SP_AAISAR_FEB17
(A Sub-Fund of Schroder Umbrella Fund II)
（ 施罗德伞型基金 II 的子基金）
Unaudited Semi-Annual Report 2016
二零一六年度未经审核之中期报告书
施罗德亚洲高息股债基金
Schroder Asian Asset Income Fund
施罗德亚洲高息股债基金
Schroder Asian Asset
Income Fund
(A Sub-Fund of Schroder Umbrella Fund II)
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
施罗德亚洲高息股债基金
（ 施罗德伞型基金II的子基金）
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
滙丰机构信托服务 （ 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
审计机构
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发行机构的类别：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
1 Schroder Asian Asset Income Fund
Manager's Report 基金管理人报告
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.
市场回顾
二零一六年第三季亚洲 （ 日本除外） 股市表现强
劲， 「 英国脱欧」公投结果震撼，环球央行持续放
松银根，推动区内录得可观回报。中资股位居期
内亚洲升幅最大行列，数据显示第二季国内生产
总值 (GDP) 按年增长百分之六点七 — 与预期相
符。不过，支持股价的因素却是投资者预期中国
人民银行 (PBoC) 会基於夏季期间制造业和贸易
数据令人失望而将於年底之前加推宽松措施。与
此同时，港股因中国政策气氛向好和估值吸引驱
使内地投资者入市而大幅高收。台湾方面股价回
报丰厚，主要有赖科技股推动和外国投资者重投
台股。同样，南韩股价因为外资蜂拥入市而上
扬。东协方面，泰国和印尼股市进账可观，两地
市场都受惠於美联储加息预期推迟。固定收益当
中，经济动力继续大致跟随美国的乐观去向，但
直至九月份联邦公开市场委员会对是否加息依然
意见分歧。第三季美国十年期国库券收益率由一
点五厘上升至一点六厘。至於亚洲方面，亚洲美
元信贷价值因信贷息差抽紧而获支持。高收益信
贷表现突出，季内升百分之三点四。
施罗德亚洲高息股债基金 2
Manager's Report 基金管理人报告
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
二零一六年第四季亚洲 （ 日本除外）股市报跌，原
因是特朗普 (Donald Trump) 爆冷胜出美国总统
大选，导致有关美联储加息步伐加快的预期升
温。期内新兴市场资产普遍因为美国国库券收益
率急升而下挫。中国方面，股市因为当局加强打
压楼市和收紧流动性导致投资意欲疲软而下跌。
期内资本外流亦因为人民币贬值幅度扩大而加剧
（ 中国存放於中国人民银行的外汇储备减少近
七百亿美元，较上月下降百分之二点二，是一月
以来最大跌幅）。与此同时，港股因为新引进收
紧措施压抑发展股气氛而下挫。至於海峡另一
边，美国总统大选结果揭盅後贸易政策欠明朗，
台湾市场受科技股推动而下跌。同样，南韩股市
因为保护主义隐忧和牵涉总统朴槿惠的贪污丑闻
持续扰攘而下挫。东盟方面，所有市场皆因美联
储加息步伐忧虑而报跌。固定收益当中，第四季
政府债券收益率上升，原因是市场预期财政开支
加大、特朗普当选後通胀上升以及预期二零一七
年美联储加息步伐会加快。季内美联储加息四分
一厘 — 此举早在市场人士意料之内。在此形势
下，第三季美国十年期国库券收益率由一点六厘
上升至二点四厘。亚洲信贷当中，高收益类别因
3 Schroder Asian Asset Income Fund
Manager's Report 基金管理人报告
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.
