Fund Document - Schroders - Schroders

SCHRODER ASIAN INCOMESemi-Annual Report & Financial Statements June 2021

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

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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




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COMMENTARY The Schroder Asian Income Fund delivered a positive 6.7% in 1H 2021 in SGD terms, with equities the key performance contributor while bonds returned slightly negative. Within the equity space, Taiwanese tech names led the gains, in particular semiconductors. The sector continues to benefit from work-from-home requirements, and the upcoming Internet-of-Things powered by 5G communication technology. Specifically, a fabless chip design company reported strong 1Q performance which helped to offset the weaker 2Q as Taiwan battles the COVID-19 spread and concerns over a consequent potential supply disruption. Security selection within Australia also added value, led by Materials as commodity prices rose over the period, and Australian banks which gained as economies improved and interest rates increased. Select Korean communication services names did well, namely a leading search engine as its new e-commerce initiatives are expected to potentially drive an increase in take-up rates. On the flip side, stock selection within Thailand took a hit from the fallout of COVID-19 as the country relies heavily on tourism dollars for economic growth. Within fixed income, both investment grade and high yield bonds contributed negatively, with the latter delivering better returns due to the higher risk appetite over this period. Select Chinese financials detracted from portfolio performance over concerns of a Chinese SOE’s financial status, which sparked some volatility in the price of the bond. Despite that, the company made the biggest bond payment on time in June, adding to signs that it still has access to near-term liquidity. We continue to monitor the situation closely and take appropriate actions where necessary. Select Indonesian bonds also detracted, led by a textile and garment manufacturer and government bonds. On a positive note, Indian bonds did well, led by a holding company which has subsidiaries in steel making. Steel has had a good run in prices, supported by strong demand from rural consumption, as well as a price rebound in China. Overall, asset allocation effect was positive, helped by our overweight position in equities. Our long futures positions in Kospi and FTSE Taiwan also added value as the broad market rebounded. On the other hand currency hedges detracted, led by our USD hedges as the greenback appreciated over the period. Looking ahead, a strong recovery in global growth continues to drive the outlook for assets, with the on-going vaccine roll-outs and fiscal stimulus measures helping to offset some concerns regarding the progress of the recovery. Positive earnings are also supportive of equities, but rising raw material prices have raised some questions about margin pressures. This has led to the market pivoting more towards quality and companies with strong pricing power. Nonetheless, we believe that the broad economic recovery is unlikely to be derailed and our positive view on equities remains. Security and sector selection is paramount, and the portfolio is well-positioned for such a scenario.




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We have exposure to REITs and Financials, as well as to the industries which continue to benefit from the acceleration of the online/virtual lifestyle. These are areas towards which the Multi-Asset team are positive in the current and post-COVID scenario. Our strategic position in REITs can help hedge against inflation as property prices and rental rates move with the improving economy, while financials would benefit from regulators allowing banks to pay out greater dividends or conduct buybacks, as well as rising net interest margins and loan growth. We also expect the relative stability and higher visibility of dividends in the REIT sector to help the stocks outperform the overall market. Within fixed income, we maintain our overall constructive outlook on Asian credits, though we emphasize that security selection is key in the current market environment. In Asia, monetary policies may have begun to diverge, with China turning dovish and Korea expected to start hiking rates. In addition, the more hawkish US Fed outlook has varied implications on Asian FX and bond markets. We focus our attention on alpha opportunities via security selection on new issues, and risk management remains top priority. The portfolio also continues to have exposures to select off-benchmark markets for diversification benefits. Overall, we are comfortable with our current positioning, retaining a bias for names with strong dividends, structural growth prospects, as well as high-quality corporate cashflows. We expect the trend of increasing dispersion between countries, regions and companies to accelerate, requiring a more selective and active approach to capitalise on exciting and evolving opportunities. June 2021

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 2021 (Unaudited)



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30 Jun 2021 30 Jun 2020

$ $

Income

Dividends:

Singapore 5,655,919 10,807,490

Foreign 41,226,770 43,618,314

Interest on deposits with banks 4,200 79,760

Sundry income 1,335 23,068

46,888,224 54,528,632

Less : Expenses

Management fees 30,704,967 31,896,926

Trustee fees 744,621 772,985

Valuation fees 600,435 622,484

Custodian fees 418,367 379,085

Registration fees 2,432,701 2,526,237

Audit fees 7,684 7,704

Transaction costs 1,327,729 1,105,063

Others 2,813,203 550,502

39,049,707 37,860,986

Net income 7,838,517 16,667,646

Net gains or losses on value of investments

and financial derivatives

Net gains/(losses) on investments 310,695,377 (323,476,052) Net gains/(losses) on spot foreign exchange

contracts 27,320 (1,245,669)

Net losses on forward foreign exchange contracts (21,414,409) (55,429,769)

Net gains/(losses) on futures contracts 42,192,265 (35,287,356)

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

Net losses on swap contracts (304,767) (610,134)

Net foreign exchange gains 1,026,756 4,314,830

332,222,542 (414,441,062)

Total return/(deficit) for the period before income tax 340,061,059 (397,773,416)

Income tax expense (7,571,949) (4,034,741)

Total return/(deficit) for the period 332,489,110 (401,808,157)

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 2021 (Unaudited)



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30 Jun 2021 $

31 Dec 2020 $

ASSETS

Portfolio of investments 4,745,053,029 4,878,720,178

Bank balances 131,368,150 100,383,901

Sales awaiting settlement 11,151,132 -

Receivables 50,546,554 21,983,749

Financial derivatives 19,242,559 62,297,554

Margin account 38,278,204 46,436,633

Total assets 4,995,639,628 5,109,822,015

LIABILITIES

Purchases awaiting settlement 12,704,802 -

Payables 37,699,962 32,352,819

Financial derivatives 32,546,452 21,882,635

Total liabilities 82,951,216 54,235,454

EQUITY

Net assets attributable to unitholders 4,912,688,412 5,055,586,561

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 2021 (Unaudited)



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30 Jun 2021 31 Dec 2020 $ $

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

5,055,586,561

5,566,860,332

Operations Change in net assets attributable to unitholders resulting from operations 332,489,110 18,641,426

Unitholders’ contributions/(withdrawals)

Creation of units 485,824,450 872,649,446

Cancellation of units (844,098,298) (1,168,252,315) Change in net assets attributable to unitholders resulting from net creation and cancellation of

units (358,273,848) (295,602,869)

Distributions (117,113,411) (234,312,328)

Total decrease in net assets attributable to

unitholders (142,898,149) (511,273,771)

Net assets attributable to unitholders at the end of the financial period/year 4,912,688,412 5,055,586,561

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 2021 (Unaudited)



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Primary

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Collective investment schemes

LUXEMBOURG

(country of domicile)

Schroder Intl Selection Fund - Asian Equity Yield I Accumulation Share Class 3,495,163 253,887,795 5.16

Schroder Intl Selection Fund - China A I Accumulation Share Class 252,724 70,498,697 1.44

Schroder Intl Selection Fund - China Opportunities I Accumulation Share Class 40,052 42,885,270 0.87

Schroder Intl Selection Fund - Emerging Multi-Asset Income I Accumulation Share Class 310,192 57,305,991 1.17

Total Collective investment schemes 424,577,753 8.64

Equities

AUSTRALIA

ASX Ltd 26,426 2,072,371 0.04

AusNet Services 41,586,550 73,442,960 1.49

Australia & New Zealand Banking Group Ltd 1,809,319 51,398,776 1.05

BHP Group Ltd 1,057,551 51,835,663 1.06

Cochlear Ltd 12,396 3,148,272 0.06

CSL Ltd 19,864 5,716,895 0.12

Endeavour Group Ltd/Australia 70,481 447,386 0.01

Fortescue Metals Group Ltd 2,645,058 62,301,038 1.27

National Australia Bank Ltd 1,815,724 48,044,287 0.98

Rio Tinto Ltd 428,409 54,750,579 1.11

Shopping Centres Australasia Property Group 13,445,697 34,193,463 0.70

Spark Infrastructure Group 20,616,295 46,811,480 0.95

Stockland 7,504,976 35,293,478 0.72

Vicinity Centres 2,200,897 3,431,527 0.07

Woolworths Group Ltd NPV 70,481 2,712,053 0.06

475,600,228 9.69




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Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Equities

