schroder asian income maximiser interim report and accounts

Schroder Asian Income MaximiserInterim Report and Accounts

30 June 2021

Contents

2Schroder Asian Income Maximiser Interim Report and Accounts30 June 2021

Fund Information{

1} 3

Fund Performance{

1} 3

Review of Investment Activities{

1} 4

Risk Profile{

1} 5

Statement of the Manager’s Responsibilities 6Portfolio Statement{

1} 7

Financial Statements (unaudited) 13Notes to the Accounts (unaudited) 14General Information{

1} 15

1 Collectively these comprise the Manager's report.


Fund Information

Investment objective and policyThe Schroder Asian Income Maximiser (the ‘Fund’) aims to provide income and capital growth by investing in equity and equity related securities of Asian companies, excluding Japan. The Fund aims to deliver an income of 7% per year but this is not guaranteed and could change depending on market conditions. The Fund is actively managed and 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 held by the Fund, by agreeing strike prices above which potential capital growth is sold. The Fund may also invest directly or indirectly in other securities (including in other asset classes), countries, regions, industries or currencies, collective investment schemes (including Schroder funds), 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 (for more information please refer to section 6 of Appendix I of the Prospectus). The Fund’s investment strategy will typically underperform a similar portfolio without derivatives in periods when the underlying stock prices are rising, and has the potential to outperform when the underlying stock prices are falling.

Fund characteristics The Fund’s performance should be assessed against the income target of 7% per year, and compared against the MSCI AC Pacific ex Japan (Net Total Return) index and the Investment Association Asia Pacific ex Japan sector average return. The income target has been selected because the investment manager deploys strategies that aim to deliver the level of income stated in the investment objective. The comparator benchmarks have been selected because the investment manager and the manager believe that each of these benchmarks is a suitable comparison for performance purposes given the fund's investment objective and policy.

Significant eventsEffective from 1 March 2021 a transparent “all in one” fund management fee was introduced. This is a single percentage based fee to cover certain elements of the separate charges and fees, which were previously charged and are now replaced with a single charge named “Schroders Annual Charge”. Previously all expenses were directly charged to each Fund as incurred. This structure consisted of the Annual Management Charge, plus other fees and expenses, including the Trustee fee, Custody fee, Transfer Agent fee, Audit fee and certain costs and administrative expenses paid by the Manager in relation to the management and operation of the funds, as disclosed in the Prospectus.

Total purchases and salesFor the period

to 30.6.21 £000's

For the year to 31.12.20

£000'sTotal purchases 20,005 77,618Total sales 53,015 202,672

Fund Performance{1}

Number of units in issue

30.6.21

Net asset value per unit

30.6.21

Net asset value per unit

31.12.20A Accumulation units 10,211,600 111.18p 107.19pA Income units 31,699,568 48.90p 48.74pL Accumulation units 14,130,936 86.98p 83.59pL Income units 120,672,798 49.30p 48.98pS Income units 16,806,530 54.62p 54.20pZ Accumulation units 16,672,691 118.78p 114.18pZ Income units 219,615,301 52.32p 51.99p

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.