为和美国国库券相关性较低而跑赢投资级别信
贷，下跌百分之零点二，摩根亚洲信贷投资级别
信贷跌百分之三点七 （ 美元）。大部分亚洲当地货
币债券都因为美元转强及预期二零一七年美联储
加息步伐加快的隐忧而回落，两项因素同样令新
兴市场债券气氛受压。
展望
我们调高了对环球增长的预测，这是接近两年来
第一次。这反映全球各地经济活动复苏力度胜於
预期，以及美国年内有机会放松财政政策。除此
项利好事态外，随着劳工市场续趋紧张和通胀压
力积聚，我们认为美联储有机会进一步加息。但
至於其他地区，预料欧洲央行和日本央行会维持
货币政策不变，反映两地处於各自周期的较早阶
段。
美国增长回勇将会对全球造成影响，应利好新兴
市场 （ 但程度较过往轻微）。踏入二零一七年，美
国国库券收益率略见回落，美元回稳，新兴市场
资产迎头赶上，表现强劲。新兴市场资产压力因
而减轻；另一方面，这种情况亦吸引资金重投区
内，短期内支持该新兴市场资产 （ 虽则关注特朗
普政府可能推出保护主义政策）。尽管短期内有
可能会有更多波动，结构性因素 （ 例如人口老
化、债务水平高企、以及生产力低迷），意味着
收入的需求长远而言可维持在现水平。
施罗德亚洲高息股债基金 4
Manager's Report 基金管理人报告
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
经历过二零一六年突如其来的事态，我们认为所
有投资者都会同意二零一七年有可能仍是充满不
明朗因素的一年。因此，灵活兼不受指数规限以
及着眼於管理来自货币、存续期和股市的风险仍
然重要。因此，亚洲资产收益策略应具备优厚条
件，可协助投资者赚取收入，并以风险受控方式
参与亚洲的增长。
对於亚洲股市，过去两个月来，我们的策略都是
着眼於降低投资组合对债券收益率的敏感度，办
法是将公用事业等行业的部分投资转换为有望受
惠於利率上升的行业 （ 例如银行）。这意味着即使
在收益率上升形势下，纵使防守性行业 （ 例如公
用事业和电信）可能受压，但组合里的其他投资
（ 例如科技及银行）仍可望抵销部分影响。此外，
经过最近两个月的抛售，防守股估值已大为好
转，为投资者提供较佳入市水平。由於二零一七
年仍须面对众多不明朗因素，我们相信继续偏重
防守性资产仍是明智之举。我们会继续着眼於资
产基础雄厚兼基本面稳健、可持续派息的优质公
司。
有赖企业基本面雄厚和供求状况稳健，利率上升
期间里，固定收益范畴当中的亚洲信贷仍相对具
防守性。违约比率仍贴近历年低位。二零一六年
亚洲企业债券气势如虹，主要由於信贷息差抽
5 Schroder Asian Asset Income Fund
Manager's Report 基金管理人报告
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
份额数量
30th June
2016
二零一六年
六月三十日
Units
份额数量
A Class 类别
HKD Accumulation Units 港元累积单位 2,559,926.81 2,560,478.08
HKD Distribution Units 港元收息单位 101,798,974.37 77,955,228.06
USD Accumulation Units 美元累积单位 13,197,002.86 12,079,513.84
USD Distribution Units 美元收息单位 178,109,885.15 132,186,225.21
AUD Hedged Distribution Units 澳元对冲收息单位 72,214,871.98 63,663,690.71
RMB Hedged Distribution Units 人民币对冲收息单位 39,153,343.62 42,750,061.02
GBP Hedged Accumulation Units (Note)
英镑对冲累积单位 （ 注）
100.00 –
GBP Hedged Distribution Units (Note) 英镑对冲收息单位 （ 注） 20,124.64 –
紧。现时高收益债券已估值过高，投资级别债券
的估值相对於其他固定收益资产仍属吸引，我们
继续看好负债水平稳定兼资产负债表上拥有充裕
流动性的优质投资级别企业。我们的现行策略仍
着眼於分散所持亚洲周边国家 （ 例如澳大利亚）的
投资，以维持组合的质素和收益率。存续期方
面，我们维持存续期对冲，并将组合的存续期保
持在一年半。
截至二零一六年十二月三十一日，基金总值
34,646,211,077港元，发行份额如下：
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.
注：施罗德亚洲高息股债英镑对冲A类别收息单位及A类别累积单位於二零一六年十一月三日成立。
施罗德亚洲高息股债基金 6
Manager's Report 基金管理人报告
31st December
2016
二零一六年
十二月三十一日
Units
份额数量
30th June
2016
二零一六年
六月三十日
Units
份额数量
C Class 类别
HKD Accumulation Units 港元累积单位 199,227.64 156,848.82
HKD Distribution Units 港元收息单位 204,154.90 168,155.95
USD Accumulation Units 美元累积单位 4,313,721.70 3,333,269.95
USD Distribution Units (Note) 美元收息单位 （ 注） 497.92 485.91
AUD Hedged Distribution Units (Note) 澳元对冲收息单位 （ 注） 720.11 699.09
I Class 类别
USD Accumulation Units 美元累积单位 903,366.44 878,373.83
USD Distribution Units (Note) 美元收息单位 （ 注） 3,915,432.98 3,606,077.89
M Class 类别
RMB Hedged Accumulation Units 人民币对冲累积单位 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.
