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SCHRODER ASIAN INCOMESemi-Annual Report & Financial Statements June 2020

SCHRODER ASIAN INCOME (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January 2006

Schroder Asian Income

Semi-Annual Report and Financial Statements

1

Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee HSBC Institutional Trust Services (Singapore) Limited 10 Marina Boulevard Marina Bay Financial Centre Tower 2 #48-01 Singapore 018983 Company Registration No. 194900022R Auditor PricewaterhouseCoopers LLP 7 Straits View Marina One East Tower, Level 12 Singapore 018936 Solicitor to the Manager Allen & Gledhill LLP One Marina Boulevard #28-00 Singapore 018989 Solicitor to the Trustee Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 Further Information Schroders is a Foreign Account Tax Compliance Act (“FATCA”) compliant organisation. Please find the FATCA classification of this Fund and its Global Intermediary Identification Number (“GIIN”) below. FATCA entity classification: Nonreporting IGA FFI / Sponsored Investment Entity GIIN: WM9S4Z.00010.SF.702

SCHRODER ASIAN INCOME (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January 2006

Schroder Asian Income Semi-Annual Report and Financial Statements

2

COMMENTARY Schroder Asian Income Fund returned negatively in 1H2020, in SGD terms. The losses in March were due to Covid-19 concerns and the price war between Saudi Arabia and Russia which saw markets selling off sharply affected the fund performance. Our exposure within Equities detracted from portfolio performance while our bonds exposure contributed positively on an absolute basis. Within Equities, our overweight in Singapore REITs was the main detractor, especially those with retail exposures which suffered more heavily from the lockdown restrictions in the city. In addition, some of the names were also under technical selling pressure as investors deleveraged their portfolios and rushed to cash. However, Singapore retails REITs have started to recover from its previous lows as the government begins a phased exit from the current lockdown. Australian banks also fell markedly, hurt by falling interest rate and bond yields which placed pressure on net interest margins and earnings. On a positive note, our exposure to China helped to counter some of the underperformance as the country was among the first to exit lockdown measures which has allowed the economy and financial markets to improve. Within Fixed Income, our exposure to Hong Kong contributed most, led by the real estate sector. We continue to remain positive on credit. Specifically, the US Federal Reserve has announced programs that would allow the central bank to purchase both investment grade and recently downgraded high yield (also known as “fallen angels”) corporate debt. This large-scale stimulus has resulted in strong tightening of spreads in US credit, but we have yet to see the same degree of tightening in Asia. With stronger fundamentals and more attractive valuation, we believe that the large amount of liquidity in developed markets could result in spill-over support into Asian and EM credit. With major regions gradually easing lockdown restrictions and re-opening their economies, sentiment has turned more positive as global markets ended Q2 on a strong note despite concerns surrounding rising infections in the US. Beyond this point, uncertainty abounds. Our view is that while the virus may be contained, risks of a second wave of infection could once again weigh on economic activities. At the same time, markets remain sensitive to geopolitical headlines and resurgent US-China tensions. From an asset allocation standpoint, while our conviction in corporate credit remains and earnings risk still exists, markets have also priced in the negative virus impact quite substantially. Therefore, we will look to gradually shift back into equities to further improve the growth capture of the portfolio. The acceleration of trends such as digitalisation, de-globalisation and deflation (the new 3Ds) means that investing for income in a post Covid-19 world has to evolve to adapt to this new environment. The same trends mentioned above are going to impact how we manage the fixed income portfolio, but an additional “D” will need to be considered – and that is defaults. On one hand, the stubbornly low (and falling) government bond yields means that investors are being pushed further out the risk curve to search for income; on the other hand, the challenge from increasing default risks points to a more cautious approach to credit investing. As such, selection and diversified approach now becomes even more important for accessing the credit risk premium. June 2020

SCHRODER ASIAN INCOME (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January 2006 STATEMENT OF TOTAL RETURN For the financial period ended 30 June 2020 (Unaudited)



3

30 Jun 2020 30 Jun 2019

$ $

Income

Dividends:

Singapore 10,807,490 16,297,471

Foreign 43,618,314 49,271,306

Interest on deposits with banks 79,760 227,636

Sundry income 23,068 106,590

54,528,632 65,903,003

Less : Expenses

Management fees 31,896,926 28,263,755

Trustee fees 772,985 685,767

Valuation fees 622,484 549,975

Custodian fees 379,085 336,426

Registration fees 2,526,237 2,238,489

Audit fees 7,704 7,435

Transaction costs 1,105,063 409,017

Others 550,502 453,786

37,860,986 32,944,650

Net income 16,667,646 32,958,353

Net gains or losses on value of investments

and financial derivatives

Net (losses)/gains on investments (323,476,052) 436,007,952 Net (losses)/gains on spot foreign exchange

contracts (1,245,669) 249,811 Net (losses)/gains on forward foreign exchange

contracts (55,429,769) 1,183,267

Net losses on futures contracts (35,287,356) (10,323,146)

Net losses on options contracts (2,706,912) -

Net losses on swap contracts (610,134) (1,194,770)

Net foreign exchange gains/(losses) 4,314,830 (802,882)

(414,441,062) 425,120,232

Total (deficit)/return for the period before income tax (397,773,416) 458,078,585

Income tax expense (4,034,741) (5,172,201)

Total (deficit)/return for the period (401,808,157) 452,906,384

SCHRODER ASIAN INCOME (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January 2006 STATEMENT OF FINANCIAL POSITION As at 30 June 2020 (Unaudited)


4

30 Jun 2020 $

31 Dec 2019 $

ASSETS

Portfolio of investments 4,699,919,022 5,194,513,670

Bank balances 247,186,501 327,427,498

Sales awaiting settlement 5,222,030 -

Receivables 26,649,812 43,268,528

Financial derivatives 29,691,623 25,536,999

Margin account 22,424,103 19,863,084

Total assets 5,031,093,091 5,610,609,779

LIABILITIES

Purchases awaiting settlement 18,203,907 2,902,694

Payables 34,924,367 37,074,789

Financial derivatives 24,511,953 3,771,964

Total liabilities 77,640,227 43,749,447

EQUITY

Net assets attributable to unitholders 4,953,452,864 5,566,860,332

SCHRODER ASIAN INCOME (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January 2006 STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDS For the financial period ended 30 June 2020 (Unaudited)



5

30 Jun 2020 31 Dec 2019 $ $

Net assets attributable to unitholders at the beginning of the financial period/year

5,566,860,332

4,237,625,328

Operations Change in net assets attributable to unitholders resulting from operations (401,808,157) 443,668,189

Unitholders’ contributions/(withdrawals)

Creation of units 502,484,655 2,025,494,936

Cancellation of units (597,098,789) (889,881,373) Change in net assets attributable to unitholders resulting from net creation and cancellation of

units (94,614,134) 1,135,613,563

Distributions (116,985,177) (250,046,748)

Total (decrease)/increase in net assets attributable to

unitholders (613,407,468) 1,329,235,004

Net assets attributable to unitholders at the end of the financial period/year 4,953,452,864 5,566,860,332

SCHRODER ASIAN INCOME (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January 2006 STATEMENT OF PORTFOLIO As at 30 June 2020 (Unaudited)


6

Primary

Percentage

of total net

assets

Holdings

at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020 By geography $ %

Quoted Collective investment schemes LUXEMBOURG

(country of domicile)

Schroder Intl Selection Fund - Asian Equity Yield I Accumulation Share Class 1,910,108 100,057,233 2.03 Schroder Intl Selection Fund - China A I Accumulation Share Class 422,575 82,935,639 1.67 Schroder Intl Selection Fund - China Opportunities I Accumulation Share Class 40,052 31,404,724 0.63 Schroder Intl Selection Fund - Dynamic Indian Income Bond I Accumulation Share Class 15,116 2,134,997 0.04 Schroder Intl Selection Fund - Emerging Multi-Asset Income I Accumulation Share Class 372,072 52,462,949 1.06

Total Collective investment schemes 268,995,542 5.43

Equities AUSTRALIA AGL Energy Ltd 1,349,399 22,098,281 0.45 ASX Ltd 428,072 35,104,815 0.71 AusNet Services 57,355,518 91,999,485 1.85 Australia & New Zealand Banking Group Ltd 2,996,101 53,640,902 1.08 BHP Group Ltd 879,527 30,259,969 0.61 National Australia Bank Ltd 3,495,450 61,170,944 1.22 Rio Tinto Ltd 305,227 28,718,744 0.58 Shopping Centres Australasia Property Group 20,718,496 43,381,887 0.88 Spark Infrastructure Group 27,619,962 57,302,101 1.16 Stockland 13,968,595 44,409,352 0.90 Telstra Corp Ltd 8,641,188 25,978,347 0.52 Transurban Group 1,851,508 25,128,205 0.51 Vicinity Centres 15,208,495 20,888,920 0.42 Westpac Banking Corp 2,945,112 50,776,176 1.03

