Schroder Asian Income Maximiser

Interim Report and Accounts June 2017 Contents

Schroder Asian Income Maximiser

Fund Information 1 ...... 3 Investment objective and policy ...... 3 Financial highlights ...... 4 Fund information ...... 4 Ongoing charges figure ...... 5 Total purchases and sales ...... 5 Review of Investment Activities 1 ...... 6 Risk Profile 1 ...... 7 Risk and reward indicator ...... 7 Specific risks ...... 7 Net Asset Value and Comparative Tables 1 ...... 8 Unit price range ...... 8 Net revenue ...... 9 Net asset value ...... 10 Fund performance ...... 11 Portfolio Statement 1 ...... 12 Summary of Portfolio Transactions 1 ...... 24 Largest purchases ...... 24 Largest sales ...... 24 Statement of the Manager’s Responsibilities ...... 25 Statement of Total Return (unaudited) ...... 26 Statement of Change in Net Assets Attributable to Unitholders (unaudited) ...... 26 Balance Sheet (unaudited) ...... 27 Notes to the Accounts (unaudited) ...... 28 Basis of preparation ...... 28 Accounting policies ...... 28 Distribution Table (unaudited) ...... 29 Quarterly distribution for the three months ended 31 March 2017 ...... 29 Corporate unitholders ...... 29 Interim distribution for the three months ended 30 June 2017 ...... 30 Corporate unitholders ...... 30 Equalisation ...... 31 General Information 1 ...... 32 Authorisation ...... 32 Other information ...... 32

1 Collectively these comprise the Authorised Fund Manager’s report. Schroder Asian Income Maximiser

Fund Information

Investment objective The fund aims to provide income and capital growth by investing in equity and equity related securities of Asian companies, excluding Japan. and policy The fund invests at least 80% of its assets in equity and equity related securities of Asian companies, excluding Japan, which are selected for their long term income and capital growth potential.

To seek to enhance the yield, the Investment Manager selectively sells short dated call options over individual securities, portfolios of securities or indices hel d by the fund, by agreeing strike prices above which potential capital growth is sold.

The fund may also invest in collective investment schemes, warrants and money market instruments, and hold cash.

The fund may use derivatives with the aim of achieving investment gains, reducing risk or managing the fund more efficiently.

The fund’s investment strategy will typically unde rperform a similar portfolio without derivatives in periods when the underlying stock prices are rising, and out perform when the underlying stock prices are falling .

Further Information The fund aims to deliver a target yield of 7% per year 1. The target yield of 7 % cannot be guaranteed and could change according to prevailing market conditions. The Manager will notify unitholders if the target yield changes.

1 The yield is the sum of the four quarterly distributions that comprise the fund year, each calculated by dividing the quarterly distribution amount by the unit price at the start of that quarter.

With effect from 5 April 2017 the fund’s Investment objective and policy changed, previously it was:

The fund’s investment objective is to provide income with potential for capital growth primarily through investment in equity and equity related securities of Asian (ex Japan) companies.

In order to generate additional income, the Manager may selectively sell short dated call options over securities or portfolios of securities held by the fund, or indices, by setting individual target ‘strike’ prices at which those securities may be sold in the future.

The Manager is also permitted to sell put options on securities or portfolios of securities which are not held by the fund, or indices, at target prices that are pre -set below the current market level. The Manager may also, for the purpose of efficient management, use derivative instruments which replicate the performance of a basket of short dated call options or a combination of equity securities and short dated call options.

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Fund Information (continued)

Investment will primarily be in directly held transferable securities. The fund may also invest in collective investment schemes, cash, deposits, warrants, money market instruments and derivatives. In particular, the fund may buy or sell over the counter and exchange traded derivatives, and enter into total returns swaps. The fund will use derivative instruments for investment purposes as well as for efficient portfolio management .

Financial Dealing price 30.6.17 30.12.16 % change A Income units 56.93p 53.96p 5.50 highlights A Accumulation units 94.82p 87.28p 8.64 L Income units 55.88p 52.79p 5.85 L Accumulation units 72.24p 66.28p 8.99 S Income units 61.31p 57.85p 5.98 Z Income units 59.44p 56.17p 5.82 Z Accumulation units 98.89p 90.76p 8.96 1.3.17 to 29.2.16 to 31.8.17 31.8.16 Distributions per Z Income unit 2.0287p 1.7766p

Fund information Launch date 1 June 2010 Launch price 50.00p per A Income unit 50.00p per A Accumulation unit 50.00p per Z Income unit 50.00p per Z Accumulation unit Launch date 1 October 2013 Launch price 50.00p per L Income unit 50.00p per L Accumulation unit Launch date 31 January 2014 Launch price 50.00p per S Income unit

Quarterly Interim Quarterly Final Accounting dates 31 March 30 June 30 September 31 December Revenue allocation dates 31 May 31 August 30 November 28 February

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Fund Information (continued)

For the period For the year Ongoing charges to 30.6.17 to 31.12.16 figure A Income units 1.69% 1 1.70% A Accumulation units 1.69% 1 1.70% L Income units 0. 87%1 0.87% L Accumulation units 0. 87%1 0.87% S Income units 0. 57%1 0.57% Z Income units 0.94% 1 0.95% Z Accumulation units 0.94% 1 0.95%

1 The Ongoing charges figure is annualised based on the fees incurred during the accounting period.

For the period For the year Total purchases to 30.6.17 to 31.12.16 and sales £000’s £000’s Total purchases 60,592 60,956 Total sales 40,244 81,864

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Review of Investment Activities

From 30 December 2016 to 30 June 2017, the price of Z Accumulation units on a dealing price to dealing price basis, which reflects the reinvestment of the distribution paid to unitholders, rose 8.96%. The fund does not measure its performance against a benchmark because the options overlay strategy is expected to result in diverging performance according to market conditions. However, for comparison purposes, the MSCI All Country Pacific ex Japan Index generated a net return of 13.95% 1 in sterling terms over the same period. Co-Fund Manager:

1 Source: Thomson Reuters Datastream. Richard Sennitt Joined Schroders in 1993 Asian equities finished the period up strongly on signs of a strong recovery in Investment career commenced in 1993 both Chinese and US growth while “Trump bump” also supported sentiment for As fund manager for Pacific Equity and global stock markets. Global Small Cap Equity accounts, Richard is co-manager of Schroder Asian Income The fund’s leading contributors to performance were our strong stock selection Maximiser and manager of Schroder Asian and underweight position in Australia as well as positive stock selection in Income Fund Taiwan. Meanwhile, the fund’s top detractors included negative stock selection in Associate member of the UK Society of China and Hong Kong while our underweight position in Korea also weighed on Investment Professionals (UKSIP). Member returns. Over the six month period, the option strategy detracted from capital of the CFA Institute upside due to strong market performance. However option premium remains BA, Oxford University strong meaning we remain confident of meeting dividend payment targets.