注：施罗德亚洲高息股债基金美元C类别收息单位及澳元对冲C类别收息单位於二零一六年六月十日。
施罗德亚洲高息股债基金美元 I 类别收息单位於二零一五年十月二十日成立。
7 Schroder Asian Asset Income Fund
Manager's Report 基金管理人报告
The prices of units were: 基金份额价格如下：
NET ASSET VALUE PER UNIT 每份额净值资产
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 类别
HKD Accumulation Units 港元累积单位 HK$ 港元 133.78 HK$ 港元 135.62
HKD Distribution Units 港元收息单位 HK$ 港元 100.06 HK$ 港元 103.91
USD Accumulation Units 美元累积单位 US$ 美元 13.44 US$ 美元 13.61
USD Distribution Units 美元收息单位 US$ 美元 10.05 US$ 美元 10.43
AUD Hedged Distribution Units 澳元对冲收息单位 AU$ 澳元 9.40 AU$ 澳元 9.77
RMB Hedged Distribution Units 人民币对冲收息单位 RMB 人民币 94.90 RMB 人民币 98.72
GBP Hedged Accumulation Units 英镑对冲累积单位 GBP 英镑 9.76 –
GBP Hedged Distribution Units 英镑对冲收息单位 GBP 英镑 9.67 –
C Class 类别
HKD Accumulation Units 港元累积单位 HK$ 港元 139.18 HK$ 港元 140.58
HKD Distribution Units 港元收息单位 HK$ 港元 104.13 HK$ 港元 107.75
USD Accumulation Units 美元累积单位 US$ 美元 12.50 US$ 美元 12.62
USD Distribution Units 美元收息单位 US$ 美元 10.08 US$ 美元 10.43
AUD Hedged Distribution Units 澳元对冲收息单位 AU$ 澳元 9.44 AU$ 澳元 9.78
I Class 类别
USD Accumulation Units 美元累积单位 US$ 美元 12.65 US$ 美元 12.72
USD Distribution Units 美元收息单位 US$ 美元 11.94 US$ 美元 12.30
M Class 类别
RMB Hedged Accumulation Units 人民币对冲累积单位 RMB 人民币 103.72 RMB 人民币 103.95
施罗德亚洲高息股债基金 8
DISTRIBUTION
HKD Class A
港元A类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
HK$
港元
To
tal
distribution
amount
总派息额
HK$
港元
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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 基金管理人报告
9 Schroder Asian Asset Income Fund
Manager's Report 基金管理人报告
DISTRIBUTION (Continued)
HKD Class C
港元C类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
HK$
港元
To
tal
distribution
amount
总派息额
HK$
港元
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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 （ 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 A
美元A类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
US$
美元
To
tal
distribution
amount
总派息额
US$
美元
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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 （ 续）
11 Schroder Asian Asset Income Fund
Manager's Report 基金管理人报告
DISTRIBUTION (Continued)
USD Class C
美元C类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
US$
美元
To
tal
distribution
amount
总派息额
US$
美元
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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间
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 （ 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)
USD Class I
美元I类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
US$
美元
To
tal
distribution
amount
总派息额
US$
美元
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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间
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 （ 续）
13 Schroder Asian Asset Income Fund
Manager's Report 基金管理人报告
DISTRIBUTION (Continued)
AUD Hedged Class A
澳元对冲A类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
AU$
澳元
To
tal
distribution
amount
总派息额
AU$
澳元
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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 （ 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)
AUD Hedged Class C
澳元对冲C类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
AU$
澳元
To
tal
distribution
amount
总派息额
AU$
澳元
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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间
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 （ 续）
15 Schroder Asian Asset Income Fund
Manager's Report 基金管理人报告
DISTRIBUTION (Continued)
RMB Hedged Class A
人民币对冲A类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
RMB
人民币
To
tal
distribution
amount
总派息额
RMB
人民币
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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 （ 续）
施罗德亚洲高息股债基金 16
Manager's Report 基金管理人报告
DISTRIBUTION (Continued)
GBP Hedged Class A
英镑对冲A类别单位
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额数量
Distribution
per unit
每份额
派息额
GBP
英镑
To
tal
distribution
amount
总派息额
GBP
英镑
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
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 （ 续）
施罗德投资管理 （ 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
财务状况报表
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 资产
Current assets流动资产
Investments投资 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应收出售投资款项 – 165,743,082
Amounts receivable on subscription of units应收认购份额款项 178,618,436 150,965,922
Dividends receivable应收股息 36,172,735 115,748,887
Interest receivable on bonds应收债券利息 148,867,562 132,469,326
Interest receivable on bank deposits应收存款利息 2,041 –
Other receivables and prepayments其他应收款项及预付款项 1,309,418 982,561