590,858,128 11.92

CHINA China Construction Bank Corp H Shares 45,204,000 51,016,101 1.03 China Mobile Ltd 6,566,000 61,810,950 1.25 China Petroleum & Chemical Corp H Shares 59,808,000 34,771,599 0.70 Industrial & Commercial Bank of China Ltd H Shares 58,756,000 49,706,471 1.00

197,305,121 3.98




7

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Equities

HONG KONG

BOC Hong Kong Hldg Ltd 1,660,500 7,367,475 0.15

Fortune REIT 44,472,000 55,793,331 1.13 HK Electric Investments and HK Electric Investments Ltd Stapled Shares 88,628,323 128,260,059 2.58

HKBN Ltd 4,921,000 12,010,910 0.24

HKT Trust and HKT Ltd Stapled Shares 32,333,020 65,996,694 1.33

Link REIT 2,552,600 29,106,651 0.59

Power Assets Hldg Ltd 10,682,500 81,046,327 1.64

Sunlight Real Estate Investment Trust 15,556,000 10,780,068 0.22

390,361,515 7.88

INDIA

Embassy Office Parks REIT 2,651,400 16,785,021 0.34

India Grid Trust 15,717,240 29,350,790 0.59

IRB InvIT Fund 8,810,000 6,346,735 0.13

ITC Ltd 1,312,989 4,722,117 0.10

NTPC Ltd 60,234,787 144,526,302 2.91

201,730,965 4.07

INDONESIA

PT Bank Mandiri Persero Tbk 16,475,900 7,964,598 0.16

PT Telekomunikasi Indonesia Persero Tbk 120,180,800 35,796,821 0.72

43,761,419 0.88

JAPAN

Advance Residence Investment Corp 292 1,213,927 0.02

AEON REIT Investment Corp 1,148 1,698,231 0.03

Daiwa Office Investment Corp 127 980,408 0.02

Frontier Real Estate Investment Corp 198 871,788 0.02

Fukuoka REIT Corp 366 620,931 0.01

GLP J-REIT 1,316 2,663,170 0.06

Invesco Office J-REIT Inc 6,950 1,254,582 0.03

Japan Excellent Inc 700 1,133,264 0.02

Japan Hotel REIT Investment Corp 951 547,229 0.01



8

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Equities

JAPAN (continued)

Japan Rental Housing Investments Inc 1,354 1,757,847 0.04

Kenedix Office Investment Corp 224 1,740,809 0.04

LaSalle Logiport REIT 966 2,076,046 0.04

MCUBS MidCity Investment Corp 1,762 1,781,728 0.04

Nippon Accommodations Fund Inc 134 1,081,230 0.02

Nomura Real Estate Master Fund Inc 968 1,619,714 0.03

Premier Investment Corp REIT 1,052 1,628,316 0.03

Sekisui House REIT Inc 791 707,801 0.01

23,377,021 0.47

MACAO

Sands China Ltd 4,300,000 23,529,077 0.48

NEW ZEALAND

Spark New Zealand Ltd 10,629,794 43,530,806 0.88

SINGAPORE

Ascendas Real Estate Investment Trust 21,445,544 67,982,374 1.38

CapitaLand Commercial Trust 38,130,255 64,440,131 1.30

CapitaLand Mall Trust 10,736,800 21,044,128 0.42

Frasers Centrepoint Trust 24,146,387 55,778,154 1.13

Mapletree Commercial Trust 34,729,822 67,028,556 1.35

Mapletree Industrial Trust 21,363,400 61,312,958 1.24

Mapletree Logistics Trust 15,356,400 29,791,416 0.60

Mapletree North Asia Commercial Trust 68,238,800 63,120,890 1.27

Oversea-Chinese Banking Corp Ltd 618,597 5,567,373 0.11

Singapore Telecommunications Ltd 30,263,600 74,448,456 1.51

Soilbuild Business Space REIT 11,183,700 4,361,643 0.09

Suntec Real Estate Investment Trust 26,785,200 37,767,132 0.76

552,643,211 11.16




9

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Equities

SOUTH KOREA

Hana Financial Group Inc 355,992 11,147,624 0.23

Lotte REIT Co Ltd 2,260,950 14,448,437 0.29

Samsung Electronics Co Ltd 459,997 28,168,727 0.57

SK Telecom Co Ltd 107,241 26,243,491 0.53

80,008,279 1.62

TAIWAN

ASE Technology Hldg Co Ltd 5,036,939 16,099,593 0.33

Novatek Microelectronics Corp 6,103,000 65,793,006 1.32

81,892,599 1.65

THAILAND

Bangkok Bank PCL (F) 4,159,300 20,087,686 0.41

BTS Rail Mass Transit Growth Infrastructure Fund (F) 57,252,100 18,218,241 0.37

Electricity Generating PCL NVDR 2,171,900 24,213,785 0.49

Intouch Hldg PCL NVDR 7,491,000 19,019,024 0.38

Land & Houses PCL NVDR 99,503,800 34,133,369 0.69

115,672,105 2.34

UNITED KINGDOM

HSBC Hldg PLC 450,400 2,934,741 0.06

Total Equities 2,347,604,987 47.39



10

Primary (continued)

Percentage

of total net

assets

Holdings

at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

AUSTRALIA BHP Billiton Finance USA Ltd Var 19 Oct 2075 (Announced on 13 Oct 2015) 11,650,000 18,771,444 0.39 BHP Billiton Finance USA Ltd Var 19 Oct 2075 (Announced on 14 Oct 2015) 5,000,000 7,031,924 0.14

Commonwealth Bank of Australia Var 20 Oct 2026 5,200,000 7,367,753 0.15

Santos Finance Ltd EMTN 4.125% 14 Sep 2027 11,041,000 15,787,816 0.32

Santos Finance Ltd EMTN 5.25% 13 Mar 2029 9,000,000 13,528,497 0.27 Scentre Group Trust 1 / Scentre Group Trust 2 3.625% 28 Jan 2026 7,320,000 10,694,267 0.22 Scentre Group Trust 1 / Scentre Group Trust 2 3.75% 23 Mar 2027 4,200,000 6,144,847 0.12 Scentre Group Trust 1 / Scentre Group Trust 2 4.375% 28 May 2030 7,510,000 11,574,545 0.23

90,901,093 1.84

BAHRAIN

The Oil and Gas Hldg Co BSCC 7.5% 25 Oct 2027 3,310,000 4,975,481 0.10

BRAZIL

Aegea Finance SARL 5.75% 10 Oct 2024 5,001,000 7,116,178 0.14

Atento Luxco 1 SA 6.125% 10 Aug 2022 5,400,000 6,130,198 0.12

Braskem Netherlands Finance BV 4.5% 31 Jan 2030 6,135,000 7,863,243 0.16

GUSAP III LP 4.25% 21 Jan 2030 4,600,000 6,338,500 0.13

Hidrovias Intl Finance SARL 5.95% 24 Jan 2025 2,000,000 2,685,471 0.05

Petrobras Global Finance BV 5.6% 3 Jan 2031 2,500,000 3,505,063 0.07

Petrobras Global Finance BV 6.75% 3 Jun 2050 4,500,000 6,466,057 0.13

Petrobras Global Finance BV 6.85% 5 Jun 2115 1,500,000 2,105,654 0.04

Petrobras Global Finance BV 6.9% 19 Mar 2049 4,100,000 6,022,240 0.12

Prumo Participacoes e Investimentos SA 7.5% 31 Dec 2031 7,500,000 9,437,657 0.20 Prumo Participacoes e Investimentos SA Series 144A 7.5% 31 Dec 2031 3,431,000 4,317,414 0.09

Rede D’or Finance SARL 4.5% 22 Jan 2030 2,505,000 3,092,721 0.06

65,080,396 1.31

CAMBODIA

NagaCorp Ltd 7.95% 6 Jul 2024 4,191,000 5,773,571 0.12

NagaCorp Ltd 9.375% 21 May 2021 2,800,000 3,979,380 0.08

9,752,951 0.20




11

Primary (continued) Percentage

of total net

assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

CHILE

AES Gener SA 7.125% 26 Mar 2079 2,205,000 3,196,283 0.06

Celulosa Arauco y Constitucion SA 4.25% 30 Apr 2029 1,600,000 2,300,328 0.05

Celulosa Arauco y Constitucion SA 5.15% 29 Jan 2050 2,800,000 3,901,955 0.08

Embotelladora Andina SA 3.95% 21 Jan 2050 4,600,000 6,497,445 0.13

Empresa de Transporte de Pasajeros Metro SA 3.65% 7 May 2030 1,230,000 1,858,167 0.04

Empresa de Transporte de Pasajeros Metro SA 4.7% 7 May 2050 2,220,000 3,572,475 0.07

Empresa de Transporte de Pasajeros Metro SA 5% 25 Jan 2047 4,300,000 7,013,158 0.15