Review of Investment Activities

4 Schroder Asian Income Maximiser Interim Report and Accounts30 June 2021

From 31 December 2020 to 30 June 2021, the price of Z Accumulation units1 on a dealing price basis rose 2.96%. In comparison, the MSCI All Country Pacific ex Japan (Net Total Return) index and the Investment Association Asia Pacific ex Japan sector average return generated 5.17%2 and 6.44%2 respectively. The Fund’s performance should also be assessed against the income target of 7% per year. For the year ending 31 December 2020 the Fund distributed 7.28%3.After a very strong start to the year, Asian regional indices have given up some of their earlier gains for 2021, and in the last few months have traded sideways in choppy markets. Growing concern over the outlook for Covid-19 in many countries, given lower levels of vaccinations relative to the US and Europe, has negatively impacted the market. Additionally, the continued slowdown in Chinese credit growth and an increase in the regulatory scrutiny of internet companies have created headwinds.The equity portfolio performed well over the period. On a geographical basis, both the overweight and stock selection in Taiwan added value. The underweight in China was supportive, as was lack of exposure to Malaysia. However, stockpicking in China was a negative influence. In sector terms, the underweight in consumer discretionary and stock selection in information technology aided relative returns. While continuing to generate the required income enhancement, the options were a drag for performance in predominantly rising markets – we would typically expect the options to detract when share prices are rising, and vice versa, contribute positively when share prices are falling. Much of the detraction came early on, reflecting a narrow, tech-driven rally and strong performances from names such as Taiwan Semiconductor Manufacturing, Novatek Microelectronics, Hon Hai Precision Industry and Delta Electronics. While we captured the first phase of share price growth on these stocks, we were required to make settlements for the remainder. Looking ahead, there is still a lot of uncertainty as to where near term dividend payments will go given the path of Covid-19. Renewed outbreaks and low vaccination rates across much of Asia naturally warrant caution. That said we still believe that in most cases this is more a matter of timing rather than these companies’ ability to pay. In the medium to long term dividends tend to follow earnings and we are starting to see earnings recover. The option strategy also offers significant flexibility to help manage the yield, supplementing the dividend income to deliver the overall income target. In terms of portfolio strategy, we maintain a bottom-up investment approach and we continue to look for good companies where we can see a strong income case and potential for capital growth.

Fund Manager:Richard Sennitt

Joined Schroders in 1993 Investment career commenced in 1993 As fund manager for Pacific Equity accounts, Richard is co-manager of Schroder Asian Income Maximiser and manager of Schroder Asian Income Fund Associate member of the UK Society of Investment Professionals (UKSIP). Member of the CFA Institute BA, Oxford University.

Schroders’ Structured Fund Management TeamSchroders’ Structured Fund Management team consists of Jeegar Jagani, CFA, Scott Thomson and Ghokhulan Manickavasagar, reporting into Mike Hodgson, Head of Risk Managed Investments and Structured Funds Mike and the team have 75 years of combined investment experience in derivatives and structuring, including the management of the GBP3.2bn Maximiser range (as at 31 December 2020). The Maximiser range consists of eight listed funds and three further mandates, all of which apply a two-step income enhancement strategy investing in equities

1 The dealing price of Z Accumulation units reflects the reinvestment of the distribution.2 Source: Refinitiv Eikon Datastream.3 For the Z Income units where distributions are taken out of the Fund and not reinvested.Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.


Risk Profile

Risk and reward indicatorLower risk Higher riskPotentially lower reward Potentially higher reward

< >1 2 3 4 5 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’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. For specific risks, including the risk and reward profile, please refer to the Key Investor Information Document available on the following website www.schroders.com.

Statement of the Manager’s Responsibilities


The Financial Conduct Authority’s Collective Investment Schemes sourcebook 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 revenue and the net capital gains 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 for UK Authorised Funds issued by the Investment Management

Association (now the Investment Association) 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 Collective Investment Schemes sourcebook, 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 2021 were signed on 20 August 2021 on behalf of the Manager by:

S. Reedy J. Rainbow Directors


Portfolio Statement

Holding at 30.6.21

Market Value £000's

% of net assets

Equities 98.19% (100.80%)Australia 10.74% (10.61%)Deterra Royalties 430,363 1,047 0.43Endeavour Group 181,370 619 0.25Iluka Resources 141,684 701 0.29Mirvac Group REIT 2,294,026 3,627 1.49National Australia Bank 264,716 3,757 1.55Orica 348,121 2,501 1.03Suncorp Group 507,849 3,057 1.26Telstra 2,953,444 6,009 2.48Transurban Group 127,695 985 0.41Woolworths Group 181,370 3,751 1.55 26,054 10.74

Bermuda 1.57% (1.32%)Kerry Properties 1,595,500 3,802 1.57 3,802 1.57

Cayman Islands 4.99% (6.30%)China Resources Land 1,498,000 4,378 1.81Pacific Textiles Holdings 2,396,000 1,042 0.43Sands China 1,726,400 5,251 2.16Shenzhou International Group Holdings 78,400 1,428 0.59 12,099 4.99