Looking ahead, although aggregate valuations have risen in recent months, multiples are not yet at worrying levels and for now earnings are being revised Co-Fund Manager: up. We maintain a bottom up investment approach and we continue to look for Mike Hodgson good companies where we can see a strong income case and potential for Over 20 years ’ of experience in financial capital growth. markets. Investment career started in 1987 at J Henry Schroder & Co. Limited as Please remember that past performance is not a guide to future performance Principal Interest Rate Derivatives Trader, and it might not be repeated. The value of investments and the revenue from before becoming Global Head of Structured Products and Equity Derivatives them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your Moved to Citigroup in 2000 as a result of its acquisition of J Henry Schroder & Co. investments and you may lose money. where he was European Head of New Product Development until 2002 Joined ABN AMRO Bank NV (which then became Royal Bank of Scotland NV in 2007) in 2004 as Global Head of Equity Derivatives Structuring moving on to become Head of Fund Derivatives Trading and Structuring Rejoined Schroders in 2011 PhD in Physics, Cambridge University and BSc (Hons) in Physics, Imperial College, London

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Risk Profile

Risk and reward Lower risk Highe r risk Potentially lower reward Potentially higher reward indicator

1 2 3 4 55 6 7

The risk category was calculated using historical performance data and may not be a reliable indicator of the fund’s future risk profile.

The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly.

The fund’s risk category is not guaranteed to remain fixed and may change over time.

A fund in the lowest category does not mean a risk free investment.

Specific risks The fund invests in assets which are exposed to currencies other than sterling. Exchange rates may cause the value of overseas investments and the revenue from them to rise or fall.

The fund invests in emerging markets and the Far East. This involves a high degree of risk and should be seen as long term in nature.

The fund is index unconstrained and has the potential for greater volatility.

The fund uses derivatives for specific investment purposes. The way in which derivatives are used will increase the revenue paid to investors and reduce volatility, but there is the potential that performance or capital value may be eroded.

The fund invests in a wide range of derivatives in order to meet its investment objectives and for leverage. The use of leverage can increase gains as well as losses and expose the fund to increased risk.

As a result of the expenses being charged wholly to capital, the distributable revenue of the fund may be higher, but the capital value of the fund may be eroded which may affect future performance.

The target yield quoted is an estimate and is not guaranteed. It is quoted net of basic rate tax, however, higher rate tax payers should note that they may be liable for further deductions.

For these reasons, the purchase of units should not normally be regarded as a short term investment.

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Net Asset Value and Comparative Tables

Unit price range Financial year to 31 December A Income units A Accumulation units Highest Lowest Highest Lowest dealing dealing dealing dealing p p p p 2014 54.62 47.84 74.01 62.61 2015 54.04 41.55 77.54 60.99 2016 56.42 41.99 91.27 64.14 Financial period to 30 June 2017 58.19 53.58 96.52 87.85

Financial year to 31 December L Income units L Accumulation units Highest Lowest Highest Lowest dealing dealing dealing dealing p p p p 2014 52.62 46.64 55.37 46.64 2015 52.27 40.29 58.23 45.91 2016 55.14 40.84 69.23 48.43 Financial period to 30 June 2017 57.01 52.43 73.53 66.73

Financial year to 31 December S Income units Z Income units Highest Lowest Highest Lowest dealing dealing dealing dealing p p p p 2014 57.35 49.93 56.08 48.92 2015 57.04 44.01 55.67 42.91 2016 60.40 44.66 58.67 43.48 Financial period to 30 June 2017 62.51 57.46 60.65 55.79

Financial year to 31 December Z Accumulation units Highest Lowest dealing dealing p p 2014 75.92 63.98 2015 79.82 62.92 2016 94.80 66.36 Financial period to 30 June 2017 100.70 91.37

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Net Asset Value and Comparative Tables (continued) A Income units A Accumulation units Net revenue Financial year to 31 December pence per unit pence per unit 2014 3.8241 5.1405 2015 3.7101 5.3929 2016 3.6439 5.7235 Financial period to 30 June 2017 1.9455 3.2222

L Income units L Accumulation units Financial year to 31 December pence per unit pence per unit 2014 4.5078 4.6589 2015 3.5895 4.0503 2016 3.5627 4.3410 Financial period to 30 June 2017 1.9077 2.4687

S Income units Z Income units Financial year to 31 December pence per unit pence per unit 2014 3.8358 3.9183 2015 3.9175 3.8237 2016 3.8949 3.7863 Financial period to 30 June 2017 2.0938 2.0287

Z Accumulation units Financial year to 31 December pence per unit 2014 5.2694 2015 5.5491 2016 5.9439 Financial period to 30 June 2017 3.3706

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Net Asset Value and Comparative Tables (continued) Net asset Net asset value Net asset value value per unit Number of As at 31 December £000’s p units in issue 2014 A Income units 56,869 49.94 113,871,883 A Accumulation units 16,331 70.56 23,146,280 L Income units 3,445 48.21 7,146,297 L Accumulation units 3,143 52.89 5,942,255 S Income units 4,155 52.58 7,901,720 Z Income units 133,924 51.36 260,735,155 Z Accumulation units 25,399 72.51 35,028,811 2015 A Income units 56,693 44.99 126,018,240 A Accumulation units 10,690 68.78 15,543,025 L Income units 9,391 43.72 21,480,021 L Accumulation units 10,875 51.89 20,955,517 S Income units 5,758 47.80 12,046,105 Z Income units 145,930 46.55 313,490,246 Z Accumulation units 21,371 71.10 30,056,417 2016 A Income units 57,702 53.00 108,868,759 A Accumulation units 12,536 87.04 14,403,762 L Income units 27,524 51.86 53,077,593 L Accumulation units 13,333 66.10 20,171,205 S Income units 6,738 56.83 11,857,702 Z Income units 158,558 55.18 287,367,054 Z Accumulation units 22,558 90.51 24,923,410 2017 at 30 June A Income units 64,351 55.64 115,665,502 A Accumulation units 13,817 94.54 14,615,127 L Income units 55,417 54.61 101,473,194 L Accumulation units 18,186 72.03 25,247,766 S Income units 8,893 59.92 14,840,844 Z Income units 155,340 58.09 267,400,380 Z Accumulation units 31,730 98.60 32,179,500