CHINA

Alibaba Group Hldg Ltd 556,300 21,183,935 0.43

Chacha Food Co Ltd 521,171 4,673,387 0.10

China Construction Bank Corp H Shares 19,503,000 20,626,119 0.42

China Mengniu Dairy Co Ltd 1,061,000 8,622,354 0.18

China Mobile Ltd 1,771,500 14,886,935 0.30

China Pacific Insurance Group Co Ltd H Shares 1,991,600 8,428,608 0.17

China Petroleum & Chemical Corp H Shares 9,544,000 6,492,289 0.13

China Tourism Group Duty Free Corp Ltd 741,347 46,287,291 0.93

Industrial & Commercial Bank of China Ltd H Shares 32,065,000 25,308,767 0.52

JD.com Inc 133,850 7,075,584 0.14

Li Ning Co Ltd 1,013,000 16,622,360 0.34

Meituan 64,700 3,588,159 0.07

Midea Group Co Ltd A Shares 160,487 2,383,032 0.05

Ping An Insurance Group Co of China Ltd H Shares 320,500 4,218,928 0.09

Shanghai Jahwa United Co Ltd 460,882 5,766,701 0.12

Tencent Hldg Ltd 381,500 38,564,019 0.78

Toly Bread Co Ltd 203,403 1,320,341 0.03

Tsingtao Brewery Co Ltd 642,000 9,290,010 0.19

Vipshop Hldg Ltd ADR 215,183 5,808,120 0.12

Xiamen Faratronic Co Ltd 117,070 3,857,139 0.08

Yum China Hldg Inc 73,150 6,413,110 0.13

Zhejiang Sanhua Intelligent Controls Co Ltd A Shares 837,353 4,177,649 0.09

265,594,837 5.41

HONG KONG

AIA Group Ltd 612,600 10,232,440 0.21

BOC Hong Kong Hldg Ltd 5,604,500 25,561,856 0.52

Fortune REIT 37,456,000 53,941,077 1.10 HK Electric Investments and HK Electric Investments Ltd Stapled Shares 66,978,823 91,240,391 1.87

HKBN Ltd 4,075,500 6,631,071 0.13

HKT Trust and HKT Ltd Stapled Shares 28,397,020 52,003,590 1.06

Link REIT 1,864,500 24,285,317 0.49

Power Assets Hldg Ltd 6,813,000 56,192,220 1.14

Sunlight Real Estate Investment Trust 14,547,000 11,305,628 0.23

Swire Properties Ltd 1,234,400 4,946,315 0.10

Techtronic Ind Co Ltd 273,000 6,407,627 0.13

342,747,532 6.98




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Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Equities

INDIA

Bharti Airtel Ltd 425,913 4,048,716 0.08

Brookfield India Real Estate Trust 1,636,000 7,941,120 0.16

Cipla Ltd/India 468,000 8,225,593 0.17

Embassy Office Parks REIT 2,802,200 17,755,716 0.36

Escorts Ltd 85,329 1,882,747 0.04

HDFC Bank Ltd 267,976 7,259,028 0.15

ICICI Bank Ltd Sponsored ADR 432,589 9,943,413 0.20

ICICI Prudential Life Insurance Co Ltd 180,895 2,004,353 0.04

India Grid Trust 21,498,939 51,705,384 1.05

Infosys Ltd 233,030 6,661,753 0.14

IRB InvIT Fund 5,692,500 5,739,151 0.12

NTPC Ltd 23,334,288 49,118,748 0.99

Power Grid Corp of India Ltd 5,609,391 23,574,994 0.48

PowerGrid Infrastructure Investment Trust 11,532,400 23,627,133 0.48

Reliance Ind Ltd 127,105 4,851,529 0.10

Wipro Ltd 834,861 8,238,120 0.17

232,577,498 4.73

JAPAN

Advance Residence Investment Corp 266 1,191,965 0.02

AEON REIT Investment Corp 1,256 2,502,278 0.05

Daiwa House REIT Investment Corp 488 1,935,580 0.04

Daiwa Office Investment Corp 164 1,535,336 0.03

Daiwa Securities Living Investments Corp 1,278 1,869,725 0.04

Frontier Real Estate Investment Corp 219 1,376,549 0.03

Fukuoka REIT Corp 535 1,211,645 0.02

GLP J-REIT 1,142 2,649,974 0.05

Invesco Office J-REIT Inc 1,396 383,619 0.01

Japan Excellent Inc 762 1,465,499 0.03

Japan Hotel REIT Investment Corp 1,630 1,314,746 0.03

Japan Metropolitan Fund Investment Corp 1,699 2,477,422 0.05

Kenedix Office Investment Corp 245 2,323,314 0.05

Nippon Accommodations Fund Inc 123 954,868 0.02

Nippon Building Fund Inc 364 3,055,024 0.06

Nomura Real Estate Master Fund Inc 1,065 2,297,172 0.05

NTT UD REIT Investment Corp REIT NPV 1,122 2,229,880 0.05

Sekisui House REIT Inc 949 1,057,387 0.02

31,831,983 0.65




10

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021 By geography $ % Quoted Equities MACAO Sands China Ltd 435,600 2,465,531 0.05

NEW ZEALAND Spark New Zealand Ltd 7,228,254 32,588,199 0.66

SINGAPORE Ascendas Real Estate Investment Trust 11,906,565 35,124,367 0.71 CapitaLand Integrated Commercial Trust 26,346,083 55,063,313 1.12 DBS Group Hldg Ltd 87,100 2,596,451 0.05 Frasers Centrepoint Trust 23,020,995 55,941,018 1.14 Mapletree Commercial Trust 19,034,922 41,115,431 0.84 Mapletree Industrial Trust 12,429,795 35,176,320 0.72 Mapletree Logistics Trust 13,228,371 27,118,161 0.55 Mapletree North Asia Commercial Trust 41,195,000 42,842,800 0.87 Oversea-Chinese Banking Corp Ltd 612,557 7,320,056 0.15

302,297,917 6.15

SOUTH KOREA Hana Financial Group Inc 541,487 29,763,591 0.61 LG Chem Ltd 9,589 9,728,814 0.20 LG Electronics Inc 57,715 11,263,519 0.23 Lotte REIT Co Ltd 2,727,683 19,404,739 0.39 NAVER Corp 126,574 63,076,652 1.28 NCsoft Corp 4,201 4,111,821 0.08 Samsung Electronics Co Ltd 1,247,596 120,175,284 2.45 SK Bioscience Co Ltd 7,132 1,349,299 0.03 SK Telecom Co Ltd 67,946 25,952,639 0.53

284,826,358 5.80

TAIWAN ASE Technology Hldg Co Ltd 6,072,939 32,814,119 0.67 Asustek Computer Inc 2,393,000 42,888,941 0.87 MediaTek Inc 1,475,000 68,455,903 1.39 Novatek Microelectronics Corp 4,004,000 96,391,430 1.96 Realtek Semiconductor Corp 216,000 5,262,462 0.11 Taiwan Semiconductor Manufacturing Co Ltd 1,457,000 41,823,496 0.85

287,636,351 5.85

THAILAND Electricity Generating PCL NVDR 1,529,200 11,223,755 0.23 Land & Houses PCL NVDR 65,656,800 21,891,862 0.44

33,115,617 0.67




11

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021 By geography $ % Quoted Equities

UNITED STATES OF AMERICA

James Hardie Ind PLC 106,095 4,846,907 0.10

ResMed Inc CDI 99,273 3,281,967 0.07

8,128,874 0.17

Total Equities 2,299,410,925 46.81

Fixed income

AUSTRALIA

Macquarie Bank Ltd Var 3 Mar 2036 4,000,000 5,354,661 0.11

Santos Finance Ltd EMTN 4.125% 14 Sep 2027 11,041,000 16,028,543 0.32

Santos Finance Ltd EMTN 5.25% 13 Mar 2029 9,000,000 13,794,867 0.28

Scentre Group Trust 1 / Scentre Group Trust 2 4.375% 28 May 2030 7,510,000 11,784,886 0.24

Scentre Group Trust 2 Var 24 Sep 2080 (USQ8053LAA28) 11,178,000 16,058,468 0.33

Scentre Group Trust 2 Var 24 Sep 2080 (USQ8053LAB01) 5,702,000 8,181,991 0.17

71,203,416 1.45

BAHRAIN

Bahrain Government Intl Bond 5.45% 16 Sep 2032 2,243,000 3,003,988 0.06

The Oil and Gas Hldg Co BSCC 7.5% 25 Oct 2027 3,310,000 4,986,110 0.10

7,990,098 0.16

BRAZIL

Aegea Finance SARL 5.75% 10 Oct 2024 5,001,000 6,982,802 0.14

Atento Luxco 1 SA 8% 10 Feb 2026 1,647,000 2,416,097 0.05

Braskem Netherlands Finance BV Var 23 Jan 2081 7,980,000 12,511,105 0.26

Globo Comunicacao e Participacoes SA 4.843% 8 Jun 2025 669,000 948,739 0.02

Guara Norte SARL 5.198% 15 Jun 2034 1,128,000 1,554,641 0.03

Iochpe-Maxion Austria GmbH / Maxion Wheels de Maxico S de RL de CV 5% 7 May 2028 3,172,000 4,339,762 0.09

Prumo Participacoes e Investimentos SA 7.5% 31 Dec 2031 7,500,000 9,845,329 0.20

Prumo Participacoes e Investimentos SA Series 144A 7.5% 31 Dec 2031 3,431,000 4,503,910 0.09

Rede D’or Finance SARL 4.5% 22 Jan 2030 2,505,000 3,461,082 0.07

Simpar Europe SA 5.2% 26 Jan 2031 4,164,000 5,753,300 0.12

Unigel Luxembourg SA 8.75% 1 Oct 2026 2,500,000 3,648,024 0.07

55,964,791 1.14




12

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

CAMBODIA

NagaCorp Ltd 7.95% 6 Jul 2024 4,191,000 5,804,126 0.12

CHILE

Embotelladora Andina SA 3.95% 21 Jan 2050 4,600,000 6,587,060 0.13

Empresa de los Ferrocarriles del Estado 3.068% 18 Aug 2050 1,240,000 1,446,431 0.03