China 9.41% (11.21%)China Construction Bank H 5,459,000 3,102 1.28China Life Insurance H 2,630,000 3,767 1.55China Petroleum & Chemical H 10,244,000 3,743 1.55Midea Group A 856,177 6,836 2.82Ping An Insurance Group Co. of China H 610,500 4,319 1.78UBS 27/05/2022 131,305 1,050 0.43 22,817 9.41

Hong Kong 10.58% (11.47%)BOC Hong Kong Holdings 2,420,500 5,932 2.45Hang Lung Properties 2,448,000 4,297 1.77HKT Trust & HKT 5,511,000 5,420 2.23Hong Kong Exchanges & Clearing 9,000 388 0.16Link REIT 767,000 5,375 2.22Sun Hung Kai Properties 114,500 1,232 0.51Swire Properties 1,397,800 3,015 1.24 25,659 10.58

Indonesia 2.09% (0.95%)Bank Mandiri Persero 9,654,600 2,847 1.18

Holding at

30.6.21Market Value

£000’s% of net

assets

Telkom Indonesia Persero 14,050,200 2,211 0.91 5,058 2.09

Ireland 1.31% (1.28%)James Hardie Industries CDI 129,722 3,178 1.31 3,178 1.31

New Zealand 0.98% (0.83%)Fletcher Building 625,989 2,373 0.98 2,373 0.98

Singapore 12.99% (11.48%)CapitaLand Integrated Commercial Trust REIT 2,568,240 2,891 1.19Fortune Real Estate Investment Trust 2,670,000 2,068 0.86Mapletree Commercial Trust REIT 1,634,883 1,894 0.78Mapletree Industrial Trust REIT 1,579,510 2,407 0.99Oversea-Chinese Banking 827,066 5,316 2.19Singapore Exchange 558,600 3,349 1.38Singapore Telecommunications 2,945,800 3,618 1.49Suntec Real Estate Investment Trust 3,305,300 2,600 1.07United Overseas Bank 298,300 4,149 1.71Venture 310,700 3,215 1.33 31,507 12.99

South Korea 14.80% (16.38%)Hana Financial Group 85,092 2,511 1.03KB Financial Group 44,159 1,581 0.65LG Chem Preference 6,416 1,577 0.65Samsung Electronics 144,859 7,493 3.09Samsung Electronics Preference 296,742 14,034 5.79Samsung Fire & Marine Insurance 26,145 3,701 1.53SK Telecom 24,320 4,999 2.06 35,896 14.80

Taiwan 21.12% (20.99%)ASE Technology Holding 1,214,000 3,507 1.45CTBC Financial Holding 2,342,000 1,380 0.57Delta Electronics 587,000 4,615 1.90Hon Hai Precision Industry 2,890,680 8,396 3.46MediaTek 145,000 3,614 1.49Mega Financial Holding 2,838,969 2,418 1.00Novatek Microelectronics 241,000 3,117 1.28


Portfolio Statement (continued)

Holding at

30.6.21Market Value

£000’s% of net

assets

Taiwan Semiconductor Manufacturing 1,335,000 20,555 8.47Uni-President Enterprises 1,911,000 3,630 1.50 51,232 21.12

Thailand 1.76% (2.51%)Kasikornbank NVDR 953,700 2,542 1.05Land & Houses NVDR 9,608,100 1,725 0.71 4,267 1.76

United Kingdom 5.85% (5.47%)BHP Group 482,401 10,275 4.24Rio Tinto 65,788 3,914 1.61 14,189 5.85

Equities total 238,131 98.19

Options (0.51)% ((3.67)%)

Written Options (0.51)% ((3.67)%)