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Net Asset Value and Comparative Tables (continued) Net asset Net asset Fund performance value per unit value per unit pp as at 30.6.17 as at 31.12.16 % change A Income units 55.64 53.00 4.98 A Accumulation units 94.54 87.04 8.62 L Income units 54.61 51.86 5.30 L Accumulation units 72.03 66.10 8.97 S Income units 59.92 56.83 5.44 Z Income units 58.09 55.18 5.27 Z Accumulation units 98.60 90.51 8.94

Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

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Portfolio Statement

Holding at Market Value % of net 30.6.17 £000’s assets Australia 17.54% (31.12.16 – 19.88%) Amcor 441,461 4,226 1.22 Brambles 679,654 3,905 1.12 Computershare 247,972 2,071 0.60 Iluka Resources 763,581 3,909 1.12 Incitec Pivot 1,720,559 3,454 0.99 Mirvac Group 3,433,123 4,318 1.24 National Australia Bank 410,298 7,169 2.06 Orica 548,478 6,698 1.93 Suncorp Group 620,392 5,426 1.56 Telstra 1,362,992 3,461 1.00 Transurban Group 981,221 6,866 1.97 Westpac Banking 251,712 4,534 1.30 Woodside Petroleum 33,464 590 0.17 Woolworths 289,944 4,371 1.26 60,998 17.54

Bermuda 1.71% (31.12.16 – 2.29%) Kerry Properties 1,601,000 4,184 1.20 Li & Fung 6,374,000 1,779 0.51 5,963 1.71

Cayman Islands 5.34% (31.12.16 – 7.03%) Belle International Holdings 1,239,000 751 0.22 CK Hutchison Holdings 378,988 3,661 1.05 Pacific Textiles Holdings 3,426,000 3,041 0.87 Sands China 2,055,600 7,247 2.08 Shenzhou International Group Holdings 767,000 3,877 1.12 18,577 5.34

China 9.12% (31.12.16 – 4.50%) China Petroleum & Chemical H 15,944,000 9,560 2.75 Hangzhou Hikvision Digital Technology 317,980 1,166 0.34 Hangzhou Hikvision Digital Technology Warrants (UBS) 7.5.18 935,593 3,446 0.99

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Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets China (continued) Industrial & Commercial Bank of China H 12,868,000 6,675 1.92 Midea Group 552,077 2,698 0.78 Midea Group Warrants (UBS) 22.6.18 982,475 4,802 1.38 PetroChina H 7,118,000 3,355 0.96 31,702 9.12

Hong Kong 13.90% (31.12.16 – 14.18%) BOC Hong Kong Holdings 2,350,500 8,658 2.49 China Mobile 915,500 7,480 2.15 HKT Trust & HKT 7,597,000 7,657 2.20 Hopewell Holdings 1,015,500 2,979 0.86 Link REIT 841,500 4,925 1.42 PCCW 1,422,000 623 0.18 Sun Hung Kai Properties 636,000 7,188 2.07 Swire Pacific 701,500 5,271 1.51 Swire Properties 1,410,000 3,567 1.02 48,348 13.90

India 0.00% (31.12.16 – 1.02%)

Italy 0.00% (31.12.16 – 0.94%)

New Zealand 1.61% (31.12.16 – 1.72%) Fletcher Building 1,253,144 5,615 1.61 5,615 1.61

Singapore 11.49% (31.12.16 – 12.03%) CapitaLand Mall Trust 1,697,400 1,870 0.54 ComfortDelGro 3,108,400 3,997 1.15 Fortune Real Estate Investment Trust 5,486,000 5,210 1.50 Mapletree Commercial Trust 4,565,649 4,046 1.16 Mapletree Industrial Trust 3,902,000 4,058 1.17 Oversea-Chinese Banking 930,500 5,614 1.62 SATS 436,200 1,244 0.36

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Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Singapore (continued) Singapore Telecommunications 1,570,300 3,416 0.98 United Overseas Bank 345,100 4,459 1.28 Venture 894,500 6,027 1.73 39,941 11.49

South Korea 9.15% (31.12.16 – 8.54%) Hanon Systems 90,238 625 0.18 Hyundai Motor 12,535 1,345 0.39 Hyundai Motor Preference 51,314 4,005 1.15 LG Chem Preference 58,177 7,888 2.27 Samsung Electronics Preference 10,534 13,198 3.79 SK Telecom 26,570 4,756 1.37 31,817 9.15

Taiwan 18.23% (31.12.16 – 16.45%) Asustek Computer 822,000 5,960 1.71 Delta Electronics 1,022,495 4,296 1.24 Far EasTone Telecommunications 2,577,000 5,054 1.45 Hon Hai Precision Industry 3,751,100 11,059 3.18 Largan Precision 23,000 2,820 0.81 Mega Financial Holding 9,045,969 5,792 1.67 Novatek Microelectronics 1,187,000 3,695 1.06 Taiwan Mobile 1,798,500 5,189 1.49 Taiwan Semiconductor Manufacturing 3,711,000 19,535 5.62 63,400 18.23

Thailand 5.00% (31.12.16 – 4.86%) Bangkok Bank 1 1,293,900 5,674 1.63 Bangkok Bank Non-Voting Depositary Receipts 426,700 1,784 0.51 Glow Energy 1 994,300 1,775 0.51 Intouch Holdings 1 607,800 785 0.23 Intouch Holdings Non-Voting Depositary Receipts 3,031,000 3,915 1.13 Land & Houses Non-Voting Depositary Receipts 15,221,000 3,449 0.99 17,382 5.00