Engie Energia Chile SA 3.4% 28 Jan 2030 3,050,000 4,442,720 0.09

GNL Quintero SA 4.634% 31 Jul 2029 3,400,000 5,072,799 0.10

Kenbourne Invest SA 6.875% 26 Nov 2024 3,555,000 5,021,395 0.10

42,876,725 0.87

CHINA

AAC Technologies Hldg Inc 3% 27 Nov 2024 10,000,000 13,765,237 0.28

Agile Group Hldg Ltd 8.5% 18 Jul 2021 487,000 706,565 0.01

Angang Steel Co Ltd Convertible Bond 25 May 2023 18,000,000 3,181,998 0.06

Anton Oilfield Services Group / Hong Kong 9.75% 5 Dec 2020 5,600,000 7,068,317 0.14

Azure Orbit IV Intl Finance Ltd EMTN 3.75% 25 Jan 2023 2,000,000 2,910,577 0.06

Baidu Inc 3.075% 7 Apr 2025 2,014,000 2,947,768 0.06

Baidu Inc 3.425% 7 Apr 2030 1,124,000 1,689,753 0.03

Beijing Gas Singapore Capital Corp 2.75% 31 May 2022 8,000,000 11,334,167 0.23

Beijing State-Owned Assets Management (Hong Kong) Co Ltd 4.125% 26 May 2025 3,000,000 4,540,888 0.09

Bluestar Finance Hldg Ltd Var Perp 2,680,000 3,766,775 0.08

CCCI Treasure Ltd FRN Perp 9,414,000 13,051,970 0.26

CCTI 2017 Ltd 3.625% 8 Aug 2022 8,000,000 11,189,138 0.23

CDBL Funding 1 4.25% 2 Dec 2024 12,500,000 18,963,961 0.37

Central China Real Estate Ltd 6.875% 10 Feb 2021 3,394,000 4,752,555 0.10

Central China Real Estate Ltd 7.25% 16 Jul 2024 2,000,000 2,706,397 0.05

Central China Real Estate Ltd 7.65% 27 Aug 2023 3,806,000 5,296,286 0.11

Central Plaza Development Ltd 3.875% 30 Jan 2021 4,000,000 5,615,076 0.11

CGNPC Intl Ltd 4% 19 May 2025 1,000,000 1,534,150 0.03

Chalco Hong Kong Investment Co Ltd Var Perp 4,300,000 6,039,266 0.12

Charming Light Investments Ltd EMTN 4.375% 21 Dec 2027 1,000,000 1,579,929 0.03



12

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

CHINA (continued)

China Aoyuan Group Ltd 4.8% 18 Feb 2021 1,366,000 1,903,256 0.04


China Aoyuan Group Ltd 7.95% 7 Sep 2021 1,319,000 1,878,860 0.04


China Aoyuan Group Ltd 8.5% 23 Jan 2022 5,000,000 7,203,306 0.15

China Cinda Finance 2015 I Ltd 4.25% 23 Apr 2025 2,700,000 4,127,554 0.08

China Cinda Finance 2017 I Ltd EMTN 3.875% 8 Feb 2023 6,000,000 8,793,419 0.18

China Cinda Finance 2017 I Ltd EMTN 4.1% 9 Mar 2024 8,000,000 11,983,145 0.24

China Clean Energy Development Ltd 4% 5 Nov 2025 6,200,000 9,487,947 0.19

China Construction Bank Corp 4.25% 27 Feb 2029 3,000,000 4,481,521 0.09

China Construction Bank Corp Var 24 Jun 2030 5,839,000 8,173,759 0.17

China Development Bank 4.2% 19 Jan 2027 1,000,000 212,080 *

China Development Bank 4.3% 2 Aug 2032 5,000,000 1,095,083 0.02

China Evergrande Group 7.5% 28 Jun 2023 1,200,000 1,410,396 0.03

China Evergrande Group 8.25% 23 Mar 2022 1,200,000 1,552,691 0.03

China Evergrande Group 11.5% 22 Jan 2023 2,689,000 3,563,725 0.07

China Evergrande Group 12% 22 Jan 2024 1,888,000 2,433,023 0.05

China Evergrande Group Convertible Bond 4.25% 14 Feb 2023 55,000,000 9,318,168 0.19

China Hongqiao Group Ltd 7.125% 22 Jul 2022 7,904,000 10,199,490 0.21

China Hongqiao Group Ltd 7.375% 2 May 2023 1,000,000 1,255,545 0.03

China Life Insurance Co Ltd Var 3 Jul 2075 11,900,000 16,601,261 0.33

China Mengniu Dairy Co Ltd Convertible Bond 1.5% 24 Jun 2023 2,600,000 3,661,225 0.07

China Oil & Gas Group Ltd 4.625% 20 Apr 2022 1,300,000 1,795,429 0.04

China Oil & Gas Group Ltd 5.5% 25 Jan 2023 6,032,000 8,383,386 0.17

China Overseas Grand Oceans Finance IV Cayman Ltd 4.875% 1 Jun 2021 735,000 1,042,670 0.02

China Resources Land Ltd EMTN 4.125% 26 Feb 2029 1,558,000 2,429,427 0.05

China Resources Land Ltd EMTN Var Perp 7,088,000 10,061,156 0.20

China SCE Group Hldg Ltd 7.25% 19 Apr 2023 7,200,000 10,069,471 0.20

China Shenhua Overseas Capital Co Ltd 3.875% 20 Jan 2025 3,627,000 5,339,150 0.11

China State Construction Finance Cayman II Ltd 3.375% 29 Nov 2022 1,600,000 2,303,841 0.05

China State Construction Finance Cayman III Ltd Var Perp 1,894,000 2,629,872 0.05

Chinalco Capital Hldg Ltd 4.25% 21 Apr 2022 500,000 703,628 0.01

CITIC Ltd EMTN 3.7% 14 Jun 2026 4,000,000 6,097,987 0.12




13

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

CHINA (continued)

CITIC Ltd EMTN 3.875% 28 Feb 2027 4,000,000 6,095,755 0.12

CNAC HK Finbridge Co Ltd 3.875% 19 Jun 2029 14,000,000 21,191,200 0.42

CNAC HK Finbridge Co Ltd 4.75% 19 Jun 2049 3,949,000 6,268,613 0.13

CNOOC Finance 2013 Ltd 3.3% 30 Sep 2049 6,492,000 9,518,360 0.19

CNRC Capitale Ltd Var Perp 342,000 481,282 0.01

COSL Finance BVI Ltd 3.25% 6 Sep 2022 3,000,000 4,336,853 0.09

COSL Singapore Capital Ltd 2.5% 24 Jun 2030 6,387,000 8,827,632 0.18

Country Garden Hldg Co Ltd 5.125% 17 Jan 2025 2,224,000 3,172,400 0.06

Country Garden Hldg Co Ltd 5.125% 14 Jan 2027 3,055,000 4,304,497 0.09

Country Garden Hldg Co Ltd 5.4% 27 May 2025 1,309,000 1,906,013 0.04

Country Garden Hldg Co Ltd 5.8% 12 Mar 2021 13,000,000 2,592,812 0.05

Country Garden Hldg Co Ltd 8% 27 Jan 2024 2,000,000 3,030,746 0.06

CRCC Chengan Ltd Var Perp 4,200,000 5,921,464 0.12

CSCEC Finance Cayman II Ltd 3.5% 5 Jul 2027 13,300,000 19,690,608 0.39

CSSC Capital 2015 Ltd 2.5% 13 Feb 2025 4,300,000 5,952,555 0.12

eHi Car Services Ltd 5.875% 14 Aug 2022 2,167,000 2,350,440 0.05

Gemdale Ever Prosperity Investment Ltd 6% 6 Sep 2021 9,302,000 13,203,848 0.27

Greenland Global Investment Ltd EMTN 6.25% 16 Dec 2022 5,210,000 7,340,893 0.15

Health & Happiness H&H Intl Hldg Ltd 5.625% 24 Oct 2024 2,611,000 3,724,431 0.08

Hejun Shunze Investment Co Ltd 11% 4 Jun 2022 8,272,000 11,669,674 0.24

Hengjian Intl Investment Ltd 1.875% 23 Jun 2025 1,234,000 1,722,860 0.03

Huarong Finance 2017 Co Ltd 3.02039% 27 Apr 2022 6,000,000 8,277,264 0.17

Huarong Finance 2017 Co Ltd EMTN 4.25% 7 Nov 2027 6,000,000 8,770,233 0.18

Huarong Finance 2017 Co Ltd EMTN FRN 7 Nov 2022 4,000,000 5,411,678 0.11

Huarong Finance 2019 Co Ltd EMTN 3.875% 13 Nov 2029 13,000,000 18,592,487 0.37

Huarong Finance 2019 Co Ltd EMTN 4.5% 29 May 2029 4,000,000 5,974,832 0.12

Huarong Finance 2019 Co Ltd EMTN FRN 24 Feb 2025 3,368,000 4,325,583 0.09

JD.com Inc 3.375% 14 Jan 2030 1,691,000 2,528,047 0.05

JD.com Inc 4.125% 14 Jan 2050 5,500,000 8,368,404 0.17

Lenovo Group Ltd Convertible Bond 3.375% 24 Jan 2024 8,485,000 11,848,836 0.24

Logan Property Hldg Co Ltd 6.375% 7 Mar 2021 2,250,000 3,174,175 0.06

Logan Property Hldg Co Ltd 7.5% 25 Aug 2022 4,941,000 7,185,892 0.15

Longfor Group Hldg Ltd 3.9% 16 Apr 2023 1,600,000 2,326,943 0.05

Longfor Group Hldg Ltd 3.95% 16 Sep 2029 4,596,000 6,684,145 0.13

Longfor Properties Co Ltd 3.875% 13 Jul 2022 9,000,000 12,966,892 0.26



14

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

CHINA (continued)