Margin deposits保证金 119,158,136 96,889,635
Cash and bank deposits现金及银行存款 1,558,676,909 1,126,252,659
To
tal assets资产总值 35,244,976,470 30,365,595,115
LIABILITIES 负债
Current liabilities 流动负债
Derivative financial instruments衍生金融工具 160,990,863 117,241,352
Amounts payable on purchase of investments应付认购投资款项 – 181,089,192
Amounts payable on redemption of units应付赎回份额款项 220,037,557 171,138,855
Distribution payable应付股息 145,170,195 125,708,701
Other payables其他应付款项 72,566,778 50,158,175
Liabilities (excluding net assets attributable to unitholders)
负债值 （ 不包括归於份额持有人净资产） 598,765,393 645,336,275
Net assets attributable to unitholders归於份额持有人的净资产 34,646,211,077 29,720,258,840
施罗德亚洲高息股债基金 18
Investment Portfolio (Unaudited)
基金投资组合 （ 未经审核）
As at 31st December 2016
截至二零一六年十二月三十一日
Country/Territory
国家╱地区
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
EQUITIES
股票
AUSTRALIA 澳大利亚 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 0.03
19 Schroder Asian Asset Income Fund
Country/Territory
国家╱地区
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
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 新西兰 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 南韩 353,268,176 1.02
SK Telecom Ord KRW500 245,682 353,268,176 1.02
Investment Portfolio (Unaudited) (continued)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
施罗德亚洲高息股债基金 20
Investment Portfolio (Unaudited) (continued)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
Country/Territory
国家╱地区
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
EQUITIES
股票
TA
IWAN 台湾 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 泰国 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
投资基金
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 卢森堡 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 泰国 424,457,013 1.22
BTS Rail Mass Transit Growth Infrastructure
Fund (Fr) Ord 173,495,200 424,457,013 1.22
21 Schroder Asian Asset Income Fund
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
INDIAN RUPEE 印度卢比 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
菲律宾披索 6,516,854 0.02
Philippines (Rep of) (Reg) 3.9% 26/11/2022 44,000,000 6,516,854 0.02
RENMINBI 人民币 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)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
施罗德亚洲高息股债基金 22
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
RENMINBI 人民币
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
泰铢 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)
基金投资组合 （ 未经审核） （ 续）
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
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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)
Va
r 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)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
施罗德亚洲高息股债基金 24
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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)
基金投资组合 （ 未经审核） （ 续）
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
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
施罗德亚洲高息股债基金 26
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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)
基金投资组合 （ 未经审核） （ 续）
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
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
施罗德亚洲高息股债基金 28
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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)
基金投资组合 （ 未经审核） （ 续）
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
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
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 2016
截至二零一六年十二月三十一日
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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 0.07
31 Schroder Asian Asset Income Fund
Investment Portfolio (Unaudited) (continued)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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
施罗德亚洲高息股债基金 32
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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)
基金投资组合 （ 未经审核） （ 续）
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)
基金投资组合 （ 未经审核） （ 续）
As at 31st December 2016
截至二零一六年十二月三十一日
Currency
货币
Investments
投资项目
Holdings
所持单位数量
Fair value
公允值
HK$ 港元
% of
net asset value
占净资产值百分比
BONDS
债券
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
投资总市值 32,960,448,234 95.13
OTHER NET ASSETS
其他资产净值 1,685,762,843 4.87
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2016
归於份额持有人的资产净值 34,646,211,077 100.00
TOTAL INVESTMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS, AT COST
投资及衍生金融工具总成本值 33,285,337,556
Note: Investments are accounted for on a trade date basis.