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Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets United Kingdom 7.17% (31.12.16 – 6.48%) BHP Billiton 597,495 7,024 2.02 HSBC Holdings 1,899,200 13,607 3.92 Standard Chartered 553,000 4,286 1.23 24,917 7.17

Australian Dollar Denominated Derivatives (0.16)% (31.12.16 – (0.60)%) Amcor Written Call Option A$17.1891 19.7.17 2 (97,121) (1) 0.00 Brambles Written Call Option A$10.5841 19.7.17 2 (74,761) 0 0.00 Fletcher Building Written Call Option A$7.8227 19.7.17 2 (82,707) (4) 0.00 Iluka Resources Written Call Option A$8.7651 19.7.17 2 (119,773) (14) (0.01) Incitec Pivot Written Call Option A$3.5518 19.7.17 2 (292,495) (5) 0.00 Mirvac Group Written Call Option A$2.3135 19.7.17 2 (457,652) 0 0.00 Orica Written Call Option A$20.9702 19.7.17 2 (75,157) (12) 0.00 Suncorp Group Option A$14.9339 19.7.17 2 (91,760) (11) 0.00 Transurban Group Written Call Option A$12.8482 19.7.17 2 (99,394) 0 0.00 Westpac Banking Written Call Option A$30.931 19.7.17 2 (46,305) (8) 0.00 Amcor Written Call Option A$16.4036 27.7.17 2 (68,771) (9) 0.00 Fletcher Building Written Call Option A$8.1358 27.7.17 2 (120,598) (3) 0.00 Iluka Resources Written Call Option A$9.4419 27.7.17 2 (125,990) (4) 0.00 Incitec Pivot Written Call Option A$4.16 27.7.17 2 (292,495) 0 0.00 Mirvac Group Written Call Option A$2.3219 27.7.17 2 (740,564) 0 0.00 National Australia Bank Written Call Option A$34.0087 27.7.17 2 (61,732) 0 0.00 Orica Group Written Call Option A$19.9425 27.7.17 2 (98,281) (57) (0.01) Suncorp Group Written Call Option A$14.3277 27.7.17 2 (91,760) (35) (0.01)

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Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Australian Dollar Denominated Derivatives (continued) Telstra Written Call Option A$4.3994 27.7.17 2 (265,506) (6) 0.00 Transurban Group Written Call Option A$12.1503 27.7.17 2 (166,892) (11) 0.00 Westpac Banking Group Written Call Option A$35.4281 27.7.17 2 (49,265) 0 0.00 Woolworths Written Call Option A$27.9648 27.7.17 2 (47,840) 0 0.00 Amcor Written Call Option A$16.1512 10.8.17 2 (34,196) (9) 0.00 Fletcher Building Written Call Option A$8.6419 10.8.17 2 (144,397) (2) 0.00 Iluka Resources Written Call Option A$9.1375 10.8.17 2 (125,990) (14) (0.01) Incitec Pivot Written Call Option A$4.0194 10.8.17 2 (172,054) 0 0.00 Mirvac Group Written Call Option A$2.3055 10.8.17 2 (322,285) (1) 0.00 National Australia Bank Written Call Option A$32.3 10.8.17 2 (30,693) (1) 0.00 Orica Group Written Call Option A$20.8402 10.8.17 2 (46,777) (14) (0.01) Suncorp Group Written Call Option A$15.0643 10.8.17 2 (112,627) (19) (0.01) Transurban Group Written Call Option A$12.3416 10.8.17 2 (183,124) (13) 0.00 Woolworths Written Call Option A$27.9775 10.8.17 2 (47,840) (1) 0.00 Amcor Written Call Option A$16.3518 24.8.17 2 (62,895) (16) (0.01) Brambles Written Call Option A$11.2837 24.8.17 2 (74,761) (1) 0.00 Fletcher Building Written Call Option A$8.1126 24.8.17 2 (96,492) (6) 0.00 Iluka Resources Written Call Option A$10.3727 24.8.17 2 (112,390) (2) 0.00 Incitec Pivot Written Call Option A$3.8957 24.8.17 2 (326,906) (4) 0.00 Mirvac Group Written Call Option A$2.3138 24.8.17 2 (699,816) (3) 0.00 National Australia Bank Written Call Option A$31.135 24.8.17 2 (68,995) (10) 0.00 Orica Group Written Call Option A$21.104 24.8.17 2 (97,755) (29) (0.01) Suncorp Group Written Call Option A$14.3259 24.8.17 2 (110,161) (35) (0.01)

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Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Australian Dollar Denominated Derivatives (continued) Telstra Written Call Option A$4.6665 24.8.17 2 (212,127) (3) 0.00 Transurban Group Written Call Option A$12.535 24.8.17 2 (105,886) (7) 0.00 Westpac Banking Group Written Call Option A$31.9219 24.8.17 2 (41,032) (7) 0.00 Woolworths Written Call Option A$27.1231 24.8.17 2 (42,676) (6) 0.00 Amcor Written Call Option A$16.4279 7.9.17 2 (76,862) (15) (0.01) Brambles Written Call Option A$10.8366 7.9.17 2 (74,761) (3) 0.00 Fletcher Building Written Call Option A$7.74 7.9.17 2 (96,492) (14) (0.01) Iluka Resources Written Call Option A$9.5637 7.9.17 2 (109,705) (10) 0.00 Incitec Pivot Written Call Option A$3.761 7.9.17 2 (258,086) (7) 0.00 Mirvac Group Written Call Option A$4.2409 7.9.17 2 (594,844) (9) 0.00 National Australia Bank Written Call Option A$30.6774 7.9.17 2 (68,995) (18) (0.01) Orica Group Written Call Option A$21.6342 7.9.17 2 (109,843) (24) (0.01) Suncorp Group Written Call Option A$14.087 7.9.17 2 (93,722) (41) (0.01) Telstra Written Call Option A$4.4286 7.9.17 2 (232,692) (5) 0.00 Transurban Group Written Call Option A$12.5204 7.9.17 2 (176,825) (15) (0.01) Westpac Banking Group Written Call Option A$31.1916 7.9.17 2 (43,990) (16) (0.01) Woolworths Written Call Option A$26.6983 7.9.17 2 (41,657) (7) 0.00 (567) (0.16)

