<PAGE>
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SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
December 15, 2000
Dear Shareholder:
We are pleased to present the annual report to shareholders of the Schroder
All-Asia Fund for the fiscal year ended October 31, 2000.
Volatility was the hallmark for most markets around the world and the Asian
markets were no exception during the fiscal year under review. Many of the
region's companies were greatly affected by global conditions in the technology
sector. Liquidity was ample early in the period, as the region benefited from
global buying in technology names, but gains were later relinquished, as demand
slowed, earnings disappointed and market participants shifted their focus. In
Japan, investor sentiment improved as a result of stronger-than-anticipated
economic data and corporate restructuring announcements. Yet there was still a
high degree of skepticism about the sustainability of the recovery. In Hong
Kong, the economic recovery continued. Several positive factors -- an economic
upturn and the likely benefits from its entry into the World Trade
Organization -- helped China, as well. Emerging markets weakened, as sentiment
in the technology arena grew more negative.
This report includes performance information, the schedule of investments,
comments from the portfolio manager, and other relevant information for the
Fund. One particular item of note, which is described in detail in the Notes to
Financial Statements, is that in order to provide for more efficient portfolio
management, the Fund unwound its master feeder structure. We encourage you to
read the report, and we thank you for making Schroders part of your investment
program.
Sincerely,
/s/ Alexandra Poe
Alexandra Poe
PRESIDENT
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MANAGEMENT DISCUSSION AND ANALYSIS (AS OF OCTOBER 31, 2000)
PERFORMANCE
The Schroder All-Asia Fund's Class A shares returned -8.37% for the fiscal
year ended October 31, 2000, not including the deduction of maximum applicable
sales charges. Assuming the maximum applicable sales charge of 5.25% had been
paid, the Fund's return for Class A shares would have been -13.22% for the
fiscal year ended October 31, 2000. Its benchmark, the 50% MSCI Japan Index/50%
MSCI All Country Asia Free ex-Japan Index, returned -14.5% over the same period.
The Lipper Pacific Basin average posted a return of -11.7%.
Stock selection was the main contributor to outperformance relative to its
benchmark -- specifically in Hong Kong, Korea, Singapore, and Japan, which more
than offset poor performance in India and Taiwan. Country weightings were also
critical to the Fund's performance. Our overweight positions in Hong Kong over
the whole period and in Malaysia during the first half of the fiscal year offset
our underweight positions in Japan and overweight positions in Korea and Taiwan,
where electronics stocks underperformed in the last three months of the period.
These factors all contributed to the outperformance of the Fund versus its
benchmark.
MARKET BACKGROUND
Over the fiscal year, Asian markets were volatile: By the close of the
fiscal year, first-half gains had been relinquished. Japan and Malaysia were the
best-performing Asian markets, while Southeast Asian markets were the worst.
Investor concerns about potential Y2K issues dissipated, as contemplated
problems failed to emerge. With those concerns mitigated, investors started to
focus attention on the area's markets, and the region participated in the global
thematic buying of technology and telecom stocks. The result was a very narrow
sector focus on "new economy" stocks for most Asian markets in early 2000.
With the subsequent correction in overvalued technology, media and telecom
(TMT) stocks and concerns over the strength of the U.S. economy in early April,
the region's markets retraced. The release of U.S. data consistent with a "soft
landing" for the U.S. economy led to a rally in interest rate sensitive
companies. In the fourth quarter, old economy stocks outpaced their new economy
counterparts, as the outlook for technology stocks clouded.
Investor sentiment toward Japan improved, reflecting stronger-than-expected
economic data and corporate restructuring announcements. However, considerable
skepticism surrounded the sustainability of the recovery. As foreign investors
sharply reduced holdings, and local corporations continued to unwind
cross-shareholdings, the market continued to drag.
For Hong Kong's stock market, the direction of U.S. interest rates and
China's economic activity were key to performance. The market was supported by
interest-sensitive industries, such as banks and real estate, and many other
sectors were affected by large equity issuance. China's economic activity
remained robust, and its anticipated admission into the World Trade Organization
(WTO) is expected to be a long-term positive.
In the first half of the fiscal year, when interest rates were rising,
Malaysia was viewed as a relatively defensive play, given its capital controls.
However, in the second half, investors favored Singapore, as valuations in
Malaysia were stretched and corporate governance concerns resurfaced.
Emerging markets retrenched, following their strong outperformance toward
the end of last year. Concerns over DRAM prices and slower personal computer
(PC) demand hurt the Korean and Taiwanese markets, respectively. In addition,
concern over financial sector restructuring in Korea and political uncertainty
generated by a new President in Taiwan hurt investor sentiment for these
markets. India outperformed for the first half, but ended the period down, as
slowing economic demand and rising oil prices dampened the market.
PORTFOLIO REVIEW
During the fiscal year ended October 31, 2000, the portfolio underwent a
number of shifts, as the region's economies recovered. The portfolio's focus
moved away from technology and new economy stocks and re-emphasized interest
rate sensitive names, within Asia, and domestic defensive sectors -- such as
pharmaceuticals and railways -- and recovery plays, in Japan.