ASE Technology Holding Call 128.69 08/07/2021 (215,000) 0 0.00ASE Technology Holding Call 120.26 22/07/2021 (214,000) (6) 0.00ASE Technology Holding Call 133.16 19/08/2021 (274,000) (3) 0.00ASE Technology Holding Call 128.21 02/09/2021 (276,000) (8) 0.00BHP Group Call 23.457 08/07/2021 (73,388) 0 0.00BHP Group Call 24.01 22/07/2021 (90,498) (2) 0.00BHP Group Call 25.801 05/08/2021 (89,485) (1) 0.00BHP Group Call 24.039 19/08/2021 (29,019) (4) 0.00BHP Group Call 23.608 02/09/2021 (72,510) (21) (0.01)BOC Hong Kong Holdings Call 28.176 08/07/2021 (287,000) 0 0.00BOC Hong Kong Holdings Call 28 22/07/2021 (311,000) (1) 0.00BOC Hong Kong Holdings Call 29.702 05/08/2021 (301,000) (1) 0.00BOC Hong Kong Holdings Call 29.851 19/08/2021 (301,500) (1) 0.00BOC Hong Kong Holdings Call 29.722 02/09/2021 (351,000) (3) 0.00CapitaLand Integrated Commercial Trust Call 2.281 08/07/2021 (346,700) 0 0.00

Holding at

30.6.21Market Value

£000’s% of net

assets

CapitaLand Integrated Commercial Trust Call 2.268 22/07/2021 (258,100) 0 0.00CapitaLand Integrated Commercial Trust Call 2.204 05/08/2021 (340,200) (2) 0.00CapitaLand Integrated Commercial Trust Call 2.081 19/08/2021 (333,800) (9) (0.01)China Construction Bank H Call 22.192 08/07/2021 (696,996) 0 0.00China Construction Bank H Call 6.575 22/07/2021 (674,000) 0 0.00China Construction Bank H Call 6.178 05/08/2021 (638,000) (1) 0.00China Construction Bank H Call 6.174 19/08/2021 (626,000) (2) 0.00China Construction Bank H Call 6.204 02/09/2021 (728,000) (3) 0.00China Life Insurance Call 16.862 08/07/2021 (355,000) 0 0.00China Life Insurance Call 16.384 22/07/2021 (368,000) 0 0.00China Life Insurance Call 16.528 05/08/2021 (348,000) (1) 0.00China Life Insurance Call 17.04 19/08/2021 (341,000) (1) 0.00China Life Insurance Call 16.669 02/09/2021 (397,000) (3) 0.00China Petroleum & Chemical H Call 4.633 08/07/2021 (1,396,000) 0 0.00China Petroleum & Chemical H Call 4.327 22/07/2021 (1,274,000) (2) 0.00China Petroleum & Chemical H Call 4.454 05/08/2021 (1,356,000) (2) 0.00China Petroleum & Chemical H Call 4.53 19/08/2021 (1,330,000) (3) 0.00China Petroleum & Chemical H Call 4.514 02/09/2021 (1,548,000) (4) 0.00China Resources Land Call 167.247 08/07/2021 (2,839,000) 0 0.00China Resources Land Call 41.801 22/07/2021 (170,000) 0 0.00



Holding at

30.6.21Market Value

£000’s% of net

assets

China Resources Land Call 41.591 05/08/2021 (188,000) 0 0.00China Resources Land Call 39.023 19/08/2021 (194,000) (1) 0.00China Resources Land Call 38.546 02/09/2021 (226,000) (2) 0.00Delta Electronics Call 329.93 08/07/2021 (134,000) 0 0.00Delta Electronics Call 315.69 22/07/2021 (131,000) (12) (0.01)Delta Electronics Call 307.31 05/08/2021 (39,000) (9) (0.01)Delta Electronics Call 327.65 19/08/2021 (82,000) (8) 0.00Delta Electronics Call 331.16 02/09/2021 (129,000) (15) (0.01)Fletcher Building Call 6.982 08/07/2021 (92,948) (3) 0.00Fletcher Building Call 7.172 22/07/2021 (133,484) (3) 0.00Fletcher Building Call 7.334 05/08/2021 (74,918) (2) 0.00Fletcher Building Call 7.227 19/08/2021 (59,224) (3) 0.00Fletcher Building Call 7.466 02/09/2021 (85,857) (2) 0.00Fortune Real Estate Investment Trust Call 8.243 22/07/2021 (373,000) (6) 0.00Fortune Real Estate Investment Trust Call 8.221 19/08/2021 (312,000) (4) 0.00Fortune Real Estate Investment Trust Call 8.326 02/09/2021 (324,000) (4) 0.00Hana Financial Group Call 46,312 08/07/2021 (17,231) (3) 0.00Hana Financial Group Call 50,985 05/08/2021 (12,319) (1) 0.00Hana Financial Group Call 50,507 19/08/2021 (16,437) (3) 0.00Hana Financial Group Call 52,085 02/09/2021 (17,550) (3) 0.00Hang Lung Properties Call 21.287 05/08/2021 (624,000) 0 0.00