Hong Kong Dollar Denominated Derivatives (0.47)% (31.12.16 – (0.17)%) BOC Hong Kong Holdings Written Call Option HK$35.2514 19.7.17 2 (369,500) (80) (0.02) China Mobile Written Call Option HK$86.377 19.7.17 2 (155,500) (1) 0.00 CK Hutchison Written Call Option HK$102.0066 19.7.17 2 (64,000) (1) 0.00

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Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Hong Kong Dollar Denominated Derivatives (continued) HKT Trust & HKT Written Call Option HK $10.5266 19.7.17 2 (1,337,000) (5) 0.00 HSBC Holdings Written Call Option HK$70.1068 19.7.17 2 (417,600) (116) (0.03) Link REIT Written Call Option HK$63.7823 19.7.17 2 (185,000) 0 0.00 Sands China Written Call Option HK$39.2029 19.7.17 2 (338,800) (1) 0.00 Shenzhou International Group Written Call Option HK$54.484 19.7.17 2 (84,000) (1) 0.00 Standard Chartered Written Call Option HK$77.4375 19.7.17 2 (91,200) (18) (0.01) Sung Hung Kai Properties Written Call Option HK$121.5438 19.7.17 2 (133,000) (2) 0.00 BOC Hong Kong Holdings Written Call Option HK$32.6612 27.7.17 2 (413,500) (193) (0.06) China Mobile Written Call Option HK$84.3858 27.7.17 2 (155,500) (6) 0.00 China Petroleum & Chemical Written Call Option HK$6.5499 27.7.17 2 (2,524,000) (2) 0.00 CK Hutchison Written Call Option TW$98.3192 27.7.17 2 (64,000) (8) 0.00 Fortune Real Estate Investment Trust Written Call Option HK$29.632 27.7.17 2 (263,000) (14) (0.01) HKT Trust & HKT Written Call Option HK$10.2623 27.7.17 2 (1,597,000) (24) (0.01) HSBC Holdings Written Call Option HK$65.0504 27.7.17 2 (275,600) (208) (0.06) Link REIT Written Call Option HK$56.7333 27.7.17 2 (172,000) (48) (0.01) Pacific Textiles Holdings Written Call Option HK $8.9053 27.7.17 2 (276,000) (6) 0.00 PetroChina Written Call Option HK$5.7101 27.7.17 2 (1,564,000) 0 0.00 Sands China Written Call Option HK$37.8145 27.7.17 2 (274,000) (7) 0.00 Shenzhou International Group Written Call Option HK$54.4531 27.7.17 2 (168,000) (5) 0.00 Standard Chartered Written Call Option HK$80.9201 27.7.17 2 (50,500) (4) 0.00 Sung Hung Kai Properties Written Call Option HK$121.7942 27.7.17 2 (98,000) (3) 0.00 Swire Pacific Written Call Option HK$76.857 27.7.17 2 (63,500) (6) 0.00

18 Schroder Asian Income Maximiser

Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Hong Kong Dollar Denominated Derivatives (continued) Swire Properties Written Call Option HK$26.8325 27.7.17 2 (310,200) (6) 0.00 BOC Hong Kong Holdings Written Call Option HK$33.3932 10.8.17 2 (309,500) (124) (0.04) China Mobile Written Call Option HK$86.7248 10.8.17 2 (91,500) (3) 0.00 China Petroleum & Chemical Written Call Option HK$6.4316 10.8.17 2 (1,486,000) (4) 0.00 CK Hutchison Written Call Option HK$103.8055 10.8.17 2 (38,000) (2) 0.00 Industrial & Commercial Bank of China H Written Call Option HK $5.1117 10.8.17 2 (2,323,000) (18) (0.01) Link REIT Written Call Option HK$58.497 10.8.17 2 (185,000) (29) (0.01) PetroChina Written Call Option HK$5.5978 10.8.17 2 (1,564,000) 0 0.00 Sands China Written Call Option HK$36.586 10.8.17 2 (289,600) (22) (0.01) Shenzhou International Group Written Call Option HK$56.1904 10.8.17 2 (47,000) (1) 0.00 Standard Chartered Written Call Option HK$80.386 10.8.17 2 (50,500) (8) 0.00 Sung Hung Kai Properties Written Call Option HK$121.0541 10.8.17 2 (127,000) (10) 0.00 Swire Properties Written Call Option HK$26.7588 10.8.17 2 (310,200) (10) 0.00 BOC Hong Kong Holdings Written Call Option HK$36.0395 24.8.17 2 (385,500) (76) (0.01) China Mobile Written Call Option HK$89.7682 24.8.17 2 (147,500) (3) 0.00 China Petroleum & Chemical Written Call Option HK$6.587 24.8.17 2 (2,226,000) (5) 0.00 CK Hutchison Written Call Option HK$106.7748 24.8.17 2 (72,000) (3) 0.00 HKT Trust & HKT Written Call Option HK$10.5667 24.8.17 2 (1,671,000) (18) (0.01) HSBC Holdings Written Call Option HK$69.2195 24.8.17 2 (395,200) (140) (0.04) Industrial & Commercial Bank of China H Written Call Option HK $5.1791 24.8.17 2 (2,464,000) (18) (0.01) Kerry Properties Written Call Option HK$29.362 24.8.17 2 (264,000) (2) 0.00 Link REIT Written Call Option HK$60.8732 24.8.17 2 (185,000) (12) 0.00