Minmetals Bounteous Finance BVI Ltd 4.2% 27 Jul 2026 7,400,000 11,481,652 0.23

Minmetals Bounteous Finance BVI Ltd 4.75% 30 Jul 2025 1,800,000 2,818,196 0.06

Overseas Chinese Town Asia Hldg Ltd Var Perp 7,300,000 10,209,223 0.21

PetroChina Co Ltd MTN 3.45% 12 May 2021 10,000,000 1,985,875 0.04

Powerlong Real Estate Hldg Ltd 5.95% 19 Jul 2020 3,500,000 4,876,572 0.10

Powerlong Real Estate Hldg Ltd 6.95% 23 Jul 2023 3,739,000 5,268,253 0.11

Powerlong Real Estate Hldg Ltd 7.125% 8 Nov 2022 3,134,000 4,443,133 0.09

Ronshine China Hldg Ltd 7.35% 15 Dec 2023 3,000,000 4,221,770 0.09

Ronshine China Hldg Ltd 8.1% 9 Jun 2023 1,000,000 1,438,645 0.03

Ronshine China Hldg Ltd 8.75% 25 Oct 2022 5,000,000 7,306,574 0.15

Ronshine China Hldg Ltd 8.95% 22 Jan 2023 7,600,000 11,145,752 0.23

Ronshine China Hldg Ltd 10.5% 1 Mar 2022 3,847,000 5,708,888 0.12

Shimao Property Hldg Ltd 5.6% 15 Jul 2026 8,317,000 12,255,279 0.25

Shimao Property Hldg Ltd 6.125% 21 Feb 2024 7,000,000 10,339,064 0.21

Shimao Property Hldg Ltd 6.375% 15 Oct 2021 7,200,000 10,446,134 0.21

SIHC Intl Capital Ltd 4.35% 26 Sep 2023 5,000,000 7,496,406 0.15

Sinochem Intl Development Pte Ltd 3.125% 25 Jul 2022 4,500,000 6,409,714 0.13

Sinopec Group Overseas Development 2016 Ltd 4.25% 3 May 2046 2,000,000 3,390,111 0.07

Sinopec Group Overseas Development 2017 Ltd 4% 13 Sep 2047 4,000,000 6,555,870 0.13

Sinopec Group Overseas Development 2018 Ltd 2.7% 13 May 2030 8,372,000 12,031,007 0.24

Sinopec Group Overseas Development 2018 Ltd 3.44% 12 Nov 2049 9,623,000 14,462,493 0.28

Sinosing Service Pte Ltd 2.625% 20 Feb 2030 3,116,000 4,357,843 0.09

Smart Insight Intl Ltd Convertible Bond 4.5% 5 Dec 2023 32,000,000 6,464,708 0.13

SPIC Luxembourg Latam Renewable Energy Investment Co

4.65% 30 Oct 2023 2,410,000 3,608,880 0.07

Sunac China Hldg Ltd 7.5% 1 Feb 2024 6,500,000 9,113,164 0.18

Tencent Hldg Ltd 2.39% 3 Jun 2030 4,365,000 6,134,482 0.12

Tencent Hldg Ltd 3.24% 3 Jun 2050 2,456,000 3,457,781 0.07

Tencent Hldg Ltd 3.595% 19 Jan 2028 8,904,000 13,515,675 0.27

Three Gorges Finance I (Cayman Islands) Ltd 3.2%

16 Oct 2049 4,800,000 7,006,711 0.14




15

Primary (continued)

Percentage

of total net

assets

Holdings

at

Fair value

at

attributable

to

unitholders

at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

CHINA (continued)

Times China Hldg Ltd 5.75% 26 Apr 2022 4,000,000 5,608,101 0.11

Times China Hldg Ltd 6.25% 17 Jan 2021 2,900,000 4,070,930 0.08

Times China Hldg Ltd 6.75% 16 Jul 2023 1,000,000 1,426,439 0.03

Times China Hldg Ltd 7.625% 21 Feb 2022 3,000,000 4,310,705 0.09

Vanke Real Estate Hong Kong Co Ltd EMTN 3.5%

12 Nov 2029 5,000,000 7,221,895 0.15


9 Nov 2027 3,200,000 4,762,254 0.10


7 Jun 2024 2,998,000 4,459,232 0.09


11 Mar 2024 5,000,000 7,707,651 0.16

Vanke Real Estate Hong Kong Co Ltd EMTN FRN

25 May 2023 4,651,000 6,400,590 0.13

Voyage Bonds Ltd 3.375% 28 Sep 2022 900,000 1,292,144 0.03

Weichai Intl Hong Kong Energy Group Co Ltd Var Perp 6,000,000 8,328,449 0.17

Westwood Group Hldg Ltd EMTN 4.875% 19 Apr 2021 3,260,000 4,618,741 0.09

Wisdom Glory Group Ltd Var Perp 3,400,000 4,743,170 0.10

Yuzhou Properties Co Ltd 6.375% 6 Mar 2021 6,000,000 8,401,689 0.17

Yuzhou Properties Co Ltd 8.3% 27 May 2025 6,000,000 8,317,986 0.17

Yuzhou Properties Co Ltd 8.375% 30 Oct 2024 626,000 888,584 0.02

Zhenro Properties Group Ltd 7.875% 14 Apr 2024 1,500,000 1,998,409 0.04

Zhenro Properties Group Ltd 8.3% 15 Sep 2023 4,518,000 6,216,172 0.13

Zhenro Properties Group Ltd 8.65% 21 Jan 2023 6,000,000 8,454,003 0.17

Zhenro Properties Group Ltd 9.15% 6 May 2023 700,000 996,066 0.02

Zhenro Properties Group Ltd 12.5% 2 Jan 2021 775,000 1,117,653 0.02

Zoomlion HK SPV Co Ltd 6.125% 20 Dec 2022 2,800,000 3,998,911 0.08

864,298,609 17.44

COLOMBIA

Bancolombia SA Var 18 Dec 2029 3,461,000 4,576,812 0.09

Millicom Intl Cellular SA 6% 15 Mar 2025 3,900,000 5,593,715 0.11

Millicom Intl Cellular SA 6.625% 15 Oct 2026 7,200,000 10,785,132 0.22

20,955,659 0.42



16

Primary (continued)

Percentage

of total net

assets

Holdings

at

Fair value

at

attributable

to

unitholders

at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

HONG KONG

AIA Group Ltd 3.6% 9 Apr 2029 4,000,000 6,149,431 0.12

AIA Group Ltd 3.9% 6 Apr 2028 4,059,000 6,317,434 0.13

AIA Group Ltd 4.5% 16 Mar 2046 6,800,000 11,311,227 0.23

AIA Group Ltd 4.875% 11 Mar 2044 700,000 1,245,082 0.03

Castle Peak Power Finance Co Ltd EMTN 2.2% 22 Jun 2030 2,788,000 3,904,626 0.08

Celestial Dynasty Ltd 4.25% 27 Jun 2029 4,700,000 6,546,572 0.13

CLP Power Hong Kong Financing Ltd EMTN 2.125%

30 Jun 2030 2,281,000 3,178,975 0.06

CLP Power Hong Kong Financing Ltd EMTN 2.5%

30 Jun 2035 3,395,000 4,717,984 0.10

Cosco Pacific Finance 2013 Co Ltd 4.375% 31 Jan 2023 2,000,000 2,887,419 0.06

HKT Capital No. 4 Ltd 3% 14 Jul 2026 3,500,000 5,041,264 0.10

Li & Fung Ltd EMTN 4.375% 4 Oct 2024 4,000,000 5,498,339 0.11

Link 2019 CB Ltd Convertible Bond 1.6% 3 Apr 2024 11,000,000 1,932,437 0.04

New World China Land Ltd 4.75% 23 Jan 2027 3,000,000 4,289,046 0.09

NWD Finance BVI Ltd 5.75% Perp 4,500,000 6,183,748 0.12

NWD Finance BVI Ltd Var Perp 4,657,000 6,699,771 0.14

OVPH Ltd 5.875% Perp 5,750,000 8,121,807 0.16

Sun Hung Kai Properties Capital Market Ltd EMTN 2.75%

13 May 2030 5,000,000 7,092,469 0.14


21 Jan 2030 1,200,000 1,717,619 0.03


25 Feb 2029 2,000,000 3,053,820 0.06

Swire Properties MTN Financing Ltd EMTN 3.5% 10 Jan 2028 5,000,000 7,457,693 0.15