Holding at

30.6.21Market Value

£000’s% of net

assets

Hang Lung Properties Call 20.827 19/08/2021 (142,000) 0 0.00HKT Trust & HKT Call 11.42 05/08/2021 (754,000) 0 0.00HKT Trust & HKT Call 10.565 02/09/2021 (833,000) (10) (0.01)Hon Hai Precision Industry Call 125.9 22/07/2021 (450,000) (2) 0.00Hon Hai Precision Industry Call 123.17 05/08/2021 (497,000) (10) (0.01)Hon Hai Precision Industry Call 124.03 19/08/2021 (563,000) (17) (0.01)Hon Hai Precision Industry Call 125.44 02/09/2021 (596,000) (21) (0.01)James Hardie Industries Call 48.722 22/07/2021 (26,995) (1) 0.00James Hardie Industries Call 47.874 05/08/2021 (29,219) (5) 0.00James Hardie Industries Call 45.388 19/08/2021 (27,656) (20) (0.01)James Hardie Industries Call 46.802 02/09/2021 (15,666) (9) (0.01)LG Chem Preference Call 475,073 08/07/2021 (1,674) 0 0.00LG Chem Preference Call 512,810 05/08/2021 (1,390) 0 0.00LG Chem Preference Call 438,855 02/09/2021 (1,427) (5) 0.00Link REIT Call 76.544 05/08/2021 (75,200) (6) 0.00Link REIT Call 76.642 19/08/2021 (91,500) (10) (0.01)Link REIT Call 75.814 02/09/2021 (132,800) (22) (0.01)Mapletree Commercial Trust REIT Call 2.232 08/07/2021 (181,900) 0 0.00Mapletree Commercial Trust REIT Call 2.2 22/07/2021 (392,300) (2) 0.00Mapletree Commercial Trust REIT Call 2.197 05/08/2021 (369,900) (4) 0.00Mapletree Commercial Trust REIT Call 2.102 19/08/2021 (421,000) (16) (0.01)



Holding at

30.6.21Market Value

£000’s% of net

assets

Mapletree Commercial Trust REIT Call 2.154 02/09/2021 (204,300) (6) 0.00Mapletree Industrial Trust REIT Call 2.83 08/07/2021 (270,613) (2) 0.00Mapletree Industrial Trust REIT Call 2.856 22/07/2021 (263,391) (3) 0.00Mapletree Industrial Trust REIT Call 2.838 05/08/2021 (180,843) (3) 0.00MediaTek Call 1,085.93 08/07/2021 (28,000) 0 0.00MediaTek Call 1,101.31 22/07/2021 (30,000) 0 0.00MediaTek Call 1,275.71 05/08/2021 (8,000) 0 0.00MediaTek Call 1,199.98 19/08/2021 (25,000) (1) 0.00MediaTek Call 1,217.42 02/09/2021 (31,000) (2) 0.00Mega Financial Holding Call 33 02/09/2021 (780,000) (4) 0.00Mirvac Group REIT Call 2.637 08/07/2021 (288,210) (37) (0.02)Mirvac Group REIT Call 2.771 22/07/2021 (298,884) (21) (0.01)Mirvac Group REIT Call 2.925 05/08/2021 (282,872) (9) (0.01)Mirvac Group REIT Call 3.077 02/09/2021 (346,971) (8) 0.00National Australia Bank Call 26.891 22/07/2021 (37,060) (3) 0.00National Australia Bank Call 27.158 05/08/2021 (35,074) (3) 0.00National Australia Bank Call 27.602 19/08/2021 (34,413) (3) 0.00National Australia Bank Call 28.091 02/09/2021 (40,038) (3) 0.00Novatek Microelec-tronics Call 688.15 22/07/2021 (35,000) 0 0.00Novatek Microelec-tronics Call 647.56 05/08/2021 (31,000) 0 0.00Novatek Microelec-tronics Call 572.61 19/08/2021 (50,000) (1) 0.00Novatek Microelec-tronics Call 602.67 02/09/2021 (56,000) (5) 0.00Orica Call 15.036 22/07/2021 (48,662) 0 0.00Orica Call 14.851 05/08/2021 (46,126) (1) 0.00

