留 意的主要风险，并会透过增持美元投资和存续期 对冲来对持仓作调节，倘若预计通胀会显著升 温，亦有机会作出一些认沽期权对冲。综观而 论，尽管我们整体上看好市场，但亦认为现在估 值既已提高，风险管理已较前重要。尤须注意： 估值较高，可能出现的地缘政治风险又或美国╱ 欧洲政策有欠明朗，都有可能令市场波动加剧。 5 Schroder Asian Asset Income Fund Manager’s Report 基金管理人报告 As at 31st December 2017, the Fund size was HK$39,389,772,038, represented by units as below: 31st December 2017 二零一七年 十二月三十一日 Units 份额 30th June 2017 二零一七年 六月三十日 Units 份额 Class A 类别 HKD Accumulation Units 港元累积份额2,357,892.42 2,641,893.61 HKD Distribution Units 港元收息份额99,719,377.69 98,633,716.78 USD Accumulation Units 美元累积份额11,633,520.54 12,093,181.86 USD Distribution Units 美元收息份额180,773,818.89 181,721,729.31 AUD Hedged Distribution Units 澳元对冲收息份额63,273,325.42 67,981,330.12 RMB Hedged Distribution Units 人民币对冲收息份额38,606,346.89 35,958,145.85 GBP Hedged Accumulation Units 英镑对冲累积份额100.00 100.00 GBP Hedged Distribution Units 英镑对冲收息份额187,862.69 110,108.99 Class C 类别 HKD Accumulation Units 港元累积份额197,409.17 199,227.64 HKD Distribution Units 港元收息份额347,555.61 351,611.40 USD Accumulation Units 美元累积份额7,825,560.76 7,399,456.34 USD Distribution Units 美元收息份额990,470.73 509.83 AUD Hedged Distribution Units 澳元对冲收息份额759.66 739.95 Class I 类别 USD Accumulation Units 美元累积份额1,537,135.86 1,302,037.64 USD Distribution Units 美元收息份额4,351,501.61 4,382,518.73 Class M 类别 RMB Hedged Accumulation Units 人民币对冲累积份额7,514,012.69 213.11 截至二零一七年十二月三十一日， 基金总值 39,389,772,038港元，发行份额如下： 施罗德亚洲高息股债基金6 Manager’s Report 基金管理人报告 The prices of units were: 基金份额价格如下： NET ASSET VALUE PER UNIT 每份额资产净值 31st December 2017 二零一七年 十二月三十一日 30th June 2017 二零一七年 六月三十日 Class A 类别 HKD Accumulation Units 港元累积份额HK$ 港元152.7197 HK$ 港元145.6691 HKD Distribution Units 港元收息份额HK$ 港元108.9216 HK$ 港元106.3916 USD Accumulation Units 美元累积份额US$ 美元15.2130 US$ 美元14.5308 USD Distribution Units 美元收息份额US$ 美元10.8502 US$ 美元10.6129 AUD Hedged Distribution Units 澳元对冲收息份额AU$ 澳元10.1280 AU$ 澳元9.9198 RMB Hedged Distribution Units 人民币对冲收息份额RMB 人民币103.0846 RMB 人民币100.9079 GBP Hedged Accumulation Units 英镑对冲累积份额GBP 英镑10.9378 GBP 英镑10.5501 GBP Hedged Distribution Units 英镑对冲收息份额GBP 英镑10.4484 GBP 英镑10.2441 Class C 类别 HKD Accumulation Units 港元累积份额HK$ 港元160.0404 HK$ 港元152.0950 HKD Distribution Units 港元收息份额HK$ 港元114.1817 HK$ 港元111.1226 USD Accumulation Units 美元累积份额US$ 美元14.2572 US$ 美元13.5682 USD Distribution Units 美元收息份额US$ 美元10.9592 US$ 美元10.6816 AUD Hedged Distribution Units 澳元对冲收息份额AU$ 澳元10.2468 AU$ 澳元9.9987 Class I 类别 USD Accumulation Units 美元累积份额US$ 美元14.5237 US$ 美元13.7728 USD Distribution Units 美元收息份额US$ 美元13.0781 US$ 美元12.7002 Class M 类别 RMB Hedged Accumulation Units 人民币对冲累积份额RMB 人民币120.5497 RMB 人民币114.4701 7 Schroder Asian Asset Income Fund Manager’s Report 基金管理人报告 DISTRIBUTION 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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 派息 施罗德亚洲高息股债基金8 Manager’s Report 基金管理人报告 DISTRIBUTION (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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 派息（续） 9 Schroder Asian Asset Income Fund Manager’s Report 基金管理人报告 DISTRIBUTION (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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 派息（续） 施罗德亚洲高息股债基金10 Manager’s Report 基金管理人报告 DISTRIBUTION (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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 派息（续） 11 Schroder Asian Asset Income Fund Manager’s Report 基金管理人报告 DISTRIBUTION (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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 派息（续） 施罗德亚洲高息股债基金12 Manager’s Report 基金管理人报告 DISTRIBUTION (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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 派息（续） 13 Schroder Asian Asset Income Fund Manager’s Report 基金管理人报告 DISTRIBUTION (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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 派息（续） 施罗德亚洲高息股债基金14 Manager’s Report 基金管理人报告 DISTRIBUTION (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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 二零一七年五月二十四日6th June 2017 二零一七年六月六日35,852,113.98 0.607944 21,796,077.58 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35,958,145.85 0.613417 22,057,337.95 派息（续） 15 Schroder Asian Asset Income Fund Manager’s Report 基金管理人报告 DISTRIBUTION (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 For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 For the year ended 30th June 2017 二零一七年六月三十日止年度 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 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。 Schroder Investment Management (Hong Kong) Limited 15th February 2018 施罗德投资管理（香港）有限公司 二零一八年二月十五日 派息（续） 施罗德亚洲高息股债基金16 Statement of Financial Position 财务状况报表 As at 31st December 2017 截至二零一七年十二月三十一日 31st December 2017 二零一七年 十二月三十一日 HK$ 港元 30th June 2017 二零一七年 六月三十日 HK$ 港元 ASSETS 资产 Current assets 流动资产 Investments 投资38,123,965,426 36,167,685,217 Derivative financial instruments衍生金融工具175,447,700 88,609,781 Amounts receivable on disposal of investments应收出售投资款项44,929,496 20,588,988 Amounts receivable on subscription of units应收认购份额款项490,098,471 310,846,218 Dividends receivable 应收股息28,920,157 107,959,456 Interest receivable on debt securities应收债务证券利息159,845,216 150,928,657 Interest receivable on bank deposits 应收存款利息7,199 3,153 Other receivables and prepayments 其他应收款项及预付款项364,787 1,502,940 Margin deposits 保证金61,117,658 46,526,657 Cash and bank deposits 现金及银行存款914,924,207 823,279,788 Total assets资产总值39,999,620,317 37,717,930,855 LIABILITIES 负债 Current liabilities 流动负债 Derivative financial instruments衍生金融工具148,170,077 124,446,732 Amounts payable on purchase of investments 应付认购投资款项25,140,437 22,573,248 Amounts payable on redemption of units 应付赎回份额款项238,369,863 385,877,289 Distribution payable 应付股息148,306,904 146,584,991 Other payables 其他应付款项49,860,998 77,843,041 Liabilities (excluding net assets attributable to unitholders) 负债值（除分配给份额持有人净资产） 609,848,279 757,325,301 Net assets attributable to unitholders 分配给份额持有人净资产39,389,772,038 36,960,605,554 17 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) 基金投资组合（未经审核） As at 31st December 2017 截至二零一七年十二月三十一日 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 