19 Schroder Asian Income Maximiser

Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Hong Kong Dollar Denominated Derivatives (continued) PetroChina Written Call Option HK$5.5899 24.8.17 2 (422,000) 0 0.00 Sands China Written Call Option HK$36.7923 24.8.17 2 (322,800) (27) (0.01) Shenzhou International Group Written Call Option HK$57.3139 24.8.17 2 (121,000) (3) 0.00 Standard Chartered Written Call Option HK$79.6777 24.8.17 2 (75,750) (17) (0.01) Sung Hung Kai Properties Written Call Option HK$121.5226 24.8.17 2 (39,000) (4) 0.00 Swire Pacific Written Call Option HK$80.1792 24.8.17 2 (99,500) (4) 0.00 Swire Properties Written Call Option HK$27.454 24.8.17 2 (202,400) (5) 0.00 BOC Hong Kong Holdings Written Call Option HK$35.4947 7.9.17 2 (407,500) (101) (0.03) China Mobile Written Call Option HK$87.0233 7.9.17 2 (164,000) (10) 0.00 China Petroleum & Chemical Written Call Option HK$6.5584 7.9.17 2 (2,820,000) (7) 0.00 CK Hutchison Written Call Option HK$106.5575 7.9.17 2 (57,500) (4) 0.00 HKT Trust & HKT Written Call Option HK$10.502 7.9.17 2 (1,671,000) (13) (0.01) HSBC Holdings Written Call Option HK$70.9596 7.9.17 2 (365,200) (99) (0.03) Industrial & Commercial Bank of China H Written Call Option HK $5.3 7.9.17 2 (2,830,000) (17) (0.01) Link REIT Written Call Option HK$62.7065 7.9.17 2 (97,500) (4) 0.00 PetroChina Written Call Option HK$5.2418 7.9.17 2 (838,000) (2) 0.00 Sands China Written Call Option HK$39.2508 7.9.17 2 (338,800) (13) (0.01) Shenzhou International Group Written Call Option HK$57.988 7.9.17 2 (133,000) (4) 0.00 Standard Chartered Written Call Option HK$83.2062 7.9.17 2 (91,200) (15) (0.01) Sung Hung Kai Properties Written Call Option HK$126.0262 7.9.17 2 (139,000) (9) 0.00 Swire Pacific Written Call Option HK$80.4071 7.9.17 2 (134,000) (7) 0.00 Swire Properties Written Call Option HK$27.9745 7.9.17 2 (248,000) (6) 0.00 (1,644) (0.47)

20 Schroder Asian Income Maximiser

Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Singapore Dollar Denominated Derivatives (0.07)% (31.12.16 – (0.09)%) ComfortDelGro Written Call Option S$2.7662 27.7.17 2 (512,800) 0 0.00 Mapletree Commercial Trust Written Call Option S$1.595 27.7.17 2 (401,700) (1) 0.00 Mapletree Industrial Trust Written Call Option S$1.835 27.7.17 2 (229,100) (5) 0.00 Oversea-Chinese Banking Written Call Option S $9.74 27.7.17 2 (178,900) (106) (0.03) United Overseas Bank Written Call Option S$21.6804 27.7.17 2 (29,300) (24) (0.01) Venture Written Call Option S$11.99 27.7.17 2 (62,100) (9) 0.00 ComfortDelGro Written Call Option S$2.8448 10.8.17 2 (376,100) 0 0.00 Mapletree Commercial Trust Written Call Option S$1.5782 10.8.17 2 (358,900) (3) 0.00 ComfortDelGro Written Call Option S$2.5127 24.8.17 2 (376,100) (1) 0.00 Mapletree Commercial Trust Written Call Option S$1.5579 24.8.17 2 (401,700) (7) 0.00 Oversea-Chinese Banking Written Call Option S $10.47 24.8.17 2 (191,800) (34) (0.01) United Overseas Bank Written Call Option S$23.587 24.8.17 2 (75,900) (8) 0.00 Venture Written Call Option S$13.7977 24.8.17 2 (49,100) 0 0.00 Oversea-Chinese Banking Written Call Option S $10.6032 7.9.17 2 (180,500) (27) (0.01) Mapletree Commercial Trust Written Call Option S$1.5496 7.9.17 2 (401,700) (9) 0.00 United Overseas Bank Written Call Option S$23.3457 7.9.17 2 (75,900) (14) (0.01) Venture Written Call Option S$13.203 7.9.17 2 (35,400) (1) 0.00 (249) (0.07)

Sterling Denominated Derivatives (0.44)% (31.12.16 – (0.09)%) Mega Financial Holding Written Call Option TW$25.47.19.7.17 2 (1,293,000) (7) 0.00 Far EasTone Telecommunications Written Call Option TW $79.07 19.7.17 2 (422,000) 0 0.00

21 Schroder Asian Income Maximiser

Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Sterling Denominated Derivatives (continued) Samsung Electronics Preference Written Call Option KR W 2009737 19.7.17 2 (2,085) (5) 0.00 Asustek Computer Writte n Call Option TW$307.68 27.7.17 2 (139,000) (3) 0.00 Delta Electronics Writte n Call Option TW$173.87 27.7.17 2 (207,000) (2) 0.00 Far EasTone Telecommunication Written Call Option TW$73.9 27.7.17 2 (470,000) (13) 0.00 Hon Hai Precision Industry Writte n Call Option TW$101.84 27.7.17 2 (614,000) (177) (0.05) Hyundai Motor Written Call Option KR W 159569 27.7.17 2 (2,757) (8) 0.00 Hyundai Motor Preference Written Call Option KR W 110395 27.7.17 2 (5,644) (27) (0.01) Mega Financial Holding Written Call Option TW $24.83 27.7.17 2 (825,000) (13) 0.00 Samsung Electronics Preference Written Call Option KR W 1848097 27.7.17 2 (747) (28) (0.01) Taiwan Mobile Writte n Call Option TW$111 27.7.17 2 (336,000) (4) 0.00 Taiwan Semiconductor Writte n Call Option TW$193 27.7.17 2 (694,000) (278) (0.08) Asustek Computer Writte n Call Option TW$293 10.8.17 2 (102,000) (3) 0.00 Delta Electronics Writte n Call Option TW$173.16 10.8.17 2 (207,000) (5) 0.00 Hon Hai Precision Industry Writte n Call Option TW$107.92 10.8.17 2 (686,000) (129) (0.04) Hyundai Motor Written Call Option KR W 176085 10.8.17 2 (2,132) (1) 0.00 Hyundai Motor Preference Written Call Option KRW11317010.8.17 2 (5,644) (21) (0.01) Samsung Electronics Preference Writte n Call Option KRW1879149 10.8.17 2 (2,134) (76) (0.02) Taiwan Semiconductor Manufacturing Written Call Option TW $207.5 10.8.17 2 (717,000) (77) (0.02) Delta Electronics Writte n Call Option TW$169.56 24.8.17 2 (165,000) (10) 0.00 Hon Hai Precision Industry Writte n Call Option TW$109.77 24.8.17 2 (686,000) (122) (0.04)