Towngas Finance Ltd 4.75% Perp 8,000,000 11,532,432 0.24

WTT Investment Ltd / Hong Kong 5.5% 21 Nov 2022 7,996,000 11,269,424 0.23

126,148,619 2.55




17

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

INDIA

Azure Power Energy Ltd 5.5% 3 Nov 2022 3,800,000 5,380,708 0.11

Azure Power Solar Energy Pvt Ltd 5.65% 24 Dec 2024 1,814,000 2,556,695 0.05

Greenko Mauritius Ltd 6.25% 21 Feb 2023 9,000,000 12,618,227 0.25

Greenko Solar Mauritius Ltd 5.55% 29 Jan 2025 2,481,000 3,417,855 0.07

Indian Oil Corp Ltd 4.75% 16 Jan 2024 10,000,000 14,693,085 0.30

Indian Oil Corp Ltd 5.75% 1 Aug 2023 3,000,000 4,520,255 0.09

Oil India Intl Pte Ltd 4% 21 Apr 2027 7,200,000 10,075,899 0.20

Oil India Ltd 5.375% 17 Apr 2024 4,500,000 6,710,794 0.14

ONGC Videsh Vankorneft Pte Ltd 3.75% 27 Jul 2026 7,000,000 10,093,124 0.20

Reliance Hldg USA Inc 6.25% 19 Oct 2040 6,931,000 12,684,349 0.26

Reliance Ind Ltd 3.667% 30 Nov 2027 7,600,000 11,479,250 0.23

ReNew Power Pvt Ltd 6.45% 27 Sep 2022 9,500,000 13,236,409 0.27

ReNew Power Synthetic 6.67% 12 Mar 2024 3,805,000 5,381,153 0.11

112,847,803 2.28

INDONESIA

APL Realty Hldg Pte Ltd 5.95% 2 Jun 2024 4,709,000 3,514,570 0.07

Indonesia Eximbank EMTN 3.875% 6 Apr 2024 3,000,000 4,327,445 0.09

Indonesia Government Intl Bond 2.85% 14 Feb 2030 10,770,000 15,408,051 0.32

Indonesia Government Intl Bond 3.4% 18 Sep 2029 3,000,000 4,459,175 0.09

Indonesia Government Intl Bond 3.5% 11 Jan 2028 2,500,000 3,713,433 0.07





Listrindo Capital BV 4.95% 14 Sep 2026 5,000,000 7,045,003 0.14

LLPL Capital Pte Ltd 6.875% 4 Feb 2039 3,419,000 5,032,136 0.10

Medco Bell Pte Ltd 6.375% 30 Jan 2027 385,000 454,516 0.01

Medco Oak Tree Pte Ltd 7.375% 14 May 2026 3,245,000 4,187,417 0.08

Minejesa Capital BV 4.625% 10 Aug 2030 8,000,000 11,379,646 0.23

Minejesa Capital BV 5.625% 10 Aug 2037 2,000,000 2,880,778 0.06

PB Intl BV 7.625% 26 Jan 2022 2,225,000 2,762,548 0.06

Perusahaan Penerbit SBSN Indonesia III 4.15%

29 Mar 2027 5,000,000 7,603,023 0.15



18

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

INDONESIA (continued)

Perusahaan Penerbit SBSN Indonesia III 4.45% 20 Feb 2029 19,000,000 29,786,061 0.61

PT ABM Investama Tbk 7.125% 1 Aug 2022 8,640,000 8,105,799 0.16

PT Indonesia Asahan Aluminium Persero 4.75% 15 May 2025 10,000,000 14,979,349 0.30



PT Pertamina Persero 4.175% 21 Jan 2050 6,000,000 8,433,077 0.17

PT Pertamina Persero 4.7% 30 Jul 2049 5,000,000 7,538,819 0.15

PT Pertamina Persero 5.625% 20 May 2043 3,000,000 4,870,468 0.10

PT Perusahaan Gas Negara Persero Tbk 5.125% 16 May 2024 5,000,000 7,319,653 0.15

PT Perusahaan Listrik Negara 3% 30 Jun 2030 3,456,000 4,785,133 0.10

PT Perusahaan Listrik Negara 4% 30 Jun 2050 2,812,000 3,868,941 0.08

PT Perusahaan Listrik Negara 4.875% 17 Jul 2049 2,054,000 3,130,485 0.06

PT Perusahaan Listrik Negara 5.25% 15 May 2047 2,000,000 3,145,838 0.06

PT Sri Rejeki Isman Tbk 7.25% 16 Jan 2025 7,334,000 9,617,419 0.19

220,815,167 4.46

ISRAEL

Ireland Government Bond 3.8% 13 May 2060 4,466,000 7,252,747 0.15

JAPAN

Nomura Hldg Inc 3.103% 16 Jan 2030 6,354,000 9,228,938 0.19

KUWAIT

Al Ahli Bank of Kuwait KSCP Var Perp 6,100,000 8,480,659 0.17

Burgan Bank SAK Var Perp 6,943,000 9,669,269 0.21

Equate Petrochemical BV 3% 3 Mar 2022 4,700,000 6,638,301 0.13

Equate Petrochemical BV 4.25% 3 Nov 2026 5,487,000 8,109,248 0.16

MEGlobal Canada ULC 5% 18 May 2025 5,000,000 7,541,989 0.15

MEGlobal Canada ULC 5.875% 18 May 2030 2,311,000 3,675,315 0.07

NBK Tier 1 Financing 2 Ltd Var Perp 5,300,000 7,046,295 0.14

51,161,076 1.03

MACAO

MGM China Hldg Ltd 5.25% 18 Jun 2025 1,754,000 2,504,409 0.05




19

Primary (continued)

Percentage

of total net

assets

Holdings

at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ % Quoted Fixed income

MALAYSIA

Cindai Capital Ltd Convertible Bond 8 Feb 2023 1,376,000 1,896,794 0.04

Petronas Capital Ltd 3.5% 21 Apr 2030 5,042,000 7,818,355 0.16

Petronas Capital Ltd 4.55% 21 Apr 2050 4,650,000 8,284,230 0.16

Petronas Capital Ltd 4.8% 21 Apr 2060 392,000 751,050 0.02

Press Metal Labuan Ltd 4.8% 30 Oct 2022 1,888,000 2,459,362 0.05

Serba Dinamik Hldg Bhd 6.3% 9 May 2022 4,389,000 4,867,685 0.10

26,077,476 0.53

MEXICO

Alpha Hldg SA de CV 9% 10 Feb 2025 7,740,000 9,690,924 0.20

Alpha Hldg SA de CV 10% 19 Dec 2022 1,600,000 2,075,834 0.04

Credito Real SAB de CV SOFOM ER 9.5% 7 Feb 2026 2,500,000 3,583,535 0.07

Grupo Bimbo SAB de CV Var Perp 7,881,000 11,436,363 0.22

Grupo Televisa SAB 5.25% 24 May 2049 2,000,000 3,247,833 0.07

Operadora de Servicios Mega SA de CV Sofom ER 8.25% 11 Feb 2025 7,099,000 9,259,735 0.19