占资产净值百分比 LISTED EQUITIES 上市股票 AUSTRALIA 澳大利亚5,444,884,383 13.82 AGL Energy Limited Ord Npv 3,621,147 539,349,485 1.37 ASX Ltd Ord Npv 961,495 322,514,810 0.82 AusNet Services Ord Npv (Stapled) 70,200,480 774,754,517 1.97 Australia and NZ Banking Group Ltd Ord Npv 1,659,954 291,695,444 0.74 Commonwealth Bank of Australia Ord Npv 66,387 32,610,819 0.08 National Australia Bank Ltd Ord Npv 3,738,904 675,993,419 1.72 Shopping Centres Australasia Property Group REIT Npv 15,670,214 223,242,911 0.57 Spark Infrastructure Group Ord Npv (Partly Paid) 30,064,580 461,397,983 1.17 Stockland Npv (Stapled) 22,819,659 625,077,682 1.59 Telstra Corp Ltd Ord Npv 20,093,361 445,970,406 1.13 Transurban Group Ord Npv 74,610 5,670,417 0.01 Transurban Group Ord Npv (Stapled) 920,186 69,934,839 0.18 Vicinity Centres REIT Ord Npv 22,624,844 376,271,501 0.95 Westpac Banking Corp Ltd Ord Npv 3,132,250 600,400,150 1.52 HONG KONG 香港6,508,418,179 16.52 BOC Hong Kong (Holdings) Ltd Ord HKD5 9,053,500 358,518,600 0.91 China Construction Bank H Shr Ord CNY1 87,509,000 630,064,800 1.60 China Mobile Ltd Ord HKD0.1 6,846,500 542,585,125 1.38 China Petroleum & Chemical Corp H Shr Ord CNY1 15,744,000 90,213,120 0.23 China Yangtze Power Co Ltd Ord CNY1 1,181,288 22,107,565 0.06 Fortune Real Estate Investment Trust REIT Npv 70,684,000 682,807,440 1.73 HK Electric Investments SS Ord HKD0.0005 110,327,177 788,839,316 2.00 HKT Trust and HKT Ltd Share Stapled Unit 56,946,060 567,182,758 1.44 HSBC Holdings Plc Ord USD0.5 (HKSE) 8,583,200 686,226,840 1.74 Industrial and Commercial Bank of China H Shs Ord CNY1 82,964,000 521,843,560 1.32 Link REIT 11,674,000 845,781,300 2.15 Power Assets Holdings Ltd Ord Npv 6,274,500 413,803,275 1.05 Sands China Ltd Ord USD0.01 6,739,200 271,926,720 0.69 VTech Holdings Ltd Ord USD0.05 844,900 86,517,760 0.22 INDIA 印度326,371,792 0.83 India Grid Trust Ord Inr Npv 14,334,327 164,938,880 0.42 IRB InvIT Fund Ord Npv 12,625,000 135,853,720 0.35 National Hydroelectric Power Corp Ltd Ord INR10 (Demat) 6,396,681 25,579,192 0.06 施罗德亚洲高息股债基金18 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 占资产净值百分比 LISTED EQUITIES（ Continued) 上市股票（续） INDONESIA 印尼551,393,380 1.40 Telekomunikasi Indonesia Tbk Pt Ord IDR50 (Demat) 215,536,900 551,393,380 1.40 JAPAN 日本192,035,211 0.49 Advance Residence Investment REIT 478 9,191,576 0.02 AEON REIT Investment Corp Ord Npv 1,877 15,435,056 0.04 Daiwa Office Investment Corp (REIT) 254 10,469,977 0.03 Frontier Real Estate Investment Corp (REIT) 259 7,872,260 0.02 Fukuoka REIT Corp 597 6,968,285 0.02 GLP J-REIT REIT Npv 1,952 16,512,358 0.04 Japan Excellent Inc Ord Npv REIT 1,144 10,407,689 0.03 Japan Hotel Fund Investment Corp (REIT) 1,551 8,136,904 0.02 Japan Rental Housing Investment Inc Ord Npv (REIT) 2,211 12,612,063 0.03 Kenedix Office Investment Corp Ord Npv (REIT) 367 16,299,400 0.04 Lasalle Logiport REIT Npv 1,581 12,649,890 0.03 MUCUBS Midcity REIT Inc 2,510 13,063,531 0.03 Nippon Accommodations Fund (REIT) 221 7,131,335 0.02 Nomura Real Estate Master Fund Inc REIT V 1,583 15,368,243 0.04 Premier Investment Co REIT Ord Npv 1,467 10,852,078 0.03 Sekisui House REIT Inc Ord Npv 1,214 11,086,645 0.03 Sekisui House Residential Investment Corporation REIT Npv 1,021 7,977,921 0.02 NEW ZEALAND 新西兰426,911,286 1.08 Spark New Zealand Ltd Ord Npv (New Zealand) 21,153,512 426,911,286 1.08 SINGAPORE 新加坡6,210,301,364 15.77 Ascendas Real Estate Investment Trust Npv 49,269,000 783,904,190 1.99 CapitaCommercial Trust Ord Npv 62,463,463 705,186,032 1.79 CapitaMall Trust REIT SGD1 55,503,700 691,547,272 1.76 CDL Hospitality Trusts (REIT) 25,745,380 254,510,876 0.65 DBS Group Holdings Ltd Ord Npv 1,475,400 214,465,039 0.54 Frasers Centrepoint Trust Ord Npv (REIT) 35,311,100 462,678,799 1.17 Mapletree Commercial Trust Ord Npv (REIT) 77,258,556 732,119,434 1.86 Mapletree Greater China Commercial Trust REIT 109,509,900 787,914,019 2.00 Mapletree Industrial Trust Ord Npv 61,203,400 726,761,514 1.84 Oversea-Chinese Banking Corp Ord Npv 1,628,200 118,004,723 0.30 Singapore Telecommunications Ltd Ord Npv 8,781,100 183,373,880 0.47 Soilbuild Business Space REIT Npv 31,976,230 125,320,580 0.32 Suntec REIT 33,754,700 424,515,006 1.08 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 19 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 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 占资产净值百分比 LISTED EQUITIES（ Continued) 上市股票（续） SOUTH KOREA 南韩604,480,328 1.53 ING Life Insurance Korea Ltd Ord KOW1000 145,557 56,757,620 0.14 SK Telecom Ord KRW500 280,931 547,722,708 1.39 TAIWAN 台湾645,398,353 1.64 Mega Financial Holding Co Ltd Ord TWD10 10,614,000 67,056,350 0.17 Novatek Microelectronics Ltd Ord TWD10 8,378,000 249,793,978 0.63 Quanta Computer Inc Ord TWD10 2,571,000 41,805,986 0.11 Taiwan Mobile Co Ltd Ord TWD10 10,154,000 286,742,039 0.73 THAILAND 泰国1,696,659,782 4.31 Bangkok Bank Pcl NVDR THB10 2,016,000 97,681,949 0.25 BTS Rail Mass Transit Growth Infrastructure Fund (Fr) Ord 113,640,700 318,927,655 0.81 Electricity Generating Pcl Ord Nvdr THB10 10,793,400 559,222,248 1.42 Intouch Holdings Public Company Limited Ord THB1 33,465,800 451,539,924 1.15 Land & Houses Pcl Ord Nvdr THB1 106,919,100 269,288,006 0.68 UNLISTED INVESTMENT FUNDS 非上市投资基金 HONG KONG 香港1,221,836,696 3.10 Schroder Umbrella Fund II – Schroder China Asset Income Fund – USD Class I Acc 12,771,827 1,221,836,696 3.10 LUXEMBOURG 卢森堡1,183,591,522 3.01 Schroder International Selection Fund – Global Multi Asset Income USD Class I Acc 1,131,058 1,183,591,522 3.01 施罗德亚洲高息股债基金20 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 占资产净值百分比 LISTED DEBT SECURITIES 上市债务证券 INDIAN RUPEE 印度卢比171,641,426 0.44 Export-Import Bank of India Ser Q20 9.7% 21/11/2018 250,000,000 31,224,589 0.08 Housing Development Finance Corp Ltd Ser N002 8.75% 13/01/2020 332,000,000 41,326,783 0.11 International Finance Corp Ser Gmtn 6.45% 30/10/2018 320,000,000 39,578,139 0.10 Power Grid Corp of India Ser 41C 8.85% 19/10/2018 480,000,000 59,511,915 0.15 INDONESIAN RUPIAH 印尼盾418,073,597 1.06 Indonesia (Republic of) (Reg S) 8.375% 15/03/2034 172,000,000,000 