Holding at

30.6.21Market Value

£000’s% of net

assets

Orica Call 14.822 19/08/2021 (45,255) (1) 0.00Orica Call 14.98 02/09/2021 (52,653) (2) 0.00Oversea-Chinese Banking Call 12.096 08/07/2021 (104,100) (2) 0.00Oversea-Chinese Banking Call 12.116 22/07/2021 (169,600) (7) 0.00Oversea-Chinese Banking Call 12.488 05/08/2021 (161,300) (3) 0.00Oversea-Chinese Banking Call 12.089 19/08/2021 (65,800) (4) 0.00Oversea-Chinese Banking Call 12.476 02/09/2021 (117,400) (3) 0.00Pacific Textiles Holdings Call 5.734 08/07/2021 (485,000) 0 0.00Pacific Textiles Holdings Call 5.566 22/07/2021 (324,000) 0 0.00Pacific Textiles Holdings Call 5.337 02/09/2021 (294,000) (1) 0.00Ping An Insurance Group Co. of China H Call 90.812 22/07/2021 (112,000) 0 0.00Ping An Insurance Group Co. of China H Call 86.549 05/08/2021 (133,000) (1) 0.00Ping An Insurance Group Co. of China H Call 85.532 19/08/2021 (125,000) (2) 0.00Ping An Insurance Group Co. of China H Call 86.428 02/09/2021 (128,500) (3) 0.00Rio Tinto Call 62.269 08/07/2021 (13,322) (1) 0.00Rio Tinto Call 65.953 22/07/2021 (14,736) (1) 0.00Rio Tinto Call 71.895 05/08/2021 (13,947) 0 0.00Rio Tinto Call 66.355 02/09/2021 (11,027) (3) 0.00Samsung Electronics Call 79,953 08/07/2021 (40,060) 0 0.00Samsung Electronics Call 91,389 08/07/2021 (22,683) 0 0.00Samsung Electronics Call 78,547 22/07/2021 (31,479) (2) 0.00Samsung Electronics Call 78,285 05/08/2021 (36,042) (6) 0.00



Holding at

30.6.21Market Value

£000’s% of net

assets

Samsung Electronics Call 88,596 05/08/2021 (24,118) (2) 0.00Samsung Electronics Call 85,860 19/08/2021 (23,663) (10) (0.01)Samsung Electronics Call 76,286 02/09/2021 (44,882) (29) (0.01)Samsung Electronics Call 89,176 02/09/2021 (26,953) (8) 0.00Samsung Fire & Marine Insurance Call 206,501 08/07/2021 (3,780) (28) (0.01)Samsung Fire & Marine Insurance Call 208,968 22/07/2021 (3,887) (25) (0.01)Samsung Fire & Marine Insurance Call 215,200 05/08/2021 (3,710) (16) (0.01)Samsung Fire & Marine Insurance Call 218,195 19/08/2021 (3,020) (11) (0.01)Samsung Fire & Marine Insurance Call 230,232 02/09/2021 (3,884) (6) 0.00Sands China Call 42.667 22/07/2021 (242,800) 0 0.00Sands China Call 38.96 05/08/2021 (199,600) (1) 0.00Sands China Call 37.506 19/08/2021 (224,400) (5) 0.00Sands China Call 39.456 02/09/2021 (260,800) (4) 0.00Shenzhou International Group Holdings Call 223.6 22/07/2021 (21,800) (1) 0.00Shenzhou International Group Holdings Call 223.954 05/08/2021 (21,400) (4) 0.00Shenzhou International Group Holdings Call 233.83 19/08/2021 (15,100) (3) 0.00Singapore Exchange Call 10.513 08/07/2021 (139,100) (43) (0.02)Singapore Exchange Call 10.969 22/07/2021 (31,700) (4) 0.00Singapore Exchange Call 10.568 19/08/2021 (70,500) (23) (0.01)Singapore Exchange Call 10.61 02/09/2021 (119,400) (40) (0.02)Singapore Telecom-munications Call 2.553 05/08/2021 (390,300) 0 0.00