Trust F/1401 4.869% 15 Jan 2030 3,635,000 5,134,655 0.10

Trust F/1401 6.39% 15 Jan 2050 4,625,000 6,811,721 0.14

51,240,600 1.03

OMAN

Lamar Funding Ltd 3.958% 7 May 2025 7,000,000 9,179,429 0.19

PERU

Inkia Energy Ltd 5.875% 9 Nov 2027 2,653,000 3,677,936 0.07

Petroleos del Peru SA 4.75% 19 Jun 2032 4,000,000 6,219,953 0.13

VM Hldg SA 5.375% 4 May 2027 4,800,000 6,495,353 0.13

16,393,242 0.33

PHILIPPINES

AYC Finance Ltd 5.125% Var Perp 1,000,000 1,409,001 0.03

Bank of the Philippine Islands EMTN 4.25% 4 Sep 2023 3,000,000 4,458,252 0.09

ICTSI Treasury BV EMTN 4.625% 16 Jan 2023 200,000 286,613 0.01

ICTSI Treasury BV EMTN 5.875% 17 Sep 2025 2,900,000 4,372,169 0.09

Intl Container Terminal Services Inc 4.75% 17 Jun 2030 3,806,000 5,362,656 0.11

Philippine Government Intl Bond 2.457% 5 May 2030 2,389,000 3,506,350 0.07

Philippine Government Intl Bond 3% 1 Feb 2028 8,000,000 12,078,399 0.24

Philippine Government Intl Bond 3.75% 14 Jan 2029 12,137,000 19,413,243 0.39

PLDT Inc 2.5% 23 Jan 2031 2,541,000 3,605,545 0.07

PLDT Inc 3.45% 23 Jun 2050 3,800,000 5,353,910 0.11

Royal Capital BV Var Perp (Issued on 26 Aug 2015) 5,900,000 8,117,622 0.16

67,963,760 1.37



20

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

QATAR

ABQ Finance Ltd EMTN 3.125% 24 Sep 2024 2,500,000 3,569,096 0.07

AKCB Finance Ltd 4.75% 9 Oct 2023 4,000,000 5,913,505 0.12

Qatar Government Intl Bond 3.75% 16 Apr 2030 3,578,000 5,694,877 0.11

Qatar Government Intl Bond 4.4% 16 Apr 2050 3,576,000 6,152,467 0.12

QNB Finance Ltd EMTN 2.75% 12 Feb 2027 5,000,000 7,140,284 0.15

28,470,229 0.57

RUSSIAN FEDERATION

Gazprom PJSC via Gaz Finance PLC 3.25% 25 Feb 2030 6,909,000 9,746,832 0.20

SINGAPORE

CMT MTN Pte Ltd EMTN 3.609% 4 Apr 2029 5,000,000 7,395,997 0.15

DBS Group Hldg Ltd GMTN Var Perp 4,193,000 5,828,504 0.12

Oversea-Chinese Banking Corp Ltd 4.25% 19 Jun 2024 1,000,000 1,520,302 0.03

United Overseas Bank Ltd EMTN Var Perp 4,303,000 6,151,652 0.12

20,896,455 0.42

SOUTH KOREA

Kookmin Bank GMTN 4.5% 1 Feb 2029 4,000,000 6,301,022 0.13

Shinhan Bank Co Ltd 3.875% 24 Mar 2026 2,700,000 4,119,117 0.08

Shinhan Bank Co Ltd 4% 23 Apr 2029 2,511,000 3,890,609 0.08

14,310,748 0.29

SPAIN

AI Candelaria Spain SLU 7.5% 15 Dec 2028 5,000,000 7,062,441 0.14

SUPRANATIONAL

African Export-Import BA 3.994% 21 Sep 2029 4,567,000 6,297,511 0.13

TAIWAN

Formosa Group Cayman Ltd 3.375% 22 Apr 2025 6,000,000 8,935,295 0.18




21

Primary (continued)

Percentage

of total net

assets

Holdings

at

Fair value

at

attributable

to

unitholders

at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

THAILAND

Bangkok Bank PCL / Hong Kong 4.45% 19 Sep 2028 1,230,000 1,969,291 0.04

Bangkok Bank PCL / Hong Kong Var 25 Sep 2034 10,000,000 13,357,883 0.27

PTTEP Treasury Center Co Ltd 2.993% 15 Jan 2030 6,500,000 9,519,022 0.19

PTTEP Treasury Center Co Ltd 3.903% 6 Dec 2059 1,350,000 2,004,306 0.04

Siam Commercial Bank PCL/Cayman Islands GMTN 4.4%

11 Feb 2029 13,000,000 20,765,319 0.42

47,615,821 0.96

UNITED ARAB EMIRATES

Abu Dhabi Crude Oil Pipeline LLC 4.6% 2 Nov 2047 2,700,000 4,449,432 0.09

Abu Dhabi Government Intl Bond 3.125% 16 Apr 2030 3,375,000 5,174,356 0.10

Abu Dhabi National Energy Co PJSC 4.375% 23 Apr 2025 4,500,000 7,008,854 0.14

Aldar Sukuk Ltd 4.75% 29 Sep 2025 2,500,000 3,751,987 0.08

Emaar Sukuk Ltd 3.635% 15 Sep 2026 1,500,000 1,986,084 0.04

Emaar Sukuk Ltd EMTN 3.875% 17 Sep 2029 4,116,000 5,335,490 0.11

Emirates NBD 2014 Tier 1 Ltd 6.375% Perp 6,400,000 8,917,160 0.18

Emirates NBD Bank PJSC Var Perp 5,000,000 7,036,283 0.14

MAF Global Securities Ltd 4.75% 7 May 2024 4,300,000 6,328,644 0.13

MAF Global Securities Ltd Var Perp 7,350,000 9,830,656 0.20

MAF Sukuk Ltd 4.5% 3 Nov 2025 4,098,000 6,070,335 0.12

MDGH - GMTN BV 3.7% 7 Nov 2029 6,000,000 8,866,646 0.18

Senaat Sukuk Ltd 4.76% 5 Dec 2025 2,625,000 3,996,164 0.08

78,752,091 1.59

UNITED KINGDOM

CK Hutchison Capital Securities 17 Ltd Var Perp 2,175,000 3,056,991 0.06

CK Hutchison Intl 17 Ltd 3.5% 5 Apr 2027 7,000,000 10,669,719 0.22

CK Hutchison Intl 20 Ltd 2.5% 8 May 2030 1,527,000 2,185,394 0.04

CK Hutchison Intl 20 Ltd 3.375% 8 May 2050 1,701,000 2,571,205 0.05

18,483,309 0.37



22

Primary (continued)

Percentage

of total net

assets

Holdings

at

Fair value

at

attributable

to

unitholders

at

30 Jun 2020 30 Jun 2020 30 Jun 2020

By geography $ %

Quoted

Fixed income

UNITED STATES OF AMERICA

Hyundai Capital America 5.75% 6 Apr 2023 11,038,000 16,869,456 0.34

Accrued interest on fixed income securities 26,224,125 0.53

Total Fixed income 2,083,318,493 42.06

Portfolio of investments 4,699,919,022 94.88

Other net assets 253,533,842 5.12

Net assets attributable to unitholders 4,953,452,864 100.00

Legend :

NVDR : Non-Voting Depository Receipts

(F) : Foreign

* Less than 0.01




23

Primary (continued)

Percentage Percentage of total net of total net assets

attributable to

unitholders at

assets attributable

to unitholders

at 30 Jun 2020 31 Dec 2019

By geography (summary) % %

Quoted

Australia 13.76 13.56

Bahrain 0.10 0.14

Brazil 1.31 1.07

Cambodia 0.20 0.07

Chile 0.87 0.46

China 21.42 19.56

Colombia 0.42 0.37

Hong Kong 10.43 11.34

India 6.35 5.24

Indonesia 5.34 4.29

Israel 0.15 -

Japan 0.66 0.55

Kuwait 1.03 0.72

Luxembourg 5.43 3.02

Macao 0.53 1.26

Malaysia 0.53 0.43

Mexico 1.03 0.42

New Zealand 0.88 0.75

Oman 0.19 -

Peru 0.33 0.31

Philippines 1.37 1.42

Qatar 0.57 0.16

Russian Federation 0.20 -

Saudi Arabia - 0.18

Singapore 11.58 16.21

South Korea 1.91 1.64

Spain 0.14 -

Supranational 0.13 0.40

Taiwan 1.83 1.67

Thailand 3.30 3.88



24

Primary (continued)

Percentage Percentage of total net of total net assets

attributable to

unitholders at

assets attributable

to unitholders

at 30 Jun 2020 31 Dec 2019

By geography (summary) % %

Quoted

United Arab Emirates 1.59 2.20

United Kingdom 0.43 0.62

United States of America 0.34 0.87

Vietnam - 0.05

Accrued interest on fixed income securities 0.53 0.45

Portfolio of investments 94.88 93.31

Other net assets 5.12 6.69

Net assets attributable to unitholders 100.00 100.00




25

Secondary

Percentage Percentage of total net of total net

Fair value at

assets attributable

to unitholders

at

assets attributable

to unitholders

at 30 Jun 2020 30 Jun 2020 31 Dec 2019

By industry $ % %

Automobiles & Components 16,869,456 0.34 0.11

Bank 458,419,840 9.25 13.77

Chemicals/Petrochemicals 34,906,838 0.70 0.80 Collective investment scheme - Equities 214,397,596 4.33 1.19 Collective investment scheme - Fixed income 2,134,997 0.04 0.04 Collective investment scheme - Multi-Asset 52,462,949 1.06 1.79

Computer/Software 11,848,836 0.24 -

Construction & Engineering 19,398,705 0.39 0.52

Consumer Durables 9,309,120 0.19 0.46

Diversified Financial Services 11,147,624 0.23 0.35

Education Services - - 0.08

Energy 50,545,107 1.02 0.95

Finance 68,943,781 1.39 0.83

Food & Beverage 30,041,581 0.61 0.20

Government 154,888,776 3.13 3.08

Health Care/Pharmaceuticals 3,092,721 0.06 -

Hotel & Leisure 35,786,437 0.72 1.48

Industrial Machinery - - 0.07

Insurance 41,624,435 0.84 0.82

Internet Services 38,641,910 0.78 -

Investment 12,013,775 0.24 0.95

Material 6,202,283 0.13 0.11

Media 3,247,833 0.07 -

Metals & Mining 158,442,610 3.20 1.54

Miscellaneous 616,572,938 12.45 11.02

Oil & Gas 208,001,038 4.20 4.17



26

Secondary (continued)


Fair value at

assets attributable

to unitholders

at

assets attributable

to unitholders

at 30 Jun 2020 30 Jun 2020 31 Dec 2019

By industry $ % %

Real Estate 1,138,746,425 22.98 25.90

Retail 15,115,758 0.31 0.38

Semiconductor 81,892,599 1.65 1.52

Technology Hardware & Equipment 41,933,964 0.85 0.25

Telecommunications 395,195,196 7.98 6.63

Transportation & Logistics 69,424,806 1.40 1.90

Utilities 672,444,963 13.57 11.95

Accrued interest on fixed income securities 26,224,125 0.53 0.45

Portfolio of investments 4,699,919,022 94.88 93.31

Other net assets 253,533,842 5.12 6.69

Net assets attributable to unitholders 4,953,452,864 100.00 100.00



Annual Report and Financial Statements

27

Secondary (continued)