110,623,365 0.28 Indonesia (Republic of) (Reg) 8.375% 15/03/2024 377,000,000,000 241,395,744 0.61 Indonesia (Republic of) Ser Fr61 (Reg) 7% 15/05/2022 40,000,000,000 24,053,142 0.06 Indonesia Government Ser Fr74 7.5% 15/08/2032 17,000,000,000 10,346,982 0.03 Inter-American Development Bank (Reg) Ser GDP 7.875% 14/03/2023 40,000,000,000 24,641,766 0.06 Jasa Marga (Persero) Ser Regs (Reg) 12,000,000,000 7,012,598 0.02 PHILIPPINE PESO 菲律宾披索6,869,922 0.02 Philippines (Republic of) (Reg) 3.9% 26/11/2022 44,000,000 6,869,922 0.02 RENMINBI 人民币91,166,500 0.23 China Development Bank (Reg S) 4.3% 02/08/2032 4,000,000 4,656,827 0.01 China New Town Finance I (Reg S) (Reg) 5.5% 06/05/2018 20,000,000 24,060,459 0.06 Longfor Properties (Reg S) (Reg) 6.75% 28/05/2018 10,000,000 12,076,026 0.03 New World China Land Ltd 5.5% 06/02/2018 42,000,000 50,373,188 0.13 THAI BAHT 泰铢55,406,852 0.14 Thailand Government Bond Ser ILB (Reg S) (Reg) Frn 12/03/2028 230,000,000 55,406,852 0.14 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 21 Schroder Asian Asset Income Fund 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR 美元12,073,318,850 30.65 361 Degrees International (Reg S) (Reg) 7.25% 03/06/2021 900,000 7,343,376 0.02 ABJA Investment Co (Reg S) (Reg) 5.95% 31/07/2024 5,000,000 41,382,832 0.11 ABM Investama Tbk Pt Ser Regs (Reg) 7.125% 01/08/2022 5,800,000 47,040,603 0.12 AEGEA Finance Sarl Ser Regs (Reg) 5.75% 10/10/2024 2,534,000 20,205,219 0.05 AIA Group Ltd Ser Regs (Reg) 4.5% 16/03/2046 2,500,000 21,884,629 0.06 Alam Synergy Pte Ltd (Regs) 6.625% 24/04/2022 8,600,000 66,383,714 0.17 Alibaba Group Holding (Reg) 4.4% 06/12/2057 3,000,000 24,643,573 0.06 Alibaba Group Holding Ltd (Reg) 3.6% 28/11/2024 21,800,000 177,658,164 0.45 APT Pipelines Ltd (Reg S) 3.875% 11/10/2022 10,000,000 80,273,743 0.20 APT Pipelines Ltd Ser Regs 4.2% 23/03/2025 7,000,000 56,910,218 0.14 Arcelik (Reg S) 5% 03/04/2023 1,500,000 11,887,182 0.03 Atento Luxco 1 SA Ser Regs 6.125% 10/08/2022 705,000 5,759,200 0.01 AYC Finance Ltd (Reg S) (Reg) 5.125% 1,800,000 14,422,918 0.04 Azure Power Energy Ltd Ser Regs 03/11/2022 8,700,000 69,540,746 0.18 Baoxin Auto Finance I Ltd (Reg S) (Reg) Var Perp 1,200,000 9,327,759 0.02 BBVA Banco Continental (Reg S) (Var) 22/09/2019 8,000,000 67,476,745 0.17 Beijing State-Owned Asset Management HK (Reg S) 4.125% 26/05/2025 5,400,000 43,532,589 0.11 Bharat Petroleum Corp Ltd Mtn (Reg S) 4% 08/05/2025 4,200,000 33,579,603 0.09 Bharti Airtel International (Reg) (Reg S) 5.125% 11/03/2023 12,000,000 99,787,834 0.25 BHP Billiton Fin USA Ltd Ser (Reg S) (Reg) Var 19/10/2075 8,000,000 67,932,337 0.17 BHP Billiton Finance USA Ltd Ser (Reg S) Var 19/10/2075 12,800,000 117,196,962 0.30 Bluestar Finance Holdings (Reg S) 3.125% 30/09/2019 5,000,000 39,008,522 0.10 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 施罗德亚洲高息股债基金22 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） BOC Aviation Ltd (Reg) (Ser Regs) 3.875% 27/04/2026 14,000,000 110,672,878 0.28 BPRL International Singapore Ser Emtn (Reg S) 4.375% 18/01/2027 5,000,000 40,410,360 0.10 Brambles USA Inc Ser Regs (Reg S) 4.125% 23/10/2025 8,000,000 64,726,619 0.16 Busan Bank Ser Gmtn (Reg S) (Reg) 3.625% 25/07/2026 2,000,000 15,172,910 0.04 Castle Peak Power Finance Co (Reg) (Reg S) Ser Emtn 3.25% 25/07/2027 4,200,000 32,562,611 0.08 CCCI Treasure Ltd (Reg S) (Reg) Var Perp 9,000,000 70,547,771 0.18 CCTI 2017 Ltd (Reg) (Reg S) 3.625% 08/08/2022 10,400,000 80,276,761 0.20 CDB Leasing Co Ltd Ser Emtn (Reg S) 4.25% 02/12/2024 18,000,000 146,163,967 0.37 Cencosud (Regs) 4.875% 20/01/2023 1,860,000 15,240,767 0.04 Central China Real Estate (Reg S) (Reg) 6% 16/07/2018 8,100,000 63,865,316 0.16 Central China Real Estate Emtn 6.5% 04/06/2018 1,000,000 7,849,625 0.02 CGNPC International Ltd Ser Regs (Reg) 4% 19/05/2025 4,600,000 37,109,388 0.09 Chalieco Hong Kong Corp (Reg) Reg S (Reg S) Frn Perp 900,000 7,181,101 0.02 Chengdu Communications Investment Group (Reg S) (Reg) 4.75% 13/12/2027 1,300,000 10,078,446 0.03 China Aoyuan Property Group (Reg S) 10.875% 26/05/2018 4,000,000 32,285,449 0.08 China Aoyuan Property Group (Reg) (Reg S) 6.35% 11/01/2020 3,900,000 31,016,580 0.08 China Cinda Finance 2017 (Reg) (Reg S) 4.1% 09/03/2024 15,000,000 120,026,824 0.30 China Clean Energy Develop (Reg S) (Reg) 4% 05/11/2025 6,600,000 53,593,454 0.14 China Construction Bank (Reg S) (Reg) Var 13/05/2025 14,000,000 110,493,392 0.28 China Construction Bank Asia Ser Emtn (Reg S) Var 20/08/2024 4,000,000 31,806,639 0.08 China Evergrande Group (Reg S) (Br) 8.75% 28/06/2025 3,000,000 24,419,291 0.06 China Evergrande Group (Reg S) (Reg) 6.25% 28/06/2021 4,500,000 35,309,767 0.09 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 23 Schroder Asian Asset Income Fund 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） China Evergrande Group (Reg S) (Reg) 7.5% 28/06/2023 1,800,000 14,370,152 0.04 China Great Wall International III Ser Emtn (Reg S) (Reg) 3.875% 31/08/2027 3,600,000 27,523,572 0.07 China Jinjiang Environment (Reg) (Reg S) 6% 27/07/2020 4,000,000 31,080,021 0.08 China Life Insurance (Reg S) Var 03/07/2075 16,500,000 129,728,406 0.33 China Merchants Finance (Reg S) 4.75% 03/08/2025 9,550,000 80,069,958 0.20 China Minmetals Corp (Reg S) (Reg) Var 9,000,000 69,300,364 0.18 China Oil & Gas Group (Reg) (Reg S) 4.625% 20/04/2022 900,000 7,075,673 0.02 China Oil & Gas Group Ltd (Reg S) 5% 07/05/2020 5,000,000 39,770,514 0.10 China Overseas Finance (Reg S) (Reg) 5.95% 08/05/2024 4,000,000 35,529,628 0.09 China Overseas Finance Ky III (Regs) (Reg) 5.375% 29/10/2023 2,000,000 17,251,687 0.04 China SCE Property Holdings (Reg S) 10% 02/07/2020 2,000,000 16,865,825 0.04 China Singyes Solar Technologies (Reg) (Reg S) 7.95% 15/02/2019 1,500,000 11,689,131 0.03 China Southern Power Grid (Reg) Ser Regs 3.5% 08/05/2027 6,100,000 47,585,867 0.12 China State Construction Finance II (Reg S) 3.375% 29/11/2022 3,400,000 26,386,921 0.07 China Taiping Insurance Holdings Co Ltd (Reg S) (Reg) Var Perp 3,000,000 24,155,457 0.06 CIFI Holdings Group (Reg S) (Reg) 7.75% 05/06/2020 2,000,000 