Empresa de Transporte de Pasajeros Metro SA 3.65% 7 May 2030 1,230,000 1,785,637 0.04

Empresa de Transporte de Pasajeros Metro SA 4.7% 7 May 2050 2,220,000 3,375,790 0.07

Empresa de Transporte de Pasajeros Metro SA 5% 25 Jan 2047 4,300,000 6,696,228 0.14

GNL Quintero SA 4.634% 31 Jul 2029 3,400,000 4,990,175 0.10

24,881,321 0.51

CHINA

AAC Technologies Hldg Inc 2.625% 2 Jun 2026 749,000 1,021,208 0.02

AAC Technologies Hldg Inc 3.75% 2 Jun 2031 1,733,000 2,386,164 0.05

Agile Group Hldg Ltd 5.5% 17 May 2026 6,950,000 9,074,546 0.18

Agile Group Hldg Ltd 6.05% 13 Oct 2025 2,000,000 2,721,368 0.06

Agile Group Hldg Ltd 8.5% 18 Jul 2021 487,000 655,935 0.01

Alibaba Group Hldg Ltd 2.125% 9 Feb 2031 2,080,000 2,750,836 0.06




Azure Orbit IV Intl Finance Ltd EMTN 3.75% 25 Jan 2023 2,000,000 2,788,798 0.06

Bank of China Ltd/ Hong Kong EMTN 2.8% 14 Jan 2023 4,640,000 965,481 0.02

Beijing Gas Singapore Capital Corp 2.75% 31 May 2022 8,000,000 10,914,850 0.22

Beijing State-Owned Assets Management (Hong Kong) Co Ltd 4.125% 26 May 2025 3,000,000 4,325,496 0.09

Blossom Joy Ltd Var Perp 4,592,000 6,306,875 0.13

CCTI 2017 Ltd 3.625% 8 Aug 2022 8,000,000 10,822,122 0.22

CDBL Funding 1 4.25% 2 Dec 2024 12,500,000 18,249,178 0.36

Central China Real Estate Ltd 7.25% 16 Jul 2024 2,000,000 2,342,473 0.05

Central China Real Estate Ltd 7.65% 27 Aug 2023 4,806,000 6,121,012 0.12

Chalco Hong Kong Investment Co Ltd Var Perp 4,300,000 5,819,382 0.12

Charming Light Investments Ltd EMTN 4.375% 21 Dec 2027 1,000,000 1,424,688 0.03

Chengdu Rail Transit Group Co Ltd MTN 4.4% 6 Mar 2024 15,000,000 3,200,795 0.07




13

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

CHINA (continued)

China Aoyuan Group Ltd 6.35% 8 Feb 2024 6,713,000 8,549,559 0.17

China Aoyuan Group Ltd 7.95% 19 Feb 2023 6,200,000 8,271,693 0.17

China Aoyuan Group Ltd 8.5% 23 Jan 2022 5,000,000 6,771,488 0.14

China Cinda Finance 2015 I Ltd 4.25% 23 Apr 2025 2,700,000 3,804,176 0.08

China Cinda Finance 2017 I Ltd EMTN 4.1% 9 Mar 2024 8,000,000 11,156,398 0.23

China Construction Bank Corp 4.25% 27 Feb 2029 3,000,000 4,328,625 0.09

China Construction Bank Corp Var 24 Jun 2030 5,839,000 8,020,554 0.16

China Development Bank 4.2% 19 Jan 2027 1,000,000 221,432 *

China Development Bank 4.3% 2 Aug 2032 5,000,000 1,132,478 0.02

China Development Bank/Hong Kong EMTN 2.65% 18 Jun 2024 26,000,000 5,401,873 0.11

China Great Wall Intl Hldg III Ltd EMTN 2.625% 27 Oct 2021 2,500,000 3,365,558 0.07

China Great Wall Intl Hldg V Ltd 2.375% 18 Aug 2030 7,000,000 8,497,488 0.17

China Hongqiao Group Ltd 6.25% 8 Jun 2024 1,940,000 2,656,883 0.05

China Oil & Gas Group Ltd 4.625% 20 Apr 2022 1,300,000 1,769,303 0.04

China Oil & Gas Group Ltd 4.7% 30 Jun 2026 2,422,000 3,309,918 0.07

China Oil & Gas Group Ltd 5.5% 25 Jan 2023 6,032,000 8,331,190 0.17

China Resources Land Ltd EMTN 3.75% 26 Aug 2024 2,000,000 2,874,195 0.06

China Resources Land Ltd EMTN 4.125% 26 Feb 2029 1,558,000 2,298,295 0.05

China Resources Land Ltd EMTN Var Perp 7,088,000 9,926,614 0.20

China Resources Land Ltd MTN 5.23% 4 Apr 2023 30,000,000 6,451,860 0.13

China SCE Group Hldg Ltd 5.95% 29 Sep 2024 900,000 1,215,472 0.02

China SCE Group Hldg Ltd 6% 4 Feb 2026 2,500,000 3,209,005 0.07

China SCE Group Hldg Ltd 7.25% 19 Apr 2023 3,000,000 4,153,578 0.08

Chinalco Capital Hldg Ltd 4.25% 21 Apr 2022 500,000 686,021 0.01

Chongqing Rail Transit Group Co Ltd MTN 4.09% 20 Sep 2024 10,000,000 2,108,702 0.04

CICC Hong Kong Finance 2016 MTN Ltd EMTN 1.625% 26 Jan 2024 2,000,000 2,703,511 0.06

CICC Hong Kong Finance 2016 MTN Ltd EMTN 1.75% 10 Aug 2023 5,000,000 6,770,473 0.14

CICC Hong Kong Finance 2016 MTN Ltd EMTN 2% 26 Jan 2026 7,000,000 9,371,678 0.19

CIFI Hldg Group Co Ltd 4.375% 12 Apr 2027 5,789,000 7,643,972 0.16

CIFI Hldg Group Co Ltd 5.25% 13 May 2026 2,000,000 2,764,828 0.06

CIFI Hldg Group Co Ltd 5.85% 19 Aug 2023 9,000,000 1,935,107 0.04

CIFI Hldg Group Co Ltd 5.95% 20 Oct 2025 2,000,000 2,842,784 0.06

CITIC Ltd EMTN 3.7% 14 Jun 2026 4,000,000 5,822,994 0.12




14

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

CHINA (continued)

CITIC Ltd EMTN 3.875% 28 Feb 2027 4,000,000 5,873,224 0.12

CMB Intl Leasing Management Ltd EMTN 2% 4 Feb 2026 1,815,000 2,416,702 0.05

CMB Intl Leasing Management Ltd EMTN 2.875% 4 Feb 2031 6,000,000 8,042,013 0.16

CNAC HK Finbridge Co Ltd 4.75% 19 Jun 2049 2,265,000 3,408,277 0.07

Country Garden Hldg Co Ltd 3.125% 22 Oct 2025 5,568,000 7,527,654 0.15

Country Garden Hldg Co Ltd 3.875% 22 Oct 2030 3,830,000 5,084,447 0.10

Country Garden Hldg Co Ltd 4.2% 6 Feb 2026 2,500,000 3,503,247 0.07

Country Garden Hldg Co Ltd 4.8% 6 Aug 2030 3,050,000 4,277,619 0.09

Country Garden Hldg Co Ltd 5.125% 17 Jan 2025 2,224,000 3,101,700 0.06

Country Garden Hldg Co Ltd 5.125% 14 Jan 2027 3,055,000 4,391,504 0.09

Country Garden Hldg Co Ltd 5.4% 27 May 2025 1,309,000 1,889,162 0.04

Country Garden Hldg Co Ltd 8% 27 Jan 2024 2,000,000 2,827,100 0.06

Eastern Creation II Investment Hldg Ltd EMTN 1% 10 Sep 2023 425,000 570,716 0.01

Fortune Star BVI Ltd 5% 18 May 2026 2,304,000 3,148,321 0.06

Gemdale Ever Prosperity Investment Ltd 6% 6 Sep 2021 9,302,000 12,585,023 0.26

Guangzhou Metro Investment Finance BVI Ltd EMTN 1.507% 17 Sep 2025 6,171,000 8,210,614 0.17

Guangzhou Metro Investment Finance BVI Ltd EMTN 2.31% 17 Sep 2030 6,000,000 7,708,589 0.16

Guangzhou Public Transportation Group Co Ltd Series INBK Var 21 Sep 2026 30,000,000 6,318,069 0.13

Haidilao Intl Hldg Ltd 2.15% 14 Jan 2026 725,000 964,512 0.02

Health & Happiness H&H Intl Hldg Ltd 5.625% 24 Oct 2024 2,611,000 3,623,533 0.07

Huarong Finance 2017 Co Ltd EMTN 4.25% 7 Nov 2027 3,000,000 2,827,861 0.06

Huarong Finance 2017 Co Ltd FRN 27 Apr 2022 6,000,000 6,613,464 0.13

Huarong Finance 2019 Co Ltd EMTN FRN 24 Feb 2025 3,368,000 3,169,086 0.06

Hubei Provincial Communications Investment Group Co Ltd MTN 3.95% 11 Dec 2024 30,000,000 6,332,888 0.13