Fair value at

assets attributable

to unitholders

at

assets attributable

to unitholders

at 30 Jun 2020 30 Jun 2020 31 Dec 2019

By credit rating $ % %

AAA / Aaa - - 0.19

AA+ / Aa1 - - 0.10

AA / Aa2 18,490,434 0.37 0.79

AA- / Aa3 30,013,571 0.61 0.07

A+ / A1 127,453,198 2.57 2.89

A / A2 129,626,375 2.62 2.08

A- / A3 129,796,289 2.62 2.02

BBB+ / Baa1 371,037,223 7.48 6.57

BBB / Baa2 340,172,842 6.87 5.72

BBB- / Baa3 243,562,786 4.92 4.64

BB+ / Ba1 53,400,152 1.08 0.77

BB / Ba2 85,804,925 1.73 1.58

BB- / Ba3 169,305,227 3.42 2.60

B+ / B1 109,728,312 2.22 1.99

B / B2 95,001,472 1.92 1.68

B- / B3 13,086,226 0.26 0.25

CCC+ / Caa1 - - 0.04

Not rated debt securities 140,615,336 2.84 3.28 Non credit-rated investments: - Collective investment schemes 268,995,542 5.43 3.02

- Equities 2,347,604,987 47.39 52.58

Accrued interest on fixed income securities 26,224,125 0.53 0.45

Portfolio of investments 4,699,919,022 94.88 93.31

Other net assets 253,533,842 5.12 6.69

Net assets attributable to unitholders 4,953,452,864 100.00 100.00

SCHRODER ASIAN INCOME (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January 2006 UNITS IN ISSUE For the financial period ended 30 June 2020 (Unaudited)


28

Class SGD A Distribution 30 Jun 2020 31 Dec 2019 Units Units

At the beginning of the financial period/year 1,740,227,152 1,571,783,061 Created 189,274,178 575,374,311 Cancelled (281,214,818) (406,930,220)

At the end of the financial period/year 1,648,286,512 1,740,227,152

$ $ Net assets attributable to unitholders 1,662,091,620 1,932,477,676

Net assets attributable to unitholders per unit 1.01 1.11

Class SGD C Distribution (formerly known as Class SGD C Accumulation) 30 Jun 2020 31 Dec 2019

Units Units

At the beginning of the financial period/year 937 1,000

Created - 937

Cancelled - (1,000)

At the end of the financial period/year 937 937

$ $

Net assets attributable to unitholders 935 1,007


Class SGD X Distribution 30 Jun 2020 31 Dec 2019 Units Units

At the beginning of the financial period/year 2,515,492,607 1,826,436,736 Created 189,939,418 850,945,199 Cancelled (148,061,435) (161,889,328)

At the end of the financial period/year 2,557,370,590 2,515,492,607

$ $ Net assets attributable to unitholders 2,589,410,647 2,804,923,866





29

Class AUD Hedged A Distribution 30 Jun 2020 31 Dec 2019 Units Units

At the beginning of the financial period/year 359,223,795 279,283,890 Created 35,966,621 171,432,192 Cancelled (56,964,715) (91,492,287)

At the end of the financial period/year 338,225,701 359,223,795

AU$ AU$ Net assets attributable to unitholders 307,316,320 361,153,943


Class EUR Hedged A Accumulation 30 Jun 2020 31 Dec 2019

Units Units

At the beginning of the financial period/year 3,080,018 593,196

Created 422,860 3,839,755

Cancelled (876,044) (1,352,933)


EUR EUR

Net assets attributable to unitholders 2,505,551 3,182,887


Class GBP Hedged A Distribution 30 Jun 2020 31 Dec 2019

Units Units

At the beginning of the financial period/year 13,466,526 8,442,426

Created 1,356,216 6,135,330

Cancelled (938,746) (1,111,230)


GBP GBP





30

Class USD Hedged A Accumulation 30 Jun 2020 31 Dec 2019

Units Units

At the beginning of the financial period/year 14,883,655 42,727

Created 2,913,192 19,392,926

Cancelled (6,674,574) (4,551,998)


US$ US$ Net assets attributable to unitholders 11,442,928 16,435,186


Class USD Hedged A Distribution 30 Jun 2020 31 Dec 2019

Units Units

At the beginning of the financial period/year 349,613,923 307,523,728

Created (45,748,910) 166,808,099

Cancelled (85,779,185) (124,717,904)


US$ US$



Class USD Hedged C Accumulation 30 Jun 2020 31 Dec 2019

Units Units

At the beginning of the financial period/year 929 1,108

Created - 929

Cancelled - (1,108)

At the end of the financial period/year 929 929

US$ US$

Net assets attributable to unitholders 944 1,010





31

The Fund currently offers 9 Classes of units, namely Class SGD A Distribution units, Class SGD C Distribution (formerly known as Class SGD C Accumulation) units, Class SGD X Distribution units, Class AUD Hedged A Distribution units, Class EUR Hedged A Accumulation units, Class GBP Hedged A Distribution units, Class USD Hedged A Accumulation units, Class USD Hedged A Distribution units and Class USD Hedged C Accumulation units. All 9 Classes of units constitute the Fund and have different features. The key differences between the Classes are the currency of denomination and distribution policy applicable to each Class. The Class AUD Hedged A Dis, Class EUR Hedged A Acc, Class GBP Hedged A Dis, Class USD Hedged A Acc, Class USD Hedged A Dis and Class USD Hedged C Acc are subject to foreign exchange risk against the Fund’s functional currency. Net assets attributable to unitholders (“NAV”) is apportioned between all 9 Classes of units based on the proportion of NAV of each Class, which is determined by computing the equivalent number of units of Class SGD A Dis, Class SGD C Dis, Class SGD X Dis, Class AUD Hedged A Dis, Class EUR Hedged A Acc, Class GBP Hedged A Dis, Class USD Hedged A Acc, Class USD Hedged A Dis and Class USD Hedged C Acc units in issue. Any expense, income and/or gain which is attributable to a particular Class shall be deducted from or added to the net assets attributable to that Class. Acc : Accumulation Dis : Distribution

SCHRODER ASIAN INCOME (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January 2006 FINANCIAL RATIOS For the financial period ended 30 June 2020 (Unaudited)



32

30 Jun 2020

Class SGD

A Dis Class SGD

C Dis Class SGD

X Dis

Class AUD Hedged

A Dis

Class EUR Hedged A Acc

Expense ratio1

(excluding underlying funds’ unaudited expense ratio) 1.44% 0.76% 1.44% 1.44% 1.44%

Expense ratio2

(including underlying funds’ unaudited expense ratio) 1.44% 0.76% 1.44% 1.44% 1.45%

30 Jun 2020 Class GBP

Hedged A Dis

Class USD Hedged A Acc

Class USD Hedged A Dis

Class USD Hedged C Acc

Expense ratio1

(excluding underlying funds’ unaudited expense ratio) 1.44% 1.44% 1.44% 0.68% Expense ratio2

(including underlying funds’ unaudited expense ratio) 1.44% 1.44% 1.45% 0.68%

30 Jun 2019

Class SGD

A Dis Class SGD

C Acc Class SGD

X Dis

Class AUD Hedged

A Dis

Class EUR Hedged A Acc

Expense ratio1

(excluding underlying funds’ unaudited expense ratio) 1.44% 0.86% 1.44% 1.44% 1.45%

Expense ratio2

(including underlying funds’ unaudited expense ratio) 1.44% 0.86% 1.44% 1.45% 1.46%

30 Jun 2019 Class GBP

Hedged A Dis

Class USD Hedged A Acc

Class USD Hedged A Dis

Class USD Hedged C Acc

Expense ratio1

(excluding underlying funds’ unaudited expense ratio) 1.44% 1.49% 1.44% 0.87% Expense ratio2

(including underlying funds’ unaudited expense ratio) 1.45% 1.49% 1.44% 0.87%




33

30 Jun 2020 30 Jun 2019 Fund Fund

Turnover ratio3 32.45% 20.33% 1

The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the average net asset values for each Class for the year. The total operating expenses do not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. Expenses which are common to all Classes are apportioned based on the proportion of NAV of each Class. The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are disclosed below. The average net asset values are based on the daily balances. The Fund invests in real estate investment trusts (REITs), for which the expense ratios are not available or published. The expense ratio of the Fund does not include the expense ratios of those underlying REITs.