16,514,046 0.04 CIFI Holdings Group (Reg S) Var Perp 10,000,000 75,824,292 0.19 Cimpor Financial Operations (Reg S) 5.75% 17/07/2024 2,000,000 15,243,735 0.04 CITIC Ltd Ser Emtn (Reg S) (Reg) 3.7% 14/06/2026 7,500,000 58,224,912 0.15 CITIC Ltd Var Perp 7,000,000 57,237,723 0.15 CK Bond Sec 03 Ltd (Regs) (Reg) 5.375% Perp 15,000,000 117,699,223 0.30 CK Hutchison Capital 17 (Reg) (Reg S) Var Perp 800,000 6,324,383 0.02 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 施罗德亚洲高息股债基金24 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） CK Hutchison International 17 Ltd Ser Regs (Reg) 3.5% 05/04/2027 9,000,000 70,485,506 0.18 CLP Power HK Financing Ltd (Reg S) (Reg) Var Perpetual 5,000,000 39,970,246 0.10 CNAC HK Finbridge Co Ltd (Reg) (Reg S) 3% 19/07/2020 800,000 6,220,194 0.02 CNAC HK Finbridge Co Ltd (Reg) (Reg S) 3.5% 19/07/2022 1,200,000 9,323,631 0.02 CNOOC Curtis Funding No.1 Pty Ltd (Reg S) 4.5% 03/10/2023 3,500,000 29,270,809 0.07 CNOOC Finance 2015 Ltd (Reg) 3.5% 05/05/2025 22,000,000 174,228,386 0.44 CNRC Capitale Ltd Regs (Reg) 3.9% 02/06/2022 3,000,000 23,246,696 0.06 Compania Minera Milpo Ser (Reg S) (Reg) 4.625% 28/03/2023 2,000,000 16,220,897 0.04 COSCO Pacific Finance Co (Reg S) 4.375% 31/01/2023 16,560,000 131,617,672 0.33 COSL Finance BVI Ltd (Reg S) 3.25% 06/09/2022 5,000,000 39,022,594 0.10 Country Garden Holdings Company (Reg S) (Reg) 7.5% 09/03/2020 15,000,000 122,829,326 0.31 CRCC Yupeng Ltd (Reg) (Reg S) Var Perp 7,000,000 55,138,622 0.14 Dianjian Haixing (Reg S) (Reg) Frn Perpetual 14,000,000 110,844,155 0.28 DP World (Reg S) 6.85% 02/07/2037 7,000,000 68,360,334 0.17 DP World Ltd (Reg S) (Reg) 1.75% Conv 19/06/2024 2,200,000 18,068,626 0.05 Dr Peng Holding Hongkong (Reg S) (Reg) 5.05% 01/06/2020 2,500,000 19,592,401 0.05 Emirates NBD 2014 Tier 1 (Reg S) (Reg) Var Perp 1,860,000 15,049,084 0.04 ENN Energy Holdings Ltd (Reg S) 3.25% 24/07/2022 2,200,000 17,070,966 0.04 Export-Import Bank China (Reg S) (Reg) 2.625% 14/03/2022 4,000,000 30,923,519 0.08 Export-Import Bank China (Reg S) (Reg) 3.375% 14/03/2027 5,350,000 41,784,915 0.11 Export-Import Bank Korea (Reg) 3% 01/11/2022 10,000,000 77,858,784 0.20 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 25 Schroder Asian Asset Income Fund 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Fermaca Enterprises S RL (Reg S) 6.375% 30/03/2038 3,500,000 29,549,394 0.07 First Abu Dhabi Bank PJSC (Reg S) (Reg) Var Perp 2,550,000 20,223,658 0.05 Formosa Group Cayman Ltd (Reg S) (Reg) 3.375% 22/04/2025 16,300,000 127,740,545 0.32 Foxconn Far East Ltd Ser Emtn (Reg S) (Reg) 3% 23/09/2026 1,500,000 11,368,895 0.03 Future Land Development (Reg S) (Reg) 5% 16/02/2020 5,600,000 43,439,798 0.11 FWD Ltd (Reg S) (Reg) 6.25% Perp 600,000 4,908,319 0.01 Gajah Tunggal Tbk Pt Ser Emtn (Reg S) 8.375% 10/08/2022 5,000,000 38,692,704 0.10 GMR Hyderabad International Ser Regs 4.25% 27/10/2027 6,000,000 46,664,825 0.12 GNL Quintero (Reg S) (Reg) 4.634% 31/07/2029 3,900,000 31,830,656 0.08 Gohl Capital Ltd (Reg S) 4.25% 24/01/2027 14,000,000 112,625,326 0.29 Golden Legacy Pte Ltd Ser Regs (Reg) 6.875% 27/03/2024 3,000,000 24,317,041 0.06 Golden Legacy Pte Ltd Ser Regs (Reg) 8.25% 07/06/2021 6,500,000 55,195,024 0.14 Goodman HK Finance Ser Emtn (Reg S) (Reg) 4.375% 19/06/2024 9,000,000 73,675,610 0.19 Greenko Dutch BV (Reg) Ser (Regs) 4.875% 24/07/2022 1,800,000 14,268,066 0.04 Greenko Investment Co Ser Regs (Reg) (Regs) 4.875% 16/08/2023 2,400,000 18,650,358 0.05 Grupo Kuo S.A.B. de C.V. (Reg) Ser Regs 5.75% 07/07/2027 1,400,000 11,340,948 0.03 Hana Bank Ser Regs 4.375% 30/09/2024 10,500,000 85,227,717 0.22 Health and Happiness H&H International Holdings Ltd (Reg S) (Formerly known as “Biostime International Holdings Ltd (Reg S) 7.25% 21/06/2021”) 3,000,000 24,477,921 0.06 Hilong Holding Ltd (Reg) (Reg S) 7.25% 22/06/2020 5,700,000 44,166,494 0.11 Hindustan Petroleum Corp (Reg) (Reg S) 4% 12/07/2027 1,200,000 9,413,124 0.02 HKT Capital No 2 Ltd (Reg S) (Reg) 3.625% 02/04/2025 11,000,000 86,742,715 0.22 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 施罗德亚洲高息股债基金26 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） HKT Capital No 4 Ltd (Reg S) (Reg) 3% 14/07/2026 11,500,000 85,863,386 0.22 HLP Finance Ltd Ser Emtn (Reg S) (Reg) 4.45% 16/04/2021 3,800,000 30,931,102 0.08 HLP Finance Ltd Ser Emtn (Reg) 4.75% 25/06/2022 9,000,000 74,236,169 0.19 Hongkong Electric Finance Ser Emtn (Reg S) (Reg) 2.875% 03/05/2026 3,000,000 22,745,998 0.06 HPCL-Mittal Energy Ltd (Reg S) (Reg) 5.25% 28/04/2027 3,991,000 32,566,914 0.08 Huaneng HK Capital Ltd (Reg) (Reg S) Var Perp 3,300,000 25,280,761 0.06 Huarong Finance 2017 Co Ser Emtn (Reg S) (Reg) 4.95% 07/11/2047 5,600,000 43,322,695 0.11 Huarong Finance Co Ltd (Reg S) (Reg) 4% 17/07/2019 4,000,000 31,521,230 0.08 Huarong Finance Co Ltd Ser Emtn (Reg S) (Reg) 5% 19/11/2025 3,500,000 28,840,619 0.07 Huarong Finance II Co Ltd Ser Emtn (Regs) (Reg) 5.5% 16/01/2025 1,900,000 16,078,455 0.04 Hutchison Whampoa International 14 Ltd Ser Regs (Br) 3.625% 31/10/2024 10,000,000 80,212,143 0.20 ICTSI Treasury Ser Emtn (Reg S) (Reg) 5.875% 17/09/2025 8,000,000 69,330,696 0.18 Indian Oil Corp Ltd Emtn (Reg S) 5.75% 01/08/2023 18,600,000 162,085,180 0.41 Indian Railway Finance (Reg S) (Reg) 3.835% 13/12/2027 3,600,000 28,332,944 0.07 Indika Energy Capital II Pte Ser Regs (Reg) 6.875% 10/04/2022 800,000 6,597,801 0.02 Indika Energy III Pte Ser Regs (Reg) 5.875% 09/11/2024 2,800,000 22,079,964 0.06 Indonesia (Republic of) (Reg S) 4.75% 08/01/2026 6,000,000 51,037,197 0.13 Indonesia Eximbank Ser Emtn (Reg S) (Reg) 3.875% 06/04/2024 600,000 4,788,503 0.01 Industrial and Commercial Bank of China (Reg S) (Reg) Var 10/09/2024 7,000,000 55,184,861 0.14 Industrial and Commercial Bank of China (Reg) (Reg S) 2.875% 21/02/2022 3,600,000 27,934,168 0.07 Industrial Bank of Korea (Reg) Ser Regs Var Perp 5,000,000 38,464,438 0.10 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 27 Schroder Asian Asset Income Fund 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Inkia Energy Ltd Ser Regs (Reg) 5.875% 09/11/2027 