ICBCIL Finance Co Ltd EMTN 3.625% 15 Nov 2027 5,000,000 7,248,706 0.15

JD.com Inc 4.125% 14 Jan 2050 5,500,000 7,920,498 0.16

KWG Group Hldg Ltd 6.3% 13 Feb 2026 2,068,000 2,734,097 0.06

KWG Group Hldg Ltd 7.4% 13 Jan 2027 4,000,000 5,397,565 0.11

KWG Group Hldg Ltd 7.875% 1 Sep 2023 3,000,000 4,128,362 0.08

Lenovo Group Ltd 3.421% 2 Nov 2030 1,828,000 2,574,050 0.05

Lenovo Group Ltd EMTN 5.875% 24 Apr 2025 2,000,000 3,044,575 0.06

Logan Group Co Ltd 4.25% 12 Jul 2025 3,000,000 3,985,612 0.08

Logan Group Co Ltd 4.85% 14 Dec 2026 873,000 1,182,050 0.02




15

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

CHINA (continued)

Logan Group Co Ltd 5.25% 19 Oct 2025 1,311,000 1,810,281 0.04

Logan Group Co Ltd 7.5% 25 Aug 2022 4,941,000 6,794,451 0.14

Longfor Group Hldg Ltd 3.9% 16 Apr 2023 1,600,000 2,240,274 0.05

Longfor Group Hldg Ltd 3.95% 16 Sep 2029 4,596,000 6,675,607 0.14

Longfor Properties Co Ltd 3.875% 13 Jul 2022 9,000,000 12,391,002 0.25

Minmetals Bounteous Finance BVI Ltd 4.2% 27 Jul 2026 7,400,000 10,961,433 0.22

Minmetals Bounteous Finance BVI Ltd 4.75% 30 Jul 2025 1,800,000 2,682,455 0.05

Modern Land China Co Ltd 9.8% 11 Apr 2023 1,282,000 1,560,518 0.03

Modern Land China Co Ltd 11.5% 13 Nov 2022 2,750,000 3,585,994 0.07

Modern Land China Co Ltd 11.95% 4 Mar 2024 1,150,000 1,381,533 0.03

Nanjing Metro Group Co Ltd Series INBK 3.98% 19 Sep 2024 5,000,000 1,057,383 0.02

Powerlong Real Estate Hldg Ltd 5.95% 30 Apr 2025 3,789,000 5,276,503 0.11

Powerlong Real Estate Hldg Ltd 6.25% 10 Aug 2024 4,527,000 6,313,437 0.13

Powerlong Real Estate Hldg Ltd 6.95% 23 Jul 2023 3,739,000 5,201,873 0.11

Powerlong Real Estate Hldg Ltd 7.125% 8 Nov 2022 3,134,000 4,385,592 0.09

Ronshine China Hldg Ltd 7.1% 25 Jan 2025 1,000,000 1,208,340 0.02

Ronshine China Hldg Ltd 8.1% 9 Jun 2023 1,000,000 1,307,234 0.03

Ronshine China Hldg Ltd 8.75% 25 Oct 2022 5,000,000 6,738,091 0.14

Ronshine China Hldg Ltd 8.95% 22 Jan 2023 5,600,000 7,471,184 0.15

Ronshine China Hldg Ltd 10.5% 1 Mar 2022 3,847,000 5,216,075 0.11

Shanghai Powerlong Industrial Development Group Co Ltd MTN Var 27 Aug 2023 20,000,000 4,178,259 0.09

Shenzhen Energy Group Co Ltd Series INBK Var 24 Jun 2029 10,000,000 2,131,913 0.04

Shimao Group Hldg Ltd 3.45% 11 Jan 2031 9,000,000 11,271,363 0.23

Shimao Property Hldg Ltd 4.6% 13 Jul 2030 1,377,000 1,876,124 0.04

Shimao Property Hldg Ltd 5.6% 15 Jul 2026 8,317,000 11,749,608 0.24

SIHC Intl Capital Ltd 4.35% 26 Sep 2023 5,000,000 7,148,583 0.15

Sinopec Group Overseas Development 2017 Ltd 4% 13 Sep 2047 4,000,000 6,024,086 0.12

Sinopec Group Overseas Development 2018 Ltd 3.44% 12 Nov 2049 9,623,000 13,271,333 0.27

Sinosing Service Pte Ltd 2.625% 20 Feb 2030 3,116,000 4,194,286 0.09

SPIC Luxembourg Latin America Renewable Energy Investment Co SARL 4.65% 30 Oct 2023 2,410,000 3,464,640 0.07

State Grid Overseas Investment 2016 Ltd EMTN 1.625% 5 Aug 2030 2,744,000 3,515,572 0.07

Sunac China Hldg Ltd 5.95% 26 Apr 2024 1,400,000 1,862,847 0.04

Sunac China Hldg Ltd 6.5% 9 Jul 2023 1,000,000 1,376,053 0.03




16

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

CHINA (continued)

Sunac China Hldg Ltd 6.5% 26 Jan 2026 2,000,000 2,604,008 0.05

Sunac China Hldg Ltd 6.65% 3 Aug 2024 1,600,000 2,161,325 0.04

Sunac China Hldg Ltd 7% 9 Jul 2025 2,317,000 3,075,272 0.06

Sunac China Hldg Ltd 7.5% 1 Feb 2024 4,500,000 6,199,899 0.13

TCL Technology Investments Ltd 1.875% 14 Jul 2025 1,437,000 1,912,206 0.04

Tencent Hldg Ltd 2.39% 3 Jun 2030 4,365,000 5,851,802 0.12

Tencent Hldg Ltd 3.24% 3 Jun 2050 2,456,000 3,236,921 0.07

Tencent Hldg Ltd 3.595% 19 Jan 2028 8,904,000 13,122,958 0.26

Times China Hldg Ltd 5.75% 14 Jan 2027 3,750,000 4,825,707 0.10

Times China Hldg Ltd 6.75% 16 Jul 2023 1,000,000 1,381,204 0.03

Times China Hldg Ltd 6.75% 8 Jul 2025 5,918,000 8,075,430 0.16

Vanke Real Estate Hong Kong Co Ltd EMTN 3.5% 12 Nov 2029 5,000,000 6,973,474 0.14

Vanke Real Estate Hong Kong Co Ltd EMTN 3.975% 9 Nov 2027 3,200,000 4,627,640 0.09

Vanke Real Estate Hong Kong Co Ltd EMTN 4.2% 7 Jun 2024 2,998,000 4,327,710 0.09

Vanke Real Estate Hong Kong Co Ltd EMTN 5.35% 11 Mar 2024 5,000,000 7,375,847 0.15