注：投资乃以交易日为基准。
施罗德亚洲高息股债基金 34
Investment Portfolio Movements (Unaudited)
投资组合变动 （ 未经审核）
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
Holdings
所持单位数量
Country/Territory
国家╱地区
Investments
投资项目
Additions
增加
Disposals
减少
Bonus/Splits
红股╱分拆
EQUITIES
股票
AUSTRALIA 澳大利亚
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 – –
Te
lstra Corp Ltd Ord Npv 2,478,784 – –
Vicinity Centres REIT Ord Npv 16,567,142 – –
We
stpac 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
所持单位数量
Country/Territory
国家╱地区
Investments
投资项目
Additions
增加
Disposals
减少
Bonus/Splits
红股╱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 南韩
SK Telecom Ord KRW500 65,145 – –
TA
IWAN 台湾
Chunghwa Telecom Co Ltd Ord TWD10 – (2,902,000) –
Novatek Microelectronics Ltd Ord TWD10 1,328,000 – –
Pegatron Corp Ord Twd10 6,105,000 – –
Ta
iwan Mobile Co Ltd Ord TWD10 2,177,000 – –
THAILAND 泰国
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)
投资组合变动 （ 未经审核） （ 续）
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
施罗德亚洲高息股债基金 36
Investment Portfolio Movements (Unaudited) (continued)
投资组合变动 （ 未经审核） （ 续）
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
Holdings
所持单位数量
Country/Territory
国家╱地区
Investments
投资项目
Additions
增加
Disposals
减少
Bonus/Splits
红股╱分拆
INVESTMENT FUND
投资基金
HONG KONG 香港
Schroder Umbrella Fund II-Schroder China
Asset Income Fund-I Acc USD 6,887,619 – –
LUXEMBOURG 卢森堡
Schroder International Selection Fund – Global Multi
Asset Income USD I Class Acc 41,050 – –
THAILAND 泰国
BTS Rail Mass Transit Growth Infrastructure Fund
(Fr) Ord 53,689,100 (105,900) –
BONDS
债券
INDIAN RUPEE
印度卢比
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 人民币
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)
投资组合变动 （ 未经审核） （ 续）
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
Holdings
所持单位数量
Country/Territory
国家╱地区
Investments
投资项目
Additions
增加
Disposals
减少
Bonus/Splits
红股╱分拆
BONDS
债券
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)
Va
r 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 2016
二零一六年十二月三十一日止期间
Holdings
所持单位数量
Country/Territory
国家╱地区
Investments
投资项目
Additions
增加
Disposals
减少
Bonus/Splits
红股╱分拆
BONDS
债券
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)
投资组合变动 （ 未经审核） （ 续）
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
Holdings
所持单位数量
Country/Territory
国家╱地区
Investments
投资项目
Additions
增加
Disposals
减少
Bonus/Splits
红股╱分拆
BONDS
债券
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 2016
二零一六年十二月三十一日止期间
Holdings
所持单位数量
Country/Territory
国家╱地区
Investments
投资项目
Additions
增加
Disposals
减少
Bonus/Splits
红股╱分拆
BONDS
债券
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)
投资组合变动 （ 未经审核） （ 续）
For the period ended 31st December 2016
二零一六年十二月三十一日止期间
Holdings
所持单位数量
Country/Territory
国家╱地区
Investments
投资项目
Additions
增加
Disposals
减少
Bonus/Splits
红股╱分拆
BONDS
债券
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 – –
Te
va 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) –
Tr
ade & Development Mongolia (Reg S) 9.375%
19/05/2020 – (3,000,000) –
Tr
easury Bill UCP 10/11/2016 20,000,000 (20,000,000) –
Tr
easury Bill UCP 25/08/2016 – (20,000,000) –
Tu
py (Reg S) 6.625% 17/07/2024 – (333,000) –
Tu
rkiye 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 – –
Va
le Overseas Ltd (Reg) 6.875% 21/11/2036 4,000,000 – –
Ve
danta Resources (Reg S) (Reg) 9.5% 18/07/2018 200,000 – –
Ve
danta Resources Plc (Reg S) 6% 31/01/2019 4,000,000 – –
Ve
danta Resources Plc (Reg S) 7.125% 31/05/2023 4,000,000 – –
Ve
danta 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 – –
We
stpac Banking Corp (Reg) 1.3776% 19/08/2019 1,000,000 – –
We
stpac Banking Corp (Reg) 2% 19/08/2021 2,600,000 – –
We
stpac Banking Corp (Reg) 2.7% 19/08/2026 4,100,000 – –
Wo
odside Finance Ltd (Reg S) (Reg) 3.7% 15/09/2026 4,000,000 – –
Wo
odside 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 – –
Ye
star International Holding Co Ltd (Regs) 6.9%
15/09/2021 2,500,000 – –
SP_AAISAR_FEB17
(A Sub-Fund of Schroder Umbrella Fund II)
（ 施罗德伞型基金 II 的子基金）
Unaudited Semi-Annual Report 2016
二零一六年度未经审核之中期报告书
施罗德亚洲高息股债基金
Schroder Asian Asset Income Fund
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