2,804,000 22,111,507 0.06 Jababeka International Ser Regs 6.5% 05/10/2023 1,400,000 11,338,102 0.03 Joyous Glory Group (Reg) (Reg S) Gmtn 5.7% 07/03/2020 15,300,000 124,417,583 0.32 JSL Europe (Reg) Ser Regs 7.75% 26/07/2024 3,835,000 31,848,857 0.08 JSW Steel Ltd (Reg S) 5.25% 13/04/2022 3,000,000 24,126,142 0.06 Kazmunaigaz Finance Sub (Reg S) 6.375% 09/04/2021 2,000,000 17,198,060 0.04 KEB Hana Bank (Reg S) (Reg) 4.25% 14/10/2024 16,000,000 128,965,438 0.33 Kia Motors Corp Ser Regs 3% 25/04/2023 4,500,000 34,454,593 0.09 Kookmin Bank Ser Reg S 2.875% 25/03/2023 5,000,000 38,522,677 0.10 Korea Development Bank (Reg) 2.75% 19/03/2023 4,000,000 30,716,392 0.08 Korea Development Bank 3.75% 22/01/2024 2,000,000 16,200,565 0.04 Korea Gas Corp (Reg) (Reg S) 2.75% 20/07/2022 2,500,000 19,274,433 0.05 Korea Housing Finance Co Ser Regs (Reg) 3% 31/10/2022 7,000,000 54,315,617 0.14 KT Corp (Reg S) (Reg) 2.625% 07/08/2022 4,000,000 30,537,344 0.08 KWG Property Holding Ltd (Reg S) 8.975% 14/01/2019 1,500,000 12,078,198 0.03 Li & Fung Ltd (Reg S) Var Perp 4,600,000 36,295,442 0.09 Li & Fung Ltd (Reg) (Reg S) 5.25% 9,500,000 68,787,354 0.17 Lima Metro Line 2 Finance Ltd Ser Regs (Reg) (Reg S) 5.875% 05/07/2034 5,000,000 42,428,396 0.11 Link Finance Cayman 2009 Ser Emtn (Reg S) (Reg) 3.6% 03/09/2024 6,000,000 48,060,401 0.12 Listrindo Capital (Reg S) (Reg) 4.95% 14/09/2026 6,000,000 47,783,246 0.12 Longfor Properties (Reg S) (Reg) 6.75% 29/01/2023 4,100,000 33,252,840 0.08 Longfor Properties (Reg) (Reg S) 3.875% 13/07/2022 4,000,000 31,312,664 0.08 MAF Global Securities (Regs) Var Perp 3,000,000 24,067,512 0.06 MAF Sukuk Ltd (Reg S) (Reg) 4.5% 03/11/2025 1,875,000 15,225,413 0.04 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 施罗德亚洲高息股债基金28 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Megaworld Corp (Reg S) (Reg) 4.25% 17/04/2023 4,300,000 34,147,514 0.09 Melco Resorts Finance Ser Regs 4.875% 06/06/2025 7,400,000 58,643,430 0.15 Mexico Generadora De Ene Ser (Reg S) 5.5% 06/12/2032 300,000 2,234,083 0.01 Millicom International Cellular Ser Regs (Reg) 6% 15/03/2025 6,000,000 50,245,696 0.13 Minerva Luxembourg SA Ser Regs (Reg) 5.875% 19/01/2028 6,100,000 46,672,212 0.12 Minerva Luxemburg (Ser Reg S) Var Perpetual 1,950,000 16,044,031 0.04 Minmetals Bounteous Finance BVI Ltd (Reg S) (Reg) 4.75% 30/07/2025 3,200,000 26,453,743 0.07 Minmetals Bounteous Finance BVI Ltd Ser Regs (Reg) 4.2% 27/07/2026 10,000,000 80,014,365 0.20 Mirvac Group Finance Ltd Ser Emtn (Reg S) 3.625% 18/03/2027 17,000,000 131,339,903 0.33 Mongolia Ser Regs (Reg S) 8.75% 09/03/2024 4,500,000 40,617,401 0.10 New Metro Global Ltd (Reg) (Reg S) 5% 08/08/2022 1,200,000 9,158,155 0.02 New World Development Company (Reg S) 5.25% 26/02/2021 7,300,000 60,169,840 0.15 Newcrest Finance Pty Ltd (Reg S) 4.2% 01/10/2022 14,000,000 114,029,251 0.29 Newcrest Finance Pty Ltd Ser Regs (Reg S) (Reg) 5.75% 15/11/2041 6,863,000 61,342,432 0.16 NongHyup Bank (Reg S) 2.875% 17/07/2022 4,500,000 34,703,653 0.09 NWD Finance (BVI) Ltd (Reg) (Regs) 5.75% Perp 11,600,000 90,682,494 0.23 Oil India International (Reg S) (Reg) 4% 21/04/2027 4,000,000 31,567,977 0.08 Oil India Ltd (Reg S) (Reg) 5.375% 17/04/2024 5,400,000 46,628,944 0.12 ONGC Videsh Ltd Ser Regs 4.625% 15/07/2024 11,000,000 91,667,380 0.23 Oversea-Chinese Banking Corp Ser (Regs) 4.25% 19/06/2024 12,000,000 97,535,092 0.25 Overseas Chinese Town As (Reg) (Reg S) Var Perp 6,500,000 50,748,934 0.13 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 29 Schroder Asian Asset Income Fund Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Pakuwon Prima (Reg S) 5% 14/02/2024 4,000,000 31,539,366 0.08 Pampa Energia Sa (Reg) Ser Regs 7.5% 24/01/2027 1,184,000 10,158,112 0.03 PB International BV (Reg) (Reg S) 7.625% 26/01/2022 1,500,000 12,515,927 0.03 PCCW HKT Capital No4 Ltd (Reg S) 5.75% 17/04/2022 8,000,000 68,090,246 0.17 Pertamina (Reg S) 4.875% 03/05/2022 1,100,000 9,162,490 0.02 Pertamina Persero 6.45% (Reg S) 30/05/2044 6,500,000 61,211,320 0.16 Pertamina Persero Pt 5.625% 20/05/2043 4,500,000 38,492,061 0.10 Perusahaan Gas Negara Reg S 5.125% 16/05/2024 17,500,000 147,191,209 0.37 Perusahaan Listrik Negar (Reg S) 5.5% 22/11/2021 6,000,000 51,082,929 0.13 Perusahaan Listrik Negar 5.25% 24/10/2042 14,100,000 115,658,300 0.29 Perusahaan Penerbit SBSN (Reg S) (Reg) 4.325% 28/05/2025 2,000,000 16,338,157 0.04 Perusahaan Penerbit SBSN (Reg S) (Ser Regs) 4.55% 29/03/2026 7,000,000 58,004,366 0.15 Petrobras Global Finance (Reg) 8.75% 23/05/2026 6,000,000 56,137,986 0.14 Petrobras Global Finance Ser Regs 5.999% 27/01/2028 2,000,000 15,712,773 0.04 Petroleos Del Peru Sa Ser Regs (Reg) 5.625% 19/06/2047 1,370,000 11,296,694 0.03 Petron Corp Var (Reg S) Perp 12,165,000 98,069,250 0.25 Phoenix Lead Ltd (Reg) (Reg S) 4.85% Perp 1,000,000 7,807,528 0.02 Power Grid Corp of India (Reg S) 3.875% 17/01/2023 5,900,000 47,608,123 0.12 Powerlong Real Estate (Reg S) 5.95% 19/07/2020 8,000,000 62,149,724 0.16 Powerlong Real Estate Holdings Ltd (Reg S) (Reg) 4.875% 15/09/2021 3,000,000 22,413,098 0.06 Pratama Agung Ser Regs 6.25% 24/02/2020 15,000,000 120,484,136 0.31 Press Metal Labuan Ltd (Reg S) 4.8% 30/10/2022 3,500,000 27,474,370 0.07 Proven Glory Capital Ltd (Reg S) (Reg) Ser Emtn 3.25% 21/02/2022 4,900,000 38,199,432 0.10 施罗德亚洲高息股债基金30 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Proven Glory Capital Ltd (Reg) (Reg S) Ser Emtn 4% 21/02/2027 900,000 7,149,898 0.02 Proven Honour Cap (Reg S) (Reg) 4.125% 19/05/2025 12,800,000 103,438,514 0.26 Proven Honour Capital (Reg S) (Reg) 4.125% 06/05/2026 5,700,000 45,728,274 0.12 Provincia De Buenos Aire (Reg) Ser Reg S 6.5% 15/02/2023 880,000 7,424,746 0.02 Provincia De Buenos Aire Ser Reg S (Reg) (Reg S) 7.875% 15/06/2027 3,740,000 32,593,660 0.08 Provincia De Cordoba (Reg) Ser Regs 7.125% 10/06/2021 3,750,000 31,733,352 0.08 PT Pelabuhan Indo II (Reg S) 4.25% 05/05/2025 7,000,000 56,089,127 0.14 QBE Insurance Group Limited (Reg) (Reg S) Ser Emtn 3% 21/10/2022 2,000,000 15,402,895 0.04 Reliance Holdings USA Inc (Regs) (Reg) 6.25% 19/10/2040 1,500,000 