22 Schroder Asian Income Maximiser

Portfolio Statement (continued)

Holding at Market Value % of net 30.6.17 £000’s assets Sterling Denominated Derivatives (continued) Hyundai Motor Preference Written Call Option KR W 121881 24.8.17 2 (5,644) (8) 0.00 Novatek Microelectronics Written Call Option TW$121.2 24.8.17 2 (230,000) (7) 0.00 Samsung Electronics Preference Written Call Option KR W 1946740 24.8.17 2 (2,134) (51) (0.01) SK Telecom Writte n Call Option KRW257933 24.8.17 2 (4,968) (42) (0.01) Taiwan Mobile Writte n Call Option TW$112.5 24.8.17 2 (336,000) (4) 0.00 Taiwan Semiconductor Manufacturing Written Call OptionTW $207 24.8.17 2 (678,000) (88) (0.03) Asustek Computer Writte n Call Option TW$284 7.9.17 2 (153,000) (19) (0.01) Delta Electronics Writte n Call Option TW$166.5 7.9.17 2 (224,000) (22) (0.01) Far EasTone Telecommunications Written Call Option TW $76.5 7.9.17 2 (528,000) (7) 0.00 Hon Hai Precision Industry Writte n Call Option TW$105 7.9.17 2 (356,000) (97) (0.03) Hyundai Motor Preference Written Call Option KR W 123534 7.9.17 2 (5,644) (8) 0.00 LG Chem Preference Written Call Option KR W 212593 7.9.17 2 (1,509) (5) 0.00 Samsung Electronics Preference Written Call Option KR W 1963429 7.9.17 2 (1,949) (49) (0.02) SK Telecom Writte n Call Option KRW256171 7.9.17 2 (4,968) (49) (0.02) Taiwan Mobile Writte n Call Option TW$113 7.9.17 2 (336,000) (4) 0.00 Taiwan Semiconductor Manufacturing Written Call Option TW $213 7.9.17 2 (693,000) (49) (0.02) (1,518) (0.44) Portfolio of investments 3 344,682 99.12 Net other assets 3,052 0.88 Net assets attributable to unitholders 347,734 100.00

Unless otherwise stated the above securities are ordinary shares or common stock and admitted to official stock exchange listings or traded on a regulated market.

1 Foreign registered. 2 Over the counter derivative instruments not listed on recognised exchanges. 3 Including derivative liabilities.

23 Schroder Asian Income Maximiser

Summary of Portfolio Transactions

Cost Largest purchases For the six months ended 30 June 2017 £000’s Industrial & Commercial Bank of China H 6,451 Oversea-Chinese Banking 5,175 Link REIT 4,708 PetroChina H 4,399 Midea Group Warrants (UBS) 22.6.18 3,897 Novatek Microelectronics 3,719 Midea Group 2,440 Standard Chartered 2,430 Hangzhou Hikvision Digital Technology Warrants (UBS) 7.5.18 2,318 Fletcher Building 1,999

Proceeds Largest sales For the six months ended 30 June 2017 £000’s DBS Grou p 3,948 Midea Group Warrants (UBS) 5.6.17 3,897 PRADA 3,420 Infosys 2,917 Belle International Holdings 2,706 Woodside Petroleum 2,492 Largan Precision 2,429 BOC Hong Kong Holdings 2,389 ANTA Sports Products 2,326 Hangzhou Hikvision Digital Technology Warrants (UBS) 17.4.17 2,318

24 Schroder Asian Income Maximiser

Statement of the Manager’s Responsibilities

The Financial Conduct Authority’s Collective Investment Schemes sourcebook (COLL) requires the Manager to prepare accounts for each annual and half yearly accounting period, in accordance with United Kingdom Generally Accepted Accounting Practice, which give a true and fair view of the financial position of the fund and of its net revenu e and the net capital gain s on the property of the fund for the period. In preparing the accounts the Manager is required to:

– select suitable accounting policies and then apply them consistently; – comply with the disclosure requirements of the Statement of Recommended Practice (SORP) for UK Authorised Funds issued by the Investment Management Association (IMA (now the Investment Association (IA))) in May 2014; – follow generally accepted accounting principles and applicable accounting standards; – prepare the accounts on the basis that the fund will continue in operation unless it is inappropriate to do so; – keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements; – make judgements and estimates that are prudent and reasonable.

The Manager is responsible for the management of the fund in accordance with its Trust Deed, the Prospectus and the COLL and for taking reasonable steps for the prevention and detection of fraud, error and non-compliance with law or regulations.

The Manager’s report and accounts for the period ended 30 June 2017 were signed on 16 August 2017 on behalf of the Manager by:

J.A. Walker-Hazell J.M. Cardew Directors

25 Schroder Asian Income Maximiser

Statement of Total Return (unaudited)

For the six months ended 30 June 2017 30.6.17 30.6.16 £000’s £000’s £000’s £000’s Income Net capital gains 16,863 25,375 Revenue 13,386 11,337 Expenses (1,801) (1,473) Net revenue before taxation 11,585 9,864 Taxation (1,499) (1,086) Net revenue after taxation 10,086 8,778 Total return before distributions 26,949 34,153 Distributions (11,499) (9,956) Change in net assets attributable to unitholders from investment activities 15,450 24,197

Statement of Change in Net Assets Attributable to Unitholders (unaudited)

For the six months ended 30 June 2017 30.6.17 30.6.16 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 298,949 1 260,708 Amounts receivable on issue of units 49,483 26,144 Amounts payable on cancellation of units (18,321) (31,584) 31,162 (5,440) Dilution adjustment 51 56 Change in net assets attributable to unitholders from investment activities 15,450 24,197 Retained distributions on Accumulation units 2,122 1,784 Closing net assets attributable to unitholders 347,734 281,305 1

1 The Opening net assets attributable to unitholders for the current period do not equal the Closing net assets attributable to unitholders for the comparative period as they are not consecutive periods.