Holding at

30.6.21Market Value

£000’s% of net

assets

Singapore Telecom-munications Call 2.465 19/08/2021 (382,900) (1) 0.00Singapore Telecom-munications Call 2.496 02/09/2021 (445,500) (1) 0.00SK Telecom Call 320,212 08/07/2021 (3,615) (6) 0.00SK Telecom Call 350,662 22/07/2021 (3,749) (1) 0.00SK Telecom Call 349,426 05/08/2021 (3,656) (3) 0.00SK Telecom Call 345,321 19/08/2021 (2,837) (5) 0.00SK Telecom Call 362,204 02/09/2021 (3,678) (4) 0.00Sun Hung Kai Properties Call 129.121 08/07/2021 (26,000) 0 0.00Sun Hung Kai Properties Call 128.66 22/07/2021 (29,500) 0 0.00Sun Hung Kai Properties Call 125.951 05/08/2021 (29,500) (1) 0.00Suncorp Group Call 11.308 08/07/2021 (68,559) (1) 0.00Suncorp Group Call 11.042 22/07/2021 (71,098) (7) 0.00Suncorp Group Call 11.544 05/08/2021 (67,289) (3) 0.00Suncorp Group Call 11.301 19/08/2021 (66,020) (4) 0.00Suncorp Group Call 11.656 02/09/2021 (76,812) (3) 0.00Suntec Real Estate Investment Trust Call 1.594 22/07/2021 (440,000) 0 0.00Suntec Real Estate Investment Trust Call 1.58 05/08/2021 (437,900) 0 0.00Suntec Real Estate Investment Trust Call 1.433 19/08/2021 (429,600) (11) (0.01)Suntec Real Estate Investment Trust Call 1.506 02/09/2021 (499,900) (6) 0.00Swire Properties Call 25.79 22/07/2021 (98,000) 0 0.00Swire Properties Call 24.089 05/08/2021 (170,200) (2) 0.00Swire Properties Call 24.345 19/08/2021 (181,600) (3) 0.00Swire Properties Call 24.236 02/09/2021 (211,400) (5) 0.00Taiwan Semiconductor Manufacturing Call 676.95 08/07/2021 (146,000) 0 0.00Taiwan Semiconductor Manufacturing Call 640.69 22/07/2021 (147,000) (7) 0.00



Holding at

30.6.21Market Value

£000’s% of net

assets

Taiwan Semiconductor Manufacturing Call 648.75 05/08/2021 (209,000) (16) (0.01)Taiwan Semiconductor Manufacturing Call 626.59 19/08/2021 (169,000) (39) (0.02)Taiwan Semiconductor Manufacturing Call 640.7 02/09/2021 (179,000) (37) (0.02)Telstra Call 3.572 08/07/2021 (398,674) (41) (0.02)Telstra Call 3.56 22/07/2021 (393,274) (46) (0.02)Telstra Call 3.632 05/08/2021 (391,291) (37) (0.02)Telstra Call 3.646 19/08/2021 (367,542) (36) (0.02)Telstra Call 3.623 02/09/2021 (427,622) (40) (0.02)Uni-President Enterprises Call 76.94 05/08/2021 (405,000) (2) 0.00Uni-President Enterprises Call 74.57 19/08/2021 (372,000) (9) (0.01)United Overseas Bank Call 26.517 08/07/2021 (70,800) (1) 0.00United Overseas Bank Call 26.185 22/07/2021 (67,000) (7) 0.00