15,215,006 0.04 Reliance Industries Ltd (Reg S) 4.875% 10/02/2045 15,000,000 130,459,988 0.33 Republic of Indonesia (Regs) 3.375% 15/04/2023 5,000,000 39,623,939 0.10 Republic of Indonesia Ser (Reg S) (Reg S) 5.95% 08/01/2046 2,000,000 19,328,274 0.05 Republic of Sri Lanka Ser Regs (Reg S) (Reg) 6.2% 11/05/2027 3,000,000 24,888,329 0.06 Royal Capital BV (Reg S) (Reg) Var Perp 3,000,000 23,738,365 0.06 Royal Capital BV Var Regs (Reg) Var Perp 2,800,000 22,825,265 0.06 Rumo Luxembourg Sarl (Reg) Ser Regs 7.375% 09/02/2024 3,000,000 25,298,737 0.06 Saka Energi Indonesia Pt (Reg) (Reg S) Ser Regs 4.45% 05/05/2024 1,000,000 7,973,646 0.02 Santos Finance Ltd Ser Emtn (Reg S) (Br) 4.125% 14/09/2027 11,500,000 88,887,587 0.23 Shinhan Bank (Reg S) 3.875% 24/03/2026 16,000,000 126,027,384 0.32 Shinhan Bank Ser Gmtn (Reg) (Reg S) Var 07/12/2026 4,200,000 33,248,814 0.08 Sigma Alimentos Ser Regs (Reg) 4.125% 02/05/2026 4,500,000 35,569,731 0.09 Sino Ocean Land Treasure Finance III (Reg) (Reg S) Var Perp 5,600,000 43,174,948 0.11 Sinochem Corp (Regs) Var Perp 4,500,000 35,971,779 0.09 31 Schroder Asian Asset Income Fund 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Sinochem International Development Pte Ltd (Reg) (Reg S) 3.125% 25/07/2022 3,200,000 24,835,124 0.06 Sinochem Offshore Capital (Reg S) (Reg) Ser Emtn 3.124% 24/05/2022 1,500,000 11,674,649 0.03 Sinopec Capital 2013 (Reg S) 3.125% 24/04/2023 2,600,000 20,290,875 0.05 Sinopec Group Overseas 2012 (Reg S) (Reg) 3.9% 17/05/2022 8,000,000 64,733,529 0.16 Sinopec Group Overseas 2013 (Reg S) 4.375% 17/10/2023 5,000,000 41,581,489 0.11 Sinopec Group Overseas 2014 Ser Regs 4.375% 10/04/2024 3,000,000 24,937,250 0.06 Sinopec Group Overseas Development (Reg) (Ser Regs) 2.75% 03/05/2021 3,000,000 23,417,074 0.06 Sinopec Group Overseas Development 2016 Ltd Ser Regs (Reg) 4.25% 03/05/2046 4,000,000 32,439,919 0.08 Sinopec Group Overseas Development Ser Regs (Reg) 4% 13/09/2047 2,000,000 15,588,009 0.04 SmarTone Finance Ltd (Reg S) (Reg) 3.875% 08/04/2023 11,000,000 86,513,121 0.22 Southern Copper Corp (Reg) 5.25% 08/11/2042 1,000,000 8,778,351 0.02 Southern Copper Corp (Reg) 5.875% 23/04/2045 1,000,000 9,485,234 0.02 State Bank India/London (Reg S) (Reg) 4.875% 17/04/2024 4,000,000 33,959,008 0.09 State Grid Overseas Investment (Reg S) 4.125% 07/05/2024 4,000,000 33,016,413 0.08 State Grid Overseas Investment Ser Regs (Reg)(Reg S) 3.5% 04/05/2027 10,000,000 78,628,749 0.20 Studio City Co Ltd Ser Regs (Reg) 7.25% 30/11/2021 15,800,000 131,078,532 0.33 Swire Pacific Mtn Fin Ser Emtn (Reg S) (Reg) 3.875% 21/09/2025 10,000,000 80,800,004 0.21 Sydney Airport Finance (Reg S) (Reg) 3.375% 30/04/2025 5,000,000 39,120,896 0.10 Sydney Airport Finance Co Pty Ltd Ser Regs 3.625% 28/04/2026 6,000,000 47,369,086 0.12 TBG Global Pte Ltd (Reg S) 5.25% 10/02/2022 3,200,000 25,609,475 0.07 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 施罗德亚洲高息股债基金32 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Tencent Holdings Ltd (Reg S) 3.8% 11/02/2025 2,000,000 16,293,286 0.04 Three Gorges Finance I Cayman (Ser Regs) 3.15% 02/06/2026 5,700,000 43,665,210 0.11 Three Gorges Finance I Cayman Ser Regs 2.3% 02/06/2021 1,100,000 8,469,185 0.02 Tianqi Finco Co Ltd (Reg S) (Reg) 3.75% 28/11/2022 2,800,000 21,669,227 0.06 Times Property Holdings Ltd (Reg S) 6.25% 23/01/2020 2,900,000 22,835,322 0.06 TNB Global Ventures Cap (Reg S) (Reg) 3.244% 19/10/2026 5,600,000 42,622,046 0.11 Top Wise Excellence Enterprise (Reg) (Reg S) 6% 16/03/2020 2,300,000 18,361,591 0.05 Transport De Gas Peru (Reg S) 4.25% 30/04/2028 4,300,000 34,869,484 0.09 Turkiye Garanti Bankasi (Reg S) 6.125% 24/05/2027 5,000,000 39,118,942 0.10 United Overseas Bank Ltd Emtn (Reg S) Var 19/09/2024 10,000,000 79,185,731 0.20 Vanke Real Estate HK Ser (Emtn) (Reg) (Reg S) 3.975% 09/11/2027 800,000 6,198,744 0.02 Vedanta Resources Plc (Reg S) 7.125% 31/05/2023 7,000,000 59,098,788 0.15 Vedanta Resources Plc (Regs) 8.25% 07/06/2021 5,000,000 43,776,880 0.11 Vedanta Resources Plc Ser Regs (Reg) (Reg S) 6.375% 30/07/2022 4,500,000 36,848,798 0.09 VM Holding SA (Reg S) Ser Regs 5.375% 04/05/2027 3,000,000 24,920,692 0.06 Voyage Bonds Ltd (Reg S) (Reg) 3.375% 28/09/2022 1,700,000 13,187,746 0.03 Weichai International HK Energy (Reg S) (Reg) Var Perp 10,000,000 77,195,838 0.20 Weichai International Hong Kong Energy (Reg S) (Reg) 4.125% 30/09/2020 3,000,000 23,920,938 0.06 West China Cement Ltd (Reg S) (Reg) 6.5% 11/09/2019 4,500,000 36,145,241 0.09 Wisdom Glory Group Ltd (Reg S) 5.25% Var Perp 2,000,000 15,790,946 0.04 Woodside Finance Ltd (Reg S) 3.65% 05/03/2025 7,000,000 55,367,356 0.14 33 Schroder Asian Asset Income Fund 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 占资产净值百分比 LISTED DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Woodside Finance Ltd Ser Regs 3.7% 15/03/2028 4,000,000 31,172,891 0.08 WTT Investment Ltd Ser Regs (Reg) 5.5% 21/11/2022 1,800,000 14,237,609 0.04 Wynn Macau Ltd Ser (Reg S) (Reg) 5.5% 01/10/2027 8,900,000 70,704,547 0.18 Xian Construction Investment Ser Emtn (Reg S) (Reg) 2.8% 13/09/2019 3,000,000 23,180,913 0.06 Yancoal International Resource Development (Reg S) Stp Perpetual 700,000 5,547,352 0.01 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 施罗德亚洲高息股债基金34 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 占资产净值百分比 UNLISTED DEBT SECURITIES 非上市债务证券 AUSTRALIAN DOLLAR 澳元37,813,040 0.10 Ausgrid Finance Pty Ltd Ser Mtn (Reg) (Reg S) 3.75% 30/10/2024 5,800,000 35,578,556 0.09 DBCT Finance Pty Ltd Ser Mtn Frn 09/06/2021 400,000 2,234,484 0.01 UNITED STATES DOLLAR 美元257,392,963 0.65 Empresa De Transporte Me (Reg S) (Reg) Ser Regs 5% 25/01/2047 1,832,000 15,826,605 0.04 Greenko Dutch BV (Reg) Ser Regs (Reg S) 5.25% 24/07/2024 2,300,000 18,246,970 0.04 Newcastle Coal Infrastructure Ser Regs (Reg) 4.4% 29/09/2027 16,600,000 129,929,389 0.33 Scentre Group Trust 1/2 (Reg S) (Reg) 3.25% 28/10/2025 3,000,000 23,195,922 0.06 Scentre Management Ltd RE1 Ser (Reg S) (Reg) 3.75% 23/03/2027 3,500,000 27,770,958 0.07 Tengizchevroil Finance Co International Ltd (Reg S) (Reg) Frn 15/08/2026 3,400,000 26,761,549 0.07 Woodside Finance Ltd (Reg S) (Reg) 15/09/2026 2,000,000 15,661,570 0.04 TOTAL INVESTMENTS AT FAIR VALUE 投资总市值38,123,965,426 96.79 OTHER NET ASSETS 其他资产净值1,265,806,612 3.21 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2017 截至二零一七年十二月三十一日资产净值39,389,772,038 100.00 TOTAL INVESTMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS, AT COST 投资及衍生金融工具以成本计34,608,061,165 Note: Investments are accounted for on a trade date basis. 