26 Schroder Asian Income Maximiser

Balance Sheet (unaudited)

As at 30 June 2017 30.6.17 31.12.16 £000’s £000’s Assets Investments 348,660 298,754 Current assets Debtors 3,139 1,805 Cash and bank balances 9,464 6,286 Total assets 361,263 306,845

Liabilities Investment liabilities (3,978) (2,871) Provisions for liabilities (25) (25) Creditors Distribution payable (5,755) (3,810) Other creditors (3,771) (1,190) Total liabilities (13,529) (7,896)

Net assets attributable to unitholders 347,734 298,949

27 Schroder Asian Income Maximiser

Notes to the Accounts (unaudited)

Basis of preparation The accounts have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the SORP for UK Authorised Funds issued by the IMA in May 2014 and in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)).

Accounting policies The accounting policies applied are consistent with those of the annual accounts for the year ended 31 December 2016 and are described in those annual accounts.

28 Schroder Asian Income Maximiser

Distribution Table (unaudited)

Quarterly distribution Group 1 Units purchased prior to 1 January 2017 Group 2 Units purchased on or after 1 January 2017 for the three Net Distribution Distribution months ended revenue Equalisation paid paid 2017 2017 31.5.17 31.5.16 31 March 2017 p per unit p per unit p per unit p per unit A Income units Group 1 0.8175 – 0.8175 0.6029 Group 2 0.4809 0.3366 0.8175 0.6029 A Accumulation units Group 1 1.3435 – 1.3435 0.9184 Group 2 0.6571 0.6864 1.3435 0.9184 L Income units Group 1 0.8014 – 0.8014 0.5939 Group 2 0.3078 0.4936 0.8014 0.5939 L Accumulation units Group 1 1.0386 – 1.0386 0.7009 Group 2 0.4997 0.5389 1.0386 0.7009 S Income units Group 1 0.8804 – 0.8804 0.6452 Group 2 0.3271 0.5533 0.8804 0.6452 Z Income units Group 1 0.8517 – 0.8517 0.6276 Group 2 0.3391 0.5126 0.8517 0.6276 Z Accumulation units Group 1 1.4130 – 1.4130 0.9598 Group 2 0.7340 0.6790 1.4130 0.9598

Corporate Corporate unitholders receive the dividend distribution payments as detailed below: unitholders 44.07% of the total distribution is received as franked investment income. 55.88% of the distribution is deemed to be an annual payment (non-foreign element) received after deduction of income tax at the lower rate and is liable to corporation tax. It is not franked investment income.

0.05% of the distribution is deemed to be an annual payment (foreign element) received after deduction of income tax at the lower rate and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hands of the investor, who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs.

29 Schroder Asian Income Maximiser

Distribution Table (unaudited) (continued)

Interim distribution Group 1 Units purchased prior to 1 April 2017 Group 2 Units purchased on or after 1 April 2017 for the three Net Distribution Distribution months ended revenue Equalisation payable paid 2017 2017 31.8.17 31.8.16 30 June 2017 p per unit p per unit p per unit p per unit A Income units Group 1 1.1280 – 1.1280 1.1076 Group 2 0.9039 0.2241 1.1280 1.1076 A Accumulation units Group 1 1.8787 – 1.8787 1.7151 Group 2 1.0818 0.7969 1.8787 1.7151 L Income units Group 1 1.1063 – 1.1063 1.0780 Group 2 0.5370 0.5693 1.1063 1.0780 L Accumulation units Group 1 1.4301 – 1.4301 1.2971 Group 2 0.6790 0.7511 1.4301 1.2971 S Income units Group 1 1.2134 – 1.2134 1.1812 Group 2 0.4222 0.7912 1.2134 1.1812 Z Income units Group 1 1.1770 – 1.1770 1.1490 Group 2 0.6332 0.5438 1.1770 1.1490 Z Accumulation units Group 1 1.9576 – 1.9576 1.7770 Group 2 0.8287 1.1289 1.9576 1.7770

Corporate Corporate unitholders receive the dividend distribution payments as detailed below: unitholders 56.88% of the total distribution is received as franked investment income. 40. 94% of the distribution is deemed to be an annual payment (non-foreign element) received after deduction of income tax at the lower rate and is liable to corporation tax. It is not franked investment income.

2.18 % of the distribution is deemed to be an annual payment (foreign element) received after deduction of income tax at the lower rate and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hands of the investor, who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs.

30 Schroder Asian Income Maximiser

Distribution Table (unaudited) (continued)

Equalisation Equalisation applies to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of Group 2 units and is refunded to the holders of these units as a return of capital.

Being capital it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes.

31 Schroder Asian Income Maximiser

General Information

Manager Registrar 1 Schroder Unit Trusts Limited International Financial Data Services Limited 31 Gresham Street IFDS House London EC2V 7QA St Nicholas Lane Authorised and regulated by Basildon the Financial Conduct Authority Essex SS15 5FS

Investment Adviser Administration Details Schroder Investment Management Limited Schroders 31 Gresham Street FREEPOST London EC2V 7QA RLTZ-CHSY-HBUT Authorised and regulated by PO Box 1102 the Financial Conduct Authority Chelmsford Essex CM99 2XX Trustee Investor Services J.P. Morgan Europe Limited 0800 718 777 Chaseside [email protected] Bournemouth BH7 7DA Dealing 0800 718 788 Authorised by the Prudential Fax 0870 043 4080 Regulation Authority and regulated by the Financial Conduct Authority Independent Auditors and Prudential Regulation Authority PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX

1 The Manager has delegated the function of Registrar to International Financial Data Services Limited.

Authorisation The fund is an authorised unit trust and is constituted pursuant to the COLL and is structured as a trust. The fund is a UCITS scheme for the purpose of the categorisation of the COLL.

Other information The Prospectus, the Key Investor Information Document and details of investment charges and costs are available on request or can be downloaded from our website www.schroders.co.uk .

32 For further literature please contact Schroder Investor Services on 0800 718 777 or at [email protected], or visit our website at www.schroders.co.uk.

Issued in August 2017 by Schroder Unit Trusts Limited, 31 Gresham Street, London EC2V 7QA. Registered No: 04191730 England. Authorised and regulated by the Financial Conduct Authority. w35641