Vanke Real Estate Hong Kong Co Ltd EMTN FRN 25 May 2023 4,651,000 6,282,277 0.13

Voyage Bonds Ltd 3.375% 28 Sep 2022 900,000 1,235,091 0.03

Weichai Intl Hong Kong Energy Group Co Ltd Var Perp 6,000,000 8,216,092 0.17

West China Cement Ltd 4.95% 8 Jul 2026 1,356,000 1,822,735 0.04

Wuhan Metro Group Co Ltd MTN Var 30 Jul 2033 20,000,000 4,312,266 0.09

Yan Gang Ltd 1.9% 23 Mar 2026 3,000,000 4,031,362 0.08

Yango Justice Intl Ltd 7.5% 15 Apr 2024 1,113,000 1,449,342 0.03

Yanlord Land HK Co Ltd 5.125% 20 May 2026 2,795,000 3,840,141 0.08

Yanlord Land HK Co Ltd 6.8% 27 Feb 2024 750,000 1,061,097 0.02

Yuzhou Group Hldg Co Ltd 7.85% 12 Aug 2026 1,789,000 1,884,732 0.04

Yuzhou Group Hldg Co Ltd 8.3% 27 May 2025 4,000,000 4,590,443 0.09

Zhenro Properties Group Ltd 5.95% 18 Nov 2021 1,147,000 1,544,485 0.03

Zhenro Properties Group Ltd 7.35% 5 Feb 2025 2,078,000 2,674,384 0.05

Zhenro Properties Group Ltd 7.875% 14 Apr 2024 1,500,000 2,021,238 0.04

Zhenro Properties Group Ltd 8.3% 15 Sep 2023 4,518,000 6,209,673 0.13

Zhenro Properties Group Ltd 9.15% 6 May 2023 700,000 980,930 0.02

Zhongan Online P&C Insurance Co Ltd 3.125% 16 Jul 2025 6,799,000 9,167,822 0.19

Zhongliang Hldg Group Co Ltd 7.5% 31 Jan 2022 1,570,000 2,013,286 0.04

Zhongliang Hldg Group Co Ltd 9.5% 29 Jul 2022 2,364,000 3,026,304 0.06

716,465,108 14.59




17

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

COLOMBIA

AI Candelaria Spain SLU 5.75% 15 Jun 2033 2,926,000 4,055,135 0.08

Colombia Telecomunicaciones SA ESP 4.95% 17 Jul 2030 2,265,000 3,168,391 0.06

Millicom Intl Cellular SA 6.625% 15 Oct 2026 3,740,000 4,800,373 0.10

12,023,899 0.24

HONG KONG

AIA Group Ltd 3.2% 16 Sep 2040 3,147,000 4,385,809 0.09

AIA Group Ltd 3.6% 9 Apr 2029 4,000,000 5,961,304 0.12

AIA Group Ltd 3.9% 6 Apr 2028 4,059,000 6,136,187 0.12

AIA Group Ltd 4.5% 16 Mar 2046 6,800,000 11,586,222 0.24

AIA Group Ltd 4.875% 11 Mar 2044 700,000 1,239,289 0.03

AIA Group Ltd GMTN Var Perp 4,500,000 6,142,658 0.13

Bank of Communications Hong Kong Ltd Var 8 Jul 2031 7,121,000 9,563,146 0.19

CAS Capital No 1 Ltd Var Perp 5,480,000 7,417,780 0.15

Castle Peak Power Finance Co Ltd EMTN 2.2% 22 Jun 2030 2,788,000 3,753,101 0.08

Celestial Dynasty Ltd 4.25% 27 Jun 2029 4,700,000 6,586,370 0.13

CLP Power Hong Kong Financing Ltd EMTN 2.5% 30 Jun 2035 3,395,000 4,506,747 0.09

Cosco Pacific Finance 2013 Co Ltd 4.375% 31 Jan 2023 2,000,000 2,749,568 0.06

Elect Global Investments Ltd 4.85% Perp 4,800,000 6,751,140 0.14

Haitong Intl Securities Group Ltd 3.375% 19 Jul 2024 4,000,000 5,654,834 0.12

Henderson Land MTN Ltd EMTN 3.3% 13 May 2023 19,000,000 3,950,302 0.08

HKT Capital No. 4 Ltd 3% 14 Jul 2026 1,784,000 2,546,876 0.05

JMH Co Ltd 2.5% 9 Apr 2031 2,655,000 3,619,261 0.07

JMH Co Ltd 2.875% 9 Apr 2036 1,576,000 2,144,389 0.04

Joy Treasury Assets Hldg Inc 1.875% 17 Nov 2025 1,449,000 1,873,342 0.04

Joy Treasury Assets Hldg Inc 2.75% 17 Nov 2030 784,000 976,449 0.02

Li & Fung Ltd EMTN 4.375% 4 Oct 2024 4,000,000 5,491,046 0.11

Link 2019 CB Ltd Convertible Bond 1.6% 3 Apr 2024 20,000,000 3,513,751 0.07

MTR Corp Ltd EMTN 1.625% 19 Aug 2030 2,493,000 3,253,926 0.07

Nan Fung Treasury III 5% Perp 4,193,000 5,756,395 0.12

New World China Land Ltd 4.75% 23 Jan 2027 3,000,000 4,329,379 0.09

NWD Finance BVI Ltd 4.8% Perp 4,478,000 6,042,953 0.12

NWD Finance BVI Ltd Var Perp 6,000,000 8,686,341 0.18

NWD Ltd EMTN 4.5% 19 May 2030 3,000,000 4,319,826 0.09

NWD MTN Ltd 3.75% 14 Jan 2031 1,786,000 2,432,083 0.05

Panther Ventures Ltd 3.5% Perp 6,355,000 8,340,193 0.17




18

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

HONG KONG (continued)

Sun Hung Kai Properties Capital Market Ltd EMTN 2.75% 13 May 2030 5,000,000 6,981,775 0.14

Sun Hung Kai Properties Capital Market Ltd EMTN 2.875% 21 Jan 2030 1,200,000 1,690,821 0.03

Sun Hung Kai Properties Capital Market Ltd EMTN 3.75% 25 Feb 2029 2,000,000 2,971,394 0.06

Swire Properties MTN Financing Ltd EMTN 3.5% 10 Jan 2028 5,000,000 7,331,603 0.15

Towngas Finance Ltd 4.75% Perp 8,000,000 11,477,855 0.23

Wheelock MTN BVI Ltd EMTN 2.375% 25 Jan 2026 10,000,000 13,457,055 0.27

193,621,170 3.94

INDIA

Azure Power Energy Ltd 5.5% 3 Nov 2022 3,800,000 5,191,230 0.11

Azure Power Solar Energy Pvt Ltd 5.65% 24 Dec 2024 1,814,000 2,592,289 0.05

Export-Import Bank of India 3.25% 15 Jan 2030 6,000,000 8,224,447 0.17

Greenko Dutch BV Series 3.85% 29 Mar 2026 4,457,000 6,145,370 0.13

Greenko Mauritius Ltd 6.25% 21 Feb 2023 9,000,000 12,488,813 0.25

Greenko Solar Mauritius Ltd 5.55% 29 Jan 2025 2,481,000 3,434,052 0.07

India Green Power Hldg 4% 22 Feb 2027 10,000,000 13,519,426 0.27

Indian Oil Corp Ltd 4.75% 16 Jan 2024 10,000,000 14,501,834 0.29

Indian Railway Finance Corp Ltd 3.249% 13 Feb 2030 6,000,000 8,198,840 0.17

JSW Hydro Energy Ltd 4.125% 18 May 2031 1,823,000 2,489,537 0.05

Network i2i Ltd Var Perp 3,006,000 4,059,272 0.08

Oil India Intl Pte Ltd 4% 21 Apr 2027 7,200,000 10,254,366 0.21

Oil India Ltd 5.375% 17 Apr 2024 4,500,000 6,656,482 0.14

ONGC Videsh Vankorneft Pte Ltd 3.75% 27 Jul 2026 7,000,000 10,047,339 0.20

Periama Hldg LLC/DE 5.95% 19 Apr 2026 6,000,000 8,776,591 0.18

Reliance Ind Ltd 3.667% 30 Nov 2027 7,600,000 11,180,206 0.23

Reliance Ind Ltd 6.25% 19 Oct 2040 6,931,000 13,150,820 0.27

ReNew Power Pvt Ltd 5.875% 5 Mar 2027 4,000,000 5,750,488 0.12

ReNew Power Synthetic 6.67% 12 Mar 2024 3,805,000 5,381,811 0.11

ReNew Wind Energy AP2 4.5% 14 Jul 2028 3,337,000 4,567,626 0.09

UltraTech Cement Ltd 2.8% 16 Feb 2031 6,000,000 7,814,610 0.16

164,425,449 3.35




19

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

INDONESIA

APL Realty Hldg Pte Ltd 5.95% 2 Jun 2024 1,378,000 1,371,802 0.03

Indonesia Eximbank EMTN 3.875% 6 Apr 2024 3,000,000 4,326,577 0.09

Indonesia Government Intl Bond 2.85% 14 Feb 2030 10,770,000 15,021,704 0.30

Indonesia Government Intl Bond 3.4% 18 Sep 2029 3,000,000 4,362,418 0.09

Indonesia Government Intl Bond 3.5% 11 Jan 2028 2,500,000 3,671,756 0.07

Indonesia Government Intl Bond 3.7% 30 Oct 2049 6,500,000 9,166,406 0.19





Listrindo Capital BV 4.95% 14 Sep 2026 5,000,000 6,902,736 0.14

LLPL Capital Pte Ltd 6.875% 4 Feb 2039 3,419,000 4,878,838 0.10

Medco Bell Pte Ltd 6.375% 30 Jan 2027 385,000 534,512 0.01

Medco Oak Tree Pte Ltd 7.375% 14 May 2026 3,245,000 4,780,478 0.10

Minejesa Capital BV 4.625% 10 Aug 2030 5,000,000 7,134,006 0.15

Perusahaan Penerbit SBSN Indonesia III 1.5% 9 Jun 2026 5,000,000 6,715,018 0.14



Perusahaan Penerbit SBSN Indonesia III 4.15% 29 Mar 2027 5,000,000 7,549,363 0.15

Perusahaan Penerbit SBSN Indonesia III 4.45% 20 Feb 2029 19,000,000 29,412,655 0.59

PT Bank Mandiri EMTN 2% 19 Apr 2026 1,410,000 1,899,497 0.04

PT Bank Mandiri Persero Tbk EMTN 4.75% 13 May 2025 2,000,000 2,996,894 0.06

PT Pertamina Persero 1.4% 9 Feb 2026 7,488,000 9,894,258 0.20

PT Pertamina Persero 2.3% 9 Feb 2031 3,744,000 4,838,443 0.10

PT Pertamina Persero 4.175% 21 Jan 2050 6,000,000 8,307,156 0.17

PT Pertamina Persero 4.7% 30 Jul 2049 5,000,000 7,292,285 0.15

PT Pertamina Persero 5.625% 20 May 2043 3,000,000 4,756,351 0.10

PT Perusahaan Listrik Negara 4% 30 Jun 2050 2,812,000 3,760,991 0.08

PT Perusahaan Perseroan Persero Perusahaan Listrik Negara 3% 30 Jun 2030 3,456,000 4,666,902 0.09