注：投资乃以交易日为基准。 Investment Portfolio (Unaudited) (Continued) 基金投资组合（未经审核）（续） As at 31st December 2017 截至二零一七年十二月三十一日 35 Schroder Asian Asset Income Fund Investment Portfolio Movements (Unaudited) 投资组合变动（未经审核） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 Australia and NZ Banking Group Ltd Ord Npv 478,948 – – Commonwealth Bank of Australia Ord Npv – (232,145) – Spark Infrastructure Group Ord Npv (Partly Paid) – (321,254) – Telstra Corp Ltd Ord Npv – (2,037,478) – Transurban Group Ord Npv 74,610 – – Transurban Group Ord Npv (Placement) 74,610 (74,610) – Transurban Group Ord Npv (Stapled) 287,587 – – Vicinity Centres REIT Ord Npv – (1,382,435) – HONG KONG 香港 BOC Hong Kong (Holdings) Ltd Ord HKD5 – (559,000) – China Construction Bank H Shr Ord CNY1 19,507,000 – – China Mobile Ltd Ord HKD0.1 1,644,000 – – China Petroleum & Chemical Corp H Shr Ord CNY1 15,744,000 – – China Yangtze Power Co Ltd Ord CNY1 1,181,288 – – Fortune Real Estate Investment Trust REIT Npv 2,334,000 – – HK Electric Investments SS Ord HKD0.0005 6,138,000 – – HSBC Holdings Plc Ord USD0.5 (HKSE) – (1,766,400) – Link REIT – (2,563,000) – Power Assets Holdings Ltd Ord Npv – (288,000) – Sands China Ltd Ord USD0.01 4,813,200 – – INDIA 印度 India Grid Trust Ord Inr Npv 15,344,721 (11,328,660) – IRB InvIT Fund Ord Npv 25,250,000 (25,250,000) – National Hydroelectric Power Corp Ltd Ord INR10 (Demat) 6,396,681 – – INDONESIA 印尼 Telekomunikasi Indonesia Tbk Pt Ord IDR50 (Demat) 9,431,300 – – JAPAN 日本 Advance Residence Investment REIT 21 – – AEON REIT Investment Corp Ord Npv 81 – – Daiwa House REIT Investment Corp REIT Npv 24 (566) – Daiwa Office Investment Corp (REIT) 11 – – Frontier Real Estate Investment Corp (REIT) 11 – – Fukuoka REIT Corp 25 – – GLP J-REIT REIT Npv 84 – – Japan Excellent Inc Ord Npv REIT 49 – – Japan Hotel Fund Investment Corp (REIT) 66 – – Japan Rental Housing Investment Inc Ord Npv (REIT) 95 – – Kenedix Office Investment Corp Ord Npv (REIT) 16 – – 施罗德亚洲高息股债基金36 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 (Continued) 日本（续） Lasalle Logiport REIT Npv 68 – – MUCUBS Midcity REIT Inc 28 (142) 2,008 Nippon Accommodations Fund (REIT) 9 – – Nomura Real Estate Master Fund Inc REIT V 439 – – Premier Investment Co REIT Ord Npv 1,467 – – Sekisui House REIT Inc Ord Npv 52 – – Sekisui House Residential Investment Corporation REIT Npv 44 – – NEW ZEALAND 新西兰 Spark New Zealand Ltd Ord Npv (New Zealand) – (11,648,055) – SINGAPORE 新加坡 Ascendas Real Estate Investment Trust Npv 49,269,000 (47,788,400) – 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 CDL Hospitality Trusts (REIT) 35,454,160 (35,033,180) – 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 Greater China Commercial Trust REIT 109,509,900 (109,509,900) – Mapletree Industrial Trust Ord Npv 61,203,400 (61,203,400) – Suntec REIT 74,598,000 (78,142,300) – SOUTH KOREA 南韩 ING Life Insurance Korea Ltd Ord KOW1000 145,557 – – SK Telecom Ord KRW500 – (34,347) – TAIWAN 台湾 Mega Financial Holding Co Ltd Ord TWD10 3,509,000 – – Pegatron Corp Ord TWD10 – (6,105,000) – Quanta Computer Inc Ord TWD10 1,270,000 – – Taiwan Mobile Co Ltd Ord TWD10 10,154,000 (10,154,000) – THAILAND 泰国 Electricity Generating Pcl Ord Nvdr THB10 – (1,301,900) – Land & Houses Pcl Ord Nvdr THB1 36,558,000 – – UNLISTED INVESTMENT FUND 非上市投资基金 HONG KONG 香港 Schroder Umbrella Fund II – Schroder China Asset Income Fund – USD Class I Acc 264,247 – – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 37 Schroder Asian Asset Income Fund Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 DEBT SECURITIES 上市债务证券 INDIAN RUPEE 印度卢比 Rural Electrification Corp Ltd 9.25% 25/08/2017 – (200,000,000) – INDONESIAN RUPIAH 印尼盾 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 Jinchuan Group (Reg S) 4.75% 17/07/2017 – (32,000,000) – Vast Expand Ltd (Regs) 5.2% 11/09/2017 – (24,000,000) – UNITED STATES DOLLAR 美元 ABM Investama Tbk Pt Ser Regs (Reg) 7.125% 01/08/2022 5,800,000 – – 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) – 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) – Alibaba Group Holding (Reg) 4.4% 06/12/2057 3,000,000 – – 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 – – 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 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) – Bank of Communications (Reg S) (Reg) Var 03/10/2024 – (4,000,000) – 施罗德亚洲高息股债基金38 Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） 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 Gas Sg Capital (Reg) (Reg S) 2.75% 31/05/2022 – (2,600,000) – Bharat Petroleum Corp Ltd (Reg S) 4.625% 25/10/2022 – (6,000,000) – 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) – 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 – (640,000) – Central China Real Estate (Reg S) (Reg) 6% 16/07/2018 8,100,000 – – 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) – Charming Light Investment Ser Emtn (Reg S) (Reg) 3.75% 03/09/2019 – (3,000,000) – Chengdu Communications Investment Group (Reg S) (Reg) 4.75% 13/12/2027 1,300,000 – – 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) (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 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 – – 39 Schroder Asian Asset Income Fund Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） China Overseas Finance Investment Cayman V (Reg S) (Reg) Conv 0% 05/01/2023 – (1,000,000) – 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 – (1,500,000) – 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 400,000 (400,000) – 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 Hutchison International 17 Ltd Ser Regs (Reg) 3.5% 05/04/2027 