30 Jun 2020

Expense ratio calculations

Class SGD

A Dis

Class SGD

C Dis

Class SGD

X Dis

Class AUD

Hedged

A Dis

Class EUR

Hedged

A Acc

$ $ $ $ $

Total operating expenses 26,379,840 8 37,464,004 4,520,946 72,588

Average net asset value 1,829,763,466 1,005 2,598,510,646 313,645,523 5,027,768

30 Jun 2020


Class GBP

Hedged

A Dis

Class USD

Hedged

A Acc

Class USD

Hedged

A Dis

Class USD

Hedged

C Acc

$ $ $ $

Total operating expenses 312,460 285,217 5,947,698 10

Average net asset value 21,681,024 19,778,583 412,345,205 1,421




34

30 Jun 2019


Class SGD

A Dis

Class SGD

C Acc

Class SGD

X Dis

Class AUD

Hedged

A Dis

Class EUR

Hedged

A Acc

$ $ $ $ $

Total operating expenses 24,947,033 9 29,452,785 4,018,400 27,321

Average net asset value 1,731,190,229 1,005 2,043,627,230 278,790,607 1,881,525

30 Jun 2019


Class GBP

Hedged

A Dis

Class USD

Hedged

A Acc

Class USD

Hedged

A Dis

Class USD

Hedged

C Acc

$ $ $ $

Total operating expenses 215,855 32,395 5,550,856 13

Average net asset value 14,974,116 2,173,461 385,375,165 1,529

2 The expense ratio is the sum of the Fund’s expense ratio and the weighted average of the

underlying funds’ unaudited expense ratios. The unaudited expense ratios of the underlying funds domiciled in Luxembourg are obtained from Schroder Investment Management (Europe) SA. There is no requirement for the expense ratios of those underlying funds domiciled in Luxembourg to be published or audited.

3 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the underlying investments divided by the average daily net asset value.

30 Jun 2020 30 Jun 2019 Turnover ratio calculations Fund Fund $ $ Lower of purchases or sales 1,668,448,643 (purchases) 926,034,209 (sales) Average net asset value 5,141,971,087 4,555,054,492

REPORT TO UNITHOLDERS 30 June 2020



35

The following is a report on the Schroder Asian Income (the “Fund”): 1. Top 10 holdings of the Fund as at 30 June 2020:

Fair value

Percentage of total net

assets attributable

to unitholders

$ % NTPC Ltd 144,526,302 2.91 HK Electric Investments and HK Electric Investments Ltd Stapled Shares 128,260,059 2.58 SISF - Asian Equity Yield I Acc 100,057,233 2.03 AusNet Services 91,999,485 1.85 SISF - China A I Acc 82,935,639 1.67 Power Assets Hldg Ltd 81,046,327 1.64 Singapore Telecommunications Ltd 74,448,456 1.51 Ascendas Real Estate Investment Trust 67,982,374 1.38 Mapletree Commercial Trust 67,028,556 1.35 HKT Trust and HKT Ltd Stapled Shares 65,996,694 1.33

Top 10 holdings of the Fund as at 30 June 2019:

Fair value


assets attributable

to unitholders

$ % Link REIT 102,485,112 2.11 Mapletree Commercial Trust 99,851,892 2.04 Mapletree North Asia Commercial Trust 99,628,648 2.04 Ascendas Real Estate Investment Trust 98,048,808 2.01 SISF - Emerging Multi-Asset Income I Acc 96,017,593 1.97 CapitaLand Commercial Trust 94,250,163 1.93 HK Electric Investments and HK Electric Investments Ltd Stapled Shares 93,196,314 1.91 Fortune REIT 82,714,688 1.69 Mapletree Industrial Trust 82,248,096 1.68 China Mobile Ltd 82,203,458 1.68

Legend: SISF : Schroder International Selection Fund The Fund was not invested in other unit trusts, mutual funds or collective investment schemes as at 30 June 2020 other than as stated in the Statement of Portfolio. For the full composition of investments of the Fund as at 30 June 2020 and an analysis of the investments by credit ratings, refer to the Statement of Portfolio on pages 6 to 27.




36

2. The Fund has the following exposure to financial derivatives as at 30 June 2020:

Fair value


assets attributable

to unitholders

$ % Contracts: Spot foreign exchange 930 * Forward foreign exchange 8,770,363 0.18 Futures (4,699,397) (0.09) Swap 1,107,774 0.02 * Less than 0.01 The net loss on financial derivatives realised in the period 1 January 2020 to 30 June 2020 amounted to S$100,459,510. The net gain on outstanding financial derivatives marked to market as at 30 June 2020 amounted to S$5,179,670.

3. The Fund did not have any borrowings as at 30 June 2020. 4. The amount of subscriptions and redemptions in the period 1 January 2020 to

30 June 2020 were as follows:

$

Subscriptions 502,484,655 Redemptions 597,098,789

5. Expense Ratio (including underlying funds)

Class SGD A Distribution

1 July 2019 to 30 June 2020 1.44% 1 July 2018 to 30 June 2019 1.44% Class SGD C Distribution (formerly known as Class SGD C Accumulation) 1 July 2019 to 30 June 2020 0.76% 1 July 2018 to 30 June 2019 0.86%




37

Class SGD X Distribution 1 July 2019 to 30 June 2020 1.44% 1 July 2018 to 30 June 2019 1.44% Class AUD Hedged A Distribution 1 July 2019 to 30 June 2020 1.44% 1 July 2018 to 30 June 2019 1.45% Class EUR Hedged A Accumulation 1 July 2019 to 30 June 2020 1.45% 1 July 2018 to 30 June 2019 1.46% Class GBP Hedged A Distribution 1 July 2019 to 30 June 2020 1.44% 1 July 2018 to 30 June 2019 1.45% Class USD Hedged A Accumulation 1 July 2019 to 30 June 2020 1.44% 1 July 2018 to 30 June 2019 1.49% Class USD Hedged A Distribution 1 July 2019 to 30 June 2020 1.45% 1 July 2018 to 30 June 2019 1.44% Class USD Hedged C Accumulation 1 July 2019 to 30 June 2020 0.68% 1 July 2018 to 30 June 2019 0.87%

6. Turnover of Portfolio 1 January 2020 to 30 June 2020 32.45% 1 January 2019 to 30 June 2019 20.33%




38

7. Soft dollar commissions/arrangements: In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars received are restricted to the following kinds of services: (i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the Fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment. The description of soft dollars and the conditions set out above also apply to the investment managers of the underlying Schroders funds.

8. Related Party Transactions

The Manager of the Fund is Schroder Investment Management (Singapore) Ltd. The Trustee is HSBC Institutional Trust Services (Singapore) Limited. With effect from 1 July 2019, HSBC France, Luxembourg Branch replaces Schroder Investment Management (Europe) SA, as the Registrar of the Fund. Both Trustee and Registrar are subsidiaries of the HSBC Group. The management fees paid to the Manager and registration fees paid to the Registrar; trustee fees, valuation fees and custodian fees charged by, and interest earned on deposits with, the HSBC Group are shown in the Statement of Total Return. As at reporting date, the Fund maintained with the HSBC Group, the following bank balances:

30 Jun 2020 31 Dec 2019 $ $

Current accounts 247,186,501 327,427,498

In addition to the above, the respective management fees are chargeable by: i) Schroder Investment Management (Europe) SA as Management Company of the

following underlying funds:

Underlying fund Per annum of NAV SISF - Asian Equity Yield I Acc - SISF - China A I Acc - SISF - China Opportunities I Acc - SISF - Dynamic Indian Income Bond I Acc - SISF - Emerging Multi-Asset Income I Acc -

Legend: SISF : Schroder International Selection Fund




39

9. Performance of Fund for periods ended 30 June 2020

3 mths

6 mths

1 yr

3 yrs*

5 yrs*

Since Launch*

#

Class SGD A Distribution 7.7% -7.1% -7.1% 0.5% 2.4% 5.5% Class SGD C Distribution (formerly known as Class SGD C Accumulation) 8.0% -6.8% -6.5% - - 0.1% Class SGD X Distribution 7.9% -7.0% -7.1% 0.5% 2.4% 3.3% Class AUD Hedged A Distribution 7.7% -7.5% -8.0% 0.4% 2.7% 5.0% Class EUR Hedged A Accumulation 7.6% -7.7% -8.9% -1.8% - -1.5% Class GBP Hedged A Distribution 7.6% -7.7% -8.2% -0.6% - 0.4% Class USD Hedged A Accumulation 7.9% -6.8% -6.8% - - 1.0% Class USD Hedged A Distribution 7.9% -6.8% -6.8% 1.0% 2.6% 2.0% Class USD Hedged C Accumulation 8.1% -6.5% -6.0% - - 0.6%

* Returns of more than 1 year are annualised #

Since launch figures from 21 October 2011 (Class SGD A Dis), 6 Dec 2017 (Class SGD C Dis), 25 February 2013 (Class SGD X Dis), 30 October 2012 (Class AUD Hedged A Dis), 28 April 2017 (Class EUR Hedged A Acc), 3 October 2016 (Class GBP Hedged A Dis), 14 July 2017 (Class USD Hedged A Acc), 12 March 2015 (Class USD Hedged A Dis) and 6 Dec 2017 (Class USD Hedged C Acc) Source: Schroders, class currency, bid to bid, net income reinvested.

Documents

SCHRODER ASIAN INCOME€¦ · We remain focused on selective areas of longer-term secular growth that offer attractive valuation opportunities and less exposed to export risk. Within