PT Perusahaan Perseroan Persero Perusahaan Listrik Negara 4.875% 17 Jul 2049 2,054,000 3,016,792 0.06

PT Perusahaan Perseroan Persero Perusahaan Listrik Negara 5.25% 15 May 2047 2,000,000 3,032,354 0.06

Star Energy Geothermal Darajat II 4.85% 14 Oct 2038 2,823,000 4,179,476 0.09

202,841,501 4.13




20

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

JAPAN

Nippon Life Insurance Co Var 21 Jan 2051 10,000,000 13,189,963 0.27

SoftBank Group Corp Var Perp 850,000 1,157,760 0.02

14,347,723 0.29

KUWAIT

Al Ahli Bank of Kuwait KSCP Var Perp 6,100,000 8,727,101 0.18

Burgan Bank SAK Var 15 Dec 2031 7,500,000 9,583,071 0.20

Burgan Bank SAK Var Perp 6,943,000 9,467,686 0.19

Equate Petrochemical BV 4.25% 3 Nov 2026 5,487,000 8,210,177 0.17

NBK Tier 2 Ltd Var 24 Nov 2030 2,660,000 3,605,607 0.07

39,593,642 0.81

MACAO

Champion Path Hldg Ltd 4.5% 27 Jan 2026 684,000 957,359 0.02

Champion Path Hldg Ltd 4.85% 27 Jan 2028 980,000 1,379,878 0.03

MGM China Hldg Ltd 4.75% 1 Feb 2027 2,174,000 2,984,331 0.06

MGM China Hldg Ltd 5.25% 18 Jun 2025 1,754,000 2,457,093 0.05

Studio City Finance Ltd Series May 5% 15 Jan 2029 2,333,000 3,163,459 0.07

Wynn Macau Ltd 5.625% 26 Aug 2028 1,495,000 2,101,276 0.04

13,043,396 0.27

MALAYSIA

Dua Capital Ltd 2.78% 11 May 2031 4,000,000 5,356,626 0.11

Genm Capital Labuan Ltd 3.882% 19 Apr 2031 1,731,000 2,322,809 0.05

Petronas Capital Ltd 2.48% 28 Jan 2032 8,000,000 10,804,981 0.22

Petronas Capital Ltd 3.5% 21 Apr 2030 5,042,000 7,433,989 0.15

25,918,405 0.53

MEXICO

Cemex SAB de CV 3.875% 11 Jul 2031 2,126,000 2,908,495 0.06

Cemex SAB de CV Var Perp 2,607,000 3,621,549 0.07

Comision Federal de Electricidad 3.348% 9 Feb 2031 5,226,000 6,988,295 0.14

Comision Federal de Electricidad 4.677% 9 Feb 2051 2,665,000 3,473,338 0.07

Grupo Bimbo SAB de CV Var Perp 7,881,000 11,186,937 0.23

Grupo KUO SAB De CV 5.75% 7 Jul 2027 990,000 1,394,481 0.03

Grupo Televisa SAB 5.25% 24 May 2049 2,000,000 3,405,383 0.07

Nemak SAB de CV 3.625% 28 Jun 2031 2,175,000 2,943,954 0.06

Trust F/1401 4.869% 15 Jan 2030 7,050,000 10,459,619 0.21

Trust F/1401 6.39% 15 Jan 2050 8,370,000 13,205,301 0.27

59,587,352 1.21




21

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

OMAN

Lamar Funding Ltd 3.958% 7 May 2025 4,500,000 6,083,016 0.12

Oryx Funding Ltd 5.8% 3 Feb 2031 734,000 1,044,756 0.02

QQ SAOC 5.125% 6 May 2028 3,500,000 4,741,077 0.10

11,868,849 0.24

PERU

Banco Internacional del Peru SAA Interbank 4% 8 Jul 2030 4,850,000 6,494,401 0.13

Inkia Energy Ltd 5.875% 9 Nov 2027 2,653,000 3,689,837 0.07

VM Hldg SA 5.375% 4 May 2027 2,250,000 3,256,516 0.07

13,440,754 0.27

PHILIPPINES

BDO Unibank Inc EMTN 2.125% 13 Jan 2026 7,111,000 9,859,473 0.20

Globe Telecom Inc 2.5% 23 Jul 2030 4,000,000 5,176,197 0.10

Globe Telecom Inc 3% 23 Jul 2035 4,000,000 4,971,685 0.10

ICTSI Treasury BV EMTN 4.625% 16 Jan 2023 200,000 285,642 0.01

ICTSI Treasury BV EMTN 5.875% 17 Sep 2025 2,900,000 4,568,815 0.09

Jollibee Worldwide Pte Ltd 4.75% 24 Jun 2030 3,000,000 4,290,170 0.09

Metropolitan Bank & Trust Co EMTN 2.125% 15 Jan 2026 6,685,000 9,201,524 0.19

Philippine Government Intl Bond 1.648% 10 Jun 2031 4,572,000 5,937,921 0.12

Philippine Government Intl Bond 2.457% 5 May 2030 2,389,000 3,343,728 0.07

Philippine Government Intl Bond 2.65% 10 Dec 2045 9,530,000 11,845,219 0.24

Philippine Government Intl Bond 3% 1 Feb 2028 5,000,000 7,252,322 0.15

Philippine Government Intl Bond 3.7% 1 Mar 2041 4,700,000 6,832,889 0.14

Philippine Government Intl Bond 3.75% 14 Jan 2029 7,000,000 10,675,971 0.22

PLDT Inc 3.45% 23 Jun 2050 3,800,000 5,135,247 0.10

Rizal Commercial Banking Corp Var Perp 2,000,000 2,802,264 0.06

SMC Global Power Hldg Corp Var Perp 2,572,000 3,662,023 0.07

95,841,090 1.95

QATAR

CBQ Finance Ltd EMTN 2% 12 May 2026 5,950,000 7,972,996 0.16

SAUDI ARABIA

SA Global Sukuk Ltd 1.602% 17 Jun 2026 6,827,000 9,180,249 0.19

SA Global Sukuk Ltd 2.694% 17 Jun 2031 1,080,000 1,471,247 0.03

10,651,496 0.22




22

Primary (continued)

Percentage

of total net assets

Holdings at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021

By geography $ %

Quoted

Fixed income

SINGAPORE

CMT MTN Pte Ltd EMTN 3.609% 4 Apr 2029 5,000,000 7,371,163 0.15

DBS Group Hldg Ltd GMTN Var 10 Mar 2031 5,955,000 7,992,144 0.16

DBS Group Hldg Ltd GMTN Var Perp (XS1484844656) 2,714,000 3,668,187 0.07

DBS Group Hldg Ltd GMTN Var Perp (XS2122408854) 7,000,000 9,708,384 0.20

DBS Group Hldg Ltd Var 11 Dec 2028 7,000,000 10,159,602 0.21

Halcyon Agri Corp Ltd Var Perp 3,500,000 4,669,415 0.10

Oversea-Chinese Banking Corp Ltd Var 10 Sep 2030 5,000,000 6,742,574 0.14

United Overseas Bank Ltd EMTN Var Perp 4,303,000 6,054,499 0.12

United Overseas Bank Ltd GMTN Var 16 Mar 2031 3,000,000 4,012,598 0.08

United Overseas Bank Ltd Var 15 Apr 2029 7,000,000 10,024,116 0.20

United Overseas Bank Ltd Var 14 Oct 2031 4,346,000 5,854,628 0.12

76,257,310 1.55

SOUTH KOREA

Hyundai Motor Manufacturing Indonesia PT EMTN 1.75% 6 May 2026 439,000 592,470 0.01

Kookmin Bank 2.5% 4 Nov 2030 4,000,000 5,363,062 0.11

Kookmin Bank GMTN 4.5% 1 Feb 2029 4,000,000 6,152,269 0.12

LG Chem Ltd 2.375% 7 Jul 2031 975,000 1,311,040 0.03

NAVER Corp 1.5% 29 Mar 2026 6,118,000 8,212,960 0.17

Shinhan Bank Co Ltd 4% 23 Apr 2029 2,511,000 3,782,228 0.08

SK Battery America Inc 1.625% 26 Jan 2024 2,000,000 2,694,468 0.05

SK Battery America Inc 2.125% 26 Jan 2026 3,000,000 4,003,085 0.08

SK Hynix Inc 1.5% 19 Jan 2026 2,484,000 3,296,813 0.07

SK Hynix Inc 2.375% 19 Jan 2031 784,000 1,028,494 0.02

36,436,889 0.74

SPAIN

AI Candelaria Spain SLU 7.5% 15 Dec 2028 5,000,000 7,526,646 0.15

TAIWAN

Formosa Group Cayman Ltd 3.375% 22 Apr 2025 6,000,000 8,557,306 0.17

Foxconn Far East Ltd EMTN 2.5% 28 Oct 2030 3,996,000 5,406,123 0.11

TSMC Global Ltd 2.25% 23 Apr 2031 5,000,000 6,770,382 0.14

20,733,811 0.42




23

Primary (continued)