8,000,000 (1,200,000) – CNAC HK Finbridge Co Ltd (Reg S) 4.125% 19/07/2027 6,200,000 (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 International 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 – – 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 1,200,000 – – eHi Car Services Ltd (Reg S) 7.5% 08/12/2018 – (4,500,000) – 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 – – 施罗德亚洲高息股债基金40 Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） 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 – – Export-Import Bank Korea (Reg) 3% 01/11/2022 10,000,000 – – 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) – First Abu Dhabi Bank PJSC (Reg S) (Reg) Var Perp – (950,000) – 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 – – 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 – – 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) – Hilong Holding Ltd (Reg) (Reg S) 7.25% 22/06/2020 5,700,000 – – Hindustan Petroleum Corp (Reg) (Reg S) 4% 12/07/2027 1,200,000 – – 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 – – 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 Railway Finance (Reg S) (Reg) 3.835% 13/12/2027 3,600,000 – – Indika Energy III Pte Ser Regs (Reg) 5.875% 09/11/2024 2,800,000 – – 41 Schroder Asian Asset Income Fund Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） Industrial Bank of Korea (Reg) Ser Regs Var Perp 5,000,000 – – Inkia Energy Ltd Ser Regs (Reg) 5.875% 09/11/2027 2,804,000 – – Johnson Electric Holding (Reg) (Regs) Conv 1% 02/04/2021 – (3,750,000) – JSL Europe (Reg) Ser Regs 7.75% 26/07/2024 3,835,000 – – 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) – Logan Property Holdings (Reg S) (Reg) 9.75% 08/12/2017 – (2,800,000) – Longfor Properties (Reg) (Reg S) 3.875% 13/07/2022 4,000,000 – – MAF Sukuk Ltd (Reg S) (Reg) 4.5% 03/11/2025 3,000,000 (1,125,000) – 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 600,000 (600,000) – MCC Holding HK Corp Ltd Ser July (Reg) (Reg S) 2.95% 31/05/2020 600,000 (600,000) – Melco Resorts Finance Ser Regs 4.875% 06/06/2025 5,000,000 – – 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 300,000 (300,000) – 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 – – 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) – 施罗德亚洲高息股债基金42 Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） 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) – New Metro Global Ltd (Reg) (Reg S) 5% 08/08/2022 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) – 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) – 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 6,500,000 – – 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 1,500,000 – – 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 – – Petrobras Global Finance (Reg) 7.375% 17/01/2027 4,000,000 (4,000,000) – Petrobras Global Finance Ser Regs 5.999% 27/01/2028 2,000,000 – – Petroleos Del Peru Sa Ser Regs (Reg) 5.625% 19/06/2047 900,000 – – 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) – Philippines (Govt of) (Reg) 5.5% 30/03/2026 – (5,000,000) – Phoenix Lead Ltd (Reg) (Reg S) 4.85% Perp 1,000,000 – – Powerlong Real Estate (Reg S) 5.95% 19/07/2020 8,000,000 – – Powerlong Real Estate Holdings Ltd (Reg S) (Reg) 4.875% 15/09/2021 3,000,000 – – Press Metal Labuan Ltd (Reg S) 4.8% 30/10/2022 3,500,000 – – Proven Glory Capital Ltd (Reg S) (Reg) Ser Emtn 3.25% 21/02/2022 1,500,000 – – Provincia De Buenos Aire Ser Reg S (Reg) (Reg S) 7.875% 15/06/2027 3,000,000 – – 43 Schroder Asian Asset Income Fund 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 DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） 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 – – QBE Insurance Group Ltd Ser Emtn (Reg) (Reg S) Var 17/06/2046 – (8,800,000) – Reliance Holdings USA Inc (Reg S) 5.4% 14/02/2022 – (9,000,000) – 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) – 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 11,500,000 – – 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 – – 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 Grid Overseas Investment Ser Regs (Reg) 4% 04/05/2047 – (2,000,000) – 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 – – Sydney Airport Finance (Reg S) 3.9% 22/03/2023 – (3,000,000) – 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) – Tianqi Finco Co Ltd (Reg S) (Reg) 3.75% 28/11/2022 2,800,000 – – Travel Int Hotel Group Inc Emtn (Br) 6.9% 03/11/2017 – (16,000,000) – Turkiye Garanti Bankasi (Reg S) 6.125% 24/05/2027 5,000,000 – – Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 施罗德亚洲高息股债基金44 Investment Portfolio Movements (Unaudited) (Continued) 投资组合变动（未经审核）（续） For the period ended 31st December 2017 二零一七年十二月三十一日止期间 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 DEBT SECURITIES (Continued) 上市债务证券（续） UNITED STATES DOLLAR (Continued) 美元（续） United Overseas Bank Ltd Emtn (Reg S) Var 19/09/2024 – (10,000,000) – Vale Overseas Limited (Reg) 6.25% 10/08/2026 2,500,000 (2,500,000) – Vale Overseas Ltd (Reg) 4.375% 11/01/2022 – (6,000,000) – Vale Overseas Ltd (Reg) 6.875% 21/11/2036 – (4,000,000) – Vanke Real Estate HK Ser (Emtn) (Reg) (Reg S) 3.975% 09/11/2027 800,000 – – Vedanta Resources Plc (Reg S) 6% 31/01/2019 3,000,000 (10,000,000) – 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 – – Westpac Banking Corp (Reg) 2.7% 19/08/2026 – (4,100,000) – Wisdom Glory Group Ltd (Reg S) 5.25% Var Perp 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 4,000,000 – – WTT Investment Ltd Ser Regs (Reg) 5.5% 21/11/2022 1,800,000 – – Wynn Macau Ltd Ser (Reg S) (Reg) 5.5% 01/10/2027 8,900,000 – – Yuzhou Properties Co (Reg S) (Reg) 9% 08/12/2019 – (700,000) – 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) – Greenko Dutch BV (Reg) Ser Regs (Reg S) 5.25% 24/07/2024 2,300,000 – – Newcastle Coal Infrastructure Ser Regs (Reg) 4.4% 29/09/2027 16,600,000 – – 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 – (2,600,000) – SP_AAISAR_FEB18 |
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| 公告来源 | 基金公司官网 | ||||||||
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