Holding at

30.6.21Market Value

£000’s% of net

assets

United Overseas Bank Call 26.634 05/08/2021 (52,900) (4) 0.00United Overseas Bank Call 26.038 19/08/2021 (22,200) (3) 0.00United Overseas Bank Call 26.345 02/09/2021 (7,800) (1) 0.00Venture Call 20.944 22/07/2021 (58,600) 0 0.00Venture Call 20.087 05/08/2021 (68,100) (3) 0.00Venture Call 19.389 19/08/2021 (66,200) (14) (0.01)Venture Call 19.647 02/09/2021 (36,600) (7) 0.00Woolworths Group Call 36.763 08/07/2021 (10,489) (5) 0.00Woolworths Group Call 37.747 22/07/2021 (40,724) (12) (0.01)Woolworths Group Call 35.102 05/08/2021 (46,173) (65) (0.03)Written Options total (1,247) (0.51)

Options total (1,247) (0.51)

Portfolio of investments 236,884 97.68

Net other assets 5,638 2.32

Net assets attributable to unitholders 242,522 100.00

The comparative percentage figures in brackets are as at 31 December 2020.Unless otherwise stated, all securities are admitted to official stock exchange listings.


Statement of Total Return (unaudited)For the six months ended 30 June 2021

30.6.21 30.6.20 £000's £000's £000's £000's

Income

Net capital gains/(losses) – 2,610 – (30,213)Revenue 9,807 – 11,708 –

Expenses (1,256) – (1,596) –Net revenue before taxation 8,551 – 10,112 –

Taxation (1,206) – (1,347) –

Net revenue after taxation 7,345 8,765

Total return before distributions 9,955 (21,448)

Distributions (8,264) (9,839)

Change in net assets attributable to unitholders from investment activities 1,691 (31,287)

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

For the six months ended 30 June 202130.6.21 30.6.20

£000's £000's £000's £000'sOpening net assets attributable to unitholders 255,292^ 365,919Amounts receivable on issue of units 13,511 – 22,882 –Amounts payable on cancellation of units (29,439) – (74,268) –

(15,928) (51,386)

Dilution adjustment 21 129Change in net assets attributable to unitholders from investment activities 1,691 (31,287)Retained distribution on Accumulation units 1,446 1,527Unclaimed distributions – 3Closing net assets attributable to unitholders 242,522 284,905^

^ 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.

Balance Sheet (unaudited)

As at 30 June 2021

30.6.21 31.12.20 £000's £000's

AssetsInvestments 238,131 257,338

Current assetsDebtors 1,761 2,680Cash and bank balances 7,940 8,104

Total assets 247,832 268,122 – –

Liabilities – –Investment liabilities (1,247) (9,372)Provisions for liabilities (25) (4)

CreditorsDistributions payable (3,638) (3,054)Other creditors (400) (400)

Total liabilities (5,310) (12,830) – –

Net assets attributable to unitholders 242,522 255,292

Notes to the Accounts (unaudited)


Accounting policiesBasis of preparationThe accounts have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association 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)).The accounting policies applied are consistent with those of the annual accounts for the year ended 31 December 2020 and are described in those annual accounts.

General Information


Manager Schroder Unit Trusts Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority

Investment Adviser Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority

Trustee J.P. Morgan Europe Limited Chaseside Bournemouth BH7 7DA Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority

Registrar Schroder Unit Trusts Limited 1 London Wall Place London EC2Y 5AU Authorised and regulated by the Financial Conduct Authority The Manager is responsible for maintaining the register for eachFund. It has delegated certain registrar functions to HSBC Bank Plc,8 Canada Square, London, E14 8HQ.

Administration Details Schroders Investor Services PO BOX 1402 Sunderland SR43 4AF

Independent Auditors PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX

Authorisation The Fund is an authorised unit trust and is constituted pursuant to the Collective Investment Schemes sourcebook and is structured as a Trust. The Fund is a UCITS scheme for the purpose of the categorisation of the Collective Investment Schemes sourcebook.

Value Assessment A statement on the Assessment of Value is published on the Global Fund Centre in the Fund Literature section at www.Schroders.com within 4 months of the annual 'reference date' 31 December.

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.com.

For further literature please contact Schroder Investor Services on 0800 182 2399 or [email protected] for Retail Clients, or 0345 030 7277 or [email protected] for Institutional Clients, or visit our website at www.schroders.com.Issued in August 2021 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England. Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped and monitored.

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