Percentage

of total net

assets

Holdings

at

Fair value at

attributable to

unitholders at

30 Jun 2021 30 Jun 2021 30 Jun 2021 By geography $ % Quoted Fixed income

THAILAND

GC Treasury Center Co Ltd 2.98% 18 Mar 2031 3,500,000 4,822,078 0.10

Krung Thai Bank PCL/Cayman Islands Var Perp 2,429,000 3,318,038 0.07

PTTEP Treasury Center Co Ltd 2.993% 15 Jan 2030 6,500,000 9,140,797 0.18

PTTEP Treasury Center Co Ltd 3.903% 6 Dec 2059 424,000 614,666 0.01

Siam Commercial Bank PCL/Cayman Islands GMTN 4.4% 11 Feb 2029 13,000,000 20,129,376 0.41

Thaioil Treasury Center Co Ltd 2.5% 18 Jun 2030 4,000,000 5,290,637 0.11

Thaioil Treasury Center Co Ltd 3.75% 18 Jun 2050 2,000,000 2,573,108 0.05

45,888,700 0.93

UNITED ARAB EMIRATES

Abu Dhabi Crude Oil Pipeline LLC 4.6% 2 Nov 2047 2,700,000 4,289,916 0.09

Abu Dhabi Ports Co PJSC EMTN 2.5% 6 May 2031 3,330,000 4,533,257 0.09

Emirates NBD Bank PJSC Var Perp 2,900,000 4,210,035 0.08

MAF Global Securities Ltd Var Perp 7,350,000 10,195,186 0.21

MDGH GMTN RSC Ltd EMTN 3.4% 7 Jun 2051 2,663,000 3,763,059 0.08

MDGH GMTN RSC Ltd GMTN 2.5% 3 Jun 2031 2,211,000 3,014,021 0.06

Senaat Sukuk Ltd 4.76% 5 Dec 2025 2,625,000 4,000,861 0.08

34,006,335 0.69

UNITED KINGDOM

CK Hutchison Capital Securities 17 Ltd Var Perp 2,175,000 2,982,190 0.06

CK Hutchison Intl 17 Ltd 3.5% 5 Apr 2027 7,000,000 10,334,782 0.21

CK Hutchison Intl 20 Ltd 3.375% 8 May 2050 1,701,000 2,462,768 0.05



HSBC Hldg PLC Var Perp 3,000,000 4,501,087 0.09

28,253,687 0.58

Accrued interest on fixed income securities 24,474,391 0.50

Total Fixed income 2,021,064,351 41.14

Portfolio of investments 4,745,053,029 96.59

Other net assets 167,635,383 3.41

Net assets attributable to unitholders 4,912,688,412 100.00

Legend : ADR : American Depository Receipts NVDR : Non-Voting Depository Receipts * Less than 0.01




24

Primary (continued)

Percentage Percentage of total net of total net assets

attributable to

unitholders at

assets attributable

to unitholders

at 30 Jun 2021 31 Dec 2020

By geography (summary) % %

Quoted

Australia 11.14 11.45

Bahrain 0.16 0.16

Brazil 1.14 1.70

Cambodia 0.12 0.11

Chile 0.51 0.85

China 20.00 23.23

Colombia 0.24 0.31

Hong Kong 10.92 9.18

India 8.08 6.54

Indonesia 4.13 3.82

Japan 0.94 0.53

Kuwait 0.81 0.92

Luxembourg 8.64 9.51

Macao 0.32 0.27

Malaysia 0.53 0.15

Mexico 1.21 0.88

New Zealand 0.66 0.59

Oman 0.24 0.18

Peru 0.27 0.47

Philippines 1.95 2.73

Qatar 0.16 -

Russian Federation - 0.19

Saudi Arabia 0.22 0.05

Singapore 7.70 6.61

South Korea 6.54 6.21

Spain 0.15 0.15

Taiwan 6.27 5.28

Thailand 1.60 2.58




25

Primary (continued)

Percentage Percentage of total net of total net assets

attributable to

unitholders at

assets attributable

to unitholders

at 30 Jun 2021 31 Dec 2020

By geography (summary) % %

Quoted

United Arab Emirates 0.69 0.62

United Kingdom 0.58 0.40

United States of America 0.17 0.34

Accrued interest on fixed income securities 0.50 0.49

Portfolio of investments 96.59 96.50

Other net assets 3.41 3.50

Net assets attributable to unitholders 100.00 100.00




26

Secondary

Percentage Percentage of total net of total net

Fair value at

assets attributable

to unitholders

at

assets attributable

to unitholders

at 30 Jun 2021 30 Jun 2021 31 Dec 2020

By industry $ % %

Automobiles & Components 7,876,186 0.16 0.21

Bank 429,747,532 8.75 7.20

Chemicals/Petrochemicals 36,930,343 0.75 1.37 Collective investment scheme - Equities 367,271,762 7.47 8.46 Collective investment scheme - Multi-Asset 57,305,991 1.17 1.05

Computer/Software 12,280,378 0.25 0.32

Construction & Engineering 14,309,595 0.29 0.39

Consumer Durables 51,911,992 1.06 1.36

Diversified Financial Services 52,294,002 1.06 0.51

Energy 51,944,096 1.06 0.84

Finance 20,599,609 0.42 0.75

Food & Beverage 36,460,998 0.74 1.00

Government 171,387,638 3.49 2.97

Health Care/Pharmaceuticals 29,402,036 0.60 0.98

Hotel & Leisure 30,874,484 0.63 0.53

Industrial And Transportation 23,418,743 0.48 -

Industrial Machinery 12,468,023 0.25 0.86

Insurance 69,306,833 1.41 1.21

Internet Services 188,482,432 3.84 3.97

Investment 9,751,045 0.20 0.19

Manufacturing 11,470,019 0.23 0.23

Material 33,438,911 0.68 0.32

Media 4,354,122 0.09 0.10

Metals & Mining 189,679,658 3.86 4.40

Miscellaneous 419,318,766 8.54 11.67

Oil & Gas 186,103,507 3.79 3.50




27

Secondary (continued)


Fair value at

assets attributable

to unitholders

at

assets attributable

to unitholders

at 30 Jun 2021 30 Jun 2021 31 Dec 2020

By industry $ % %

Real Estate 990,496,720 20.15 18.60

Retail 69,141,351 1.41 1.65

Semiconductor 255,843,099 5.21 4.60

Technology Hardware & Equipment 172,240,942 3.51 2.98

Telecommunications 171,997,855 3.50 3.72

Transportation & Logistics 36,843,040 0.75 0.84

Utilities 505,626,930 10.29 9.23

Accrued interest on fixed income securities 24,474,391 0.50 0.49

Portfolio of investments 4,745,053,029 96.59 96.50

Other net assets 167,635,383 3.41 3.50

Net assets attributable to unitholders 4,912,688,412 100.00 100.00




28

Secondary (continued)


Fair value at

assets attributable

to unitholders

at

assets attributable

to unitholders

at 30 Jun 2021 30 Jun 2021 31 Dec 2020

By credit rating $ % %

AA+ / Aa1 3,253,926 0.07 0.06

AA / Aa2 11,066,996 0.23 0.27

AA- / Aa3 10,523,483 0.21 0.07

A+ / A1 161,237,946 3.28 2.69

A / A2 113,282,198 2.31 2.03

A- / A3 118,416,696 2.41 2.08

BBB+ / Baa1 319,646,594 6.50 7.52

BBB / Baa2 392,229,358 7.98 7.07

BBB- / Baa3 205,234,221 4.18 4.59

BB+ / Ba1 70,633,171 1.44 1.45

BB / Ba2 85,445,038 1.74 1.49

BB- / Ba3 189,338,061 3.85 3.18

B+ / B1 97,193,316 1.98 2.10

B / B2 65,711,837 1.34 1.52

B- / B3 7,899,847 0.16 0.27

Not rated debt securities 145,477,272 2.96 2.42 Non credit-rated investments: - Collective investment schemes 424,577,753 8.64 9.51

- Equities 2,299,410,925 46.81 47.69

Accrued interest on fixed income securities 24,474,391 0.50 0.49

Portfolio of investments 4,745,053,029 96.59 96.50

Other net assets 167,635,383 3.41 3.50

Net assets attributable to unitholders 4,912,688,412 100.00 100.00

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 2021 (Unaudited)



29

Class SGD A Distribution 30 Jun 2021 31 Dec 2020 Units Units

At the beginning of the financial period/year 1,643,325,053 1,740,227,152 Created 202,154,239 347,302,700 Cancelled (277,899,998) (444,204,799)

At the end of the financial period/year 1,567,579,294 1,643,325,053

$ $ Net assets attributable to unitholders 1,751,594,520 1,761,836,431

Net assets attributable to unitholders per unit 1.12 1.07

Class SGD C Distribution 30 Jun 2021 31 Dec 2020

Units Units

At the beginning of the financial period/year 547,595 937

Created 18,375,495 546,658

Cancelled (360,026) -

At the end of the financial period/year 18,563,064 547,595

$ $

Net assets attributable to unitholders 20,641,532 582,609


Class SGD X Distribution 30 Jun 2021 31 Dec 2020 Units Units

At the beginning of the financial period/year 2,381,647,533 2,515,492,607 Created 146,628,854 328,941,841 Cancelled (318,536,569) (462,786,915)

At the end of the financial period/year 2,209,739,818 2,381,647,533

$ $ Net assets attributable to unitholders 2,479,264,098 2,563,914,283





30

Class AUD Hedged A Distribution 30 Jun 2021 31 Dec 2020 Units Units

At the beginning of the financial period/year 325,491,695 359,223,795 Created 21,315,625 52,927,351 Cancelled (68,383,540) (86,659,451)

At the end of the financial period/year 278,423,780 325,491,695

AU$ AU$ Net assets attributable to unitholders 278,908,614 313,618,702


Class EUR Hedged A Accumulation 30 Jun 2021 31 Dec 2020

Units Units

At the beginning of the financial period/year 2,770,494 3,080,018

Created 43,993 600,346

Cancelled (2,477,445) (909,870)

At the end of the financial period/year 337,042 2,770,494

EUR EUR

Net assets attributable to unitholders 584,635 2,863,688


Class GBP Hedged A Distribution 30 Jun 2021 31 Dec 2020

Units Units


Created 5,262,640 2,449,885

Cancelled (2,996,998) (1,907,923)


GBP GBP

Net assets attributable to unitholders 15,735,437 12,996,479





31

Class USD Hedged A Accumulation 30 Jun 2021 31 Dec 2020

Units Units


Created 98,487 3,003,553

Cancelled (3,632,993) (12,210,229)


US$ US$ Net assets attributable to unitholders 2,561,196 6,363,795


Class USD Hedged A Distribution 30 Jun 2021 31 Dec 2020

Units Units


Created 35,325,346 84,887,281

Cancelled (73,712,509) (121,484,369)


US$ US$

Net assets attributable to unitholders 257,752,811 282,136,811


Class USD Hedged C Accumulation 30 Jun 2021 31 Dec 2020

Units Units

At the beginning of the financial period/year 929 929

Created/Cancelled* - -

At the end of the financial period/year 929 929

US$ US$

Net assets attributable to unitholders 1,105 1,033


* There was no creation and cancellation of units during the financial period/year.




32

The Fund currently offers 9 Classes of units, namely Class SGD A Distribution units, Class SGD C Distribution 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 management fee rate, 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 2021 (Unaudited)



33

30 Jun 2021

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) 1.48% 0.88% 1.48% 1.48% 1.46%

Expense ratio2

(including underlying funds’ unaudited expense ratio) 1.49% 0.89% 1.49% 1.49% 1.46%

30 Jun 2021 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) 1.48% 1.47% 1.48% 0.70% Expense ratio2

(including underlying funds’ unaudited expense ratio) 1.49% 1.48% 1.48% 0.71% 30 Jun 2020

Class SGD

A Dis Class SGD

C Dis Class SGD

X Dis

Class AUD Hedged

A Dis


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




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%




34

30 Jun 2021 30 Jun 2020 Fund Fund

Turnover ratio3 17.91% 32.45% 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 2021

Expense ratio calculations Class SGD

A Dis Class SGD

C Dis Class SGD

X Dis

Class AUD Hedged A Dis


$ $ $ $ $ Total operating expenses 25,601,870 16,003 37,417,205 4,520,448 47,419 Average net asset value 1,729,953,670 1,818,663 2,528,960,916 305,298,234 3,254,979

30 Jun 2021

Expense ratio calculations

Class GBP Hedged A Dis




$ $ $ $ Total operating expenses 370,560 126,088 5,336,179 10 Average net asset value 24,977,678 8,568,934 360,900,459 1,385

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

$ $ $ $ $

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




35

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 2021 30 Jun 2020 Turnover ratio calculations Fund Fund $ $ Lower of purchases or sales 887,501,210 (purchases) 1,668,448,643 (purchases) Average net asset value 4,955,260,676 5,141,971,087

REPORT TO UNITHOLDERS 30 June 2021



36

The following is a report on the Schroder Asian Income (the “Fund”): 1. Top 10 holdings of the Fund as at 30 June 2021:

Fair value

Percentage of total net

assets attributable

to unitholders

$ % SISF - Asian Equity Yield I Acc 253,887,795 5.16 Samsung Electronics Co Ltd 120,175,284 2.45 Novatek Microelectronics Corp 96,391,430 1.96 HK Electric Investments and HK Electric Investments Ltd Stapled Shares 91,240,391 1.87 AusNet Services 73,442,960 1.49 SISF - China A I Acc 70,498,697 1.44 MediaTek Inc 68,455,903 1.39 NAVER Corp 63,076,652 1.28 Fortescue Metals Group Ltd 62,301,038 1.27 SISF - Emerging Multi-Asset Income I Acc 57,305,991 1.17

Top 10 holdings of the Fund as at 30 June 2020:

Fair value


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

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 2021 other than as stated in the Statement of Portfolio. For the full composition of investments of the Fund as at 30 June 2021 and an analysis of the investments by credit ratings, refer to the Statement of Portfolio on pages 7 to 28.




37

2. The Fund has the following exposure to financial derivatives as at 30 June 2021:

Fair value


assets attributable

to unitholders

$ % Contracts: Spot foreign exchange 6,129 * Forward foreign exchange (10,770,393) (0.22) Futures (1,815,996) (0.04) Swap (723,633) (0.01) * Less than 0.01 The net gain on financial derivatives realised in the period 1 January 2021 to 30 June 2021 amounted to $33,804,302. The net loss on outstanding financial derivatives marked to market as at 30 June 2021 amounted to $13,303,893.

3. The Fund did not have any borrowings as at 30 June 2021. 4. The amount of subscriptions and redemptions in the period 1 January 2021 to

30 June 2021 were as follows:

$

Subscriptions 485,824,450 Redemptions 844,098,298

5. Expense Ratio (including underlying funds)

Class SGD A Distribution

1 July 2020 to 30 June 2021 1.49% 1 July 2019 to 30 June 2020 1.44% Class SGD C Distribution 1 July 2020 to 30 June 2021 0.89% 1 July 2019 to 30 June 2020 0.76% Class SGD X Distribution 1 July 2020 to 30 June 2021 1.49% 1 July 2019 to 30 June 2020 1.44%




38

Class AUD Hedged A Distribution 1 July 2020 to 30 June 2021 1.49% 1 July 2019 to 30 June 2020 1.44% Class EUR Hedged A Accumulation 1 July 2020 to 30 June 2021 1.46% 1 July 2019 to 30 June 2020 1.45% Class GBP Hedged A Distribution 1 July 2020 to 30 June 2021 1.49% 1 July 2019 to 30 June 2020 1.44% Class USD Hedged A Accumulation 1 July 2020 to 30 June 2021 1.48% 1 July 2019 to 30 June 2020 1.44% Class USD Hedged A Distribution 1 July 2020 to 30 June 2021 1.48% 1 July 2019 to 30 June 2020 1.45% Class USD Hedged C Accumulation 1 July 2020 to 30 June 2021 0.71% 1 July 2019 to 30 June 2020 0.68%

6. Turnover of Portfolio 1 January 2021 to 30 June 2021 17.91% 1 January 2020 to 30 June 2020 32.45%

7. Soft dollar commissions/arrangements:

In the management of the Fund, the Manager currently does not receive or enter into any soft dollar commissions or arrangements. In the management of the underlying Schroders funds, the managers may enter into soft dollar commission arrangements only where there is a direct and identifiable benefit to their clients, and where the managers are satisfied that the transactions generating the soft dollar commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the underlying Schroders funds on terms that commensurate with best market practice.




39

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 2020, The Hongkong and Shanghai Banking Corporation Limited replaces HSBC France, Luxembourg Branch, 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 2021 31 Dec 2020 $ $ Current accounts 131,368,150 100,383,901

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 - Emerging Multi-Asset Income I Acc -

Legend: SISF : Schroder International Selection Fund




40

9. Performance of Fund for periods ended 30 June 2021

3 mths

6 mths

1 yr

3 yrs*

5 yrs*

Since Launch*#

Class SGD A Distribution 1.8% 6.7% 16.3% 5.6% 4.9% 6.6%

Class SGD C Distribution 1.9% 6.9% 16.8% 6.1% - 4.5%

Class SGD X Distribution 1.8% 6.6% 16.1% 5.6% 4.9% 4.8%

Class AUD Hedged A Distribution 1.7% 6.3% 15.7% 5.2% 5.0% 6.2%

Class EUR Hedged A Accumulation 1.7% 6.1% 15.1% 3.8% - 2.3%

Class GBP Hedged A Distribution 1.8% 6.4% 15.7% 4.7% - 3.4%

Class USD Hedged A Accumulation 1.9% 6.6% 16.2% 6.0% - 4.6%

Class USD Hedged A Distribution 1.8% 6.6% 16.2% 6.0% 5.2% 4.1%

Class USD Hedged C Accumulation 2.1% 7.0% 17.1% 6.5% - 5.0%

* 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 Fund: Morningstar (class currency, bid to bid, net income reinvested, net of fees)

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