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SCHRODER ALL-ASIA FUND
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Within the portfolio, we were more positive on Japan, and reduced the Fund's
underweighting there. Despite continued low economic growth, the benefits of
cost cutting and rationalization at the company level started to come through.
We remained underweight in banks and automobiles, however. We added to areas
with good earnings visibility, such as railways (JR EAST) and pharmaceuticals
(YAMANOUCHI PHARMACEUTICALS). We concentrated our technology investments in
hardware and component companies, emphasizing stocks either with a high degree
of customization (ROHM) or low valuations (TDK).
We overweighted Hong Kong, where economic recovery continued. China also
benefited from continued economic recovery, and entry into the WTO should
enhance prospects for foreign direct investment. On a sector basis, we remained
overweighted in interest rate sensitive companies and in cellular phone
companies, particularly those with exposure to the fast-growing Chinese market.
We were underweighted in the fixed line telecoms.
The Fund maintained its overweight position in Singapore, another
beneficiary of a more benign interest rate outlook. Valuations were attractive,
and the government was expected to keep pressure on corporations to restructure.
We continued to favor interest rate sensitive companies and reduced our exposure
to technology stocks.
In Malaysia, the Fund moved to a large underweight position. Corporate
governance was still a concern, and valuations remained stretched given the risk
of earnings downgrades. Sales included TENAGA, the electric utility, which had
outperformed.
Within the emerging markets, we reduced the Fund's exposure to Korea, Taiwan
and India. Memory chip manufacturer SAMSUNG ELECTRONICS outperformed, but
weakened toward the end of the fiscal year, as DRAM spot prices fell. Taiwan
underperformed, as downstream electronics stocks, such as our position in TSMC,
fell on concerns of slower PC demand, and renewed political uncertainty
unsettled retail investors.
OUTLOOK
With leading indicators now pointing to slower global growth, our
expectations for both economic growth and corporate earnings in Asia ex-Japan in
2001 have been revised downward. However, given the expected stable to lower
rate environment, interest rate sensitive markets -- such as Hong Kong and
Singapore - may be supported. Within the region, we expect Japan to remain
defensive and Hong Kong to benefit from China's continued reflation.
In the near term, markets are expected to have continued volatility, as the
outlook for U.S. demand -- particularly within the technology sector -- remains
unclear. Our central economic forecast is for a soft landing in the United
States. With the increased trend in outsourcing to Asia by both U.S. and
Japanese companies, this soft landing scenario reduces the risk of a dramatic
slowdown in Asian exports. Market volatility may also be influenced by new
equity issuance. The large number of equity issues due by the first quarter,
principally in the TMT sector, is expected to limit the upside potential.
Notwithstanding the market's relatively defensive characteristics, our
outlook for Japanese equities following recent declines is fairly positive. The
major uncertainty is in the electronics sector, where demand concerns are being
compounded by worries of oversupply. However, we are encouraged by the profit
recovery under way in other sectors that are less dependent on top-line momentum
and continue to anticipate that this pickup should be sustained well beyond the
current year.
THE VIEWS EXPRESSED IN THIS REPORT WERE THOSE OF THE FUND'S PORTFOLIO MANAGER AS
OF THE DATE SPECIFIED, AND MAY NOT REFLECT THE VIEWS OF THE PORTFOLIO MANAGER ON
THE DATE THIS REPORT IS FIRST PUBLISHED OR ANY TIME THEREAFTER. THIS VIEW IS
INTENDED TO ASSIST SHAREHOLDERS OF THE FUND IN UNDERSTANDING THEIR INVESTMENT IN
THE FUND AND DOES NOT CONSTITUTE INVESTMENT ADVICE; INVESTORS SHOULD CONSULT
THEIR OWN INVESTMENT PROFESSIONALS AS TO THEIR INDIVIDUAL INVESTMENT PROGRAMS.
CERTAIN SECURITIES DESCRIBED IN THIS REPORT MAY NO LONGER BE HELD BY THE FUND
AND THEREFORE NO LONGER APPEAR IN THE SCHEDULE OF INVESTMENTS AS OF OCTOBER 31,
2000.
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SCHRODER ALL-ASIA FUND
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EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
SCHRODER ALL-ASIA FUND
VS. 50% MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) JAPAN/
50% MSCI ALL COUNTRY ASIA FREE EX-JAPAN INDEX
AND THE MSCI ALL COUNTRY ASIA FREE EX-JAPAN INDEX
<TABLE>
<CAPTION>
50% MSCI JAPAN INDEX /
<S> <C> <C> <C>
ALL-ASIA MSCI ALL COUNTRY 50% MSCI ALL COUNTRY
FUND ASIA FREE EX-JAPAN INDEX ASIA FREE EX-JAPAN INDEX
12/31/93 $10,000 $10,000 $10,000
$9,764 $10,466 $9,317
$9,628 $10,480 $8,916
$8,907 $9,693 $7,958
04/30/94 $9,229 $10,086 $8,263
$9,464 $10,386 $8,574
$9,279 $10,468 $8,285
$9,371 $10,552 $8,716
$9,964 $11,009 $9,411
$9,650 $10,766 $9,228
10/31/94 $9,878 $10,998 $9,373
$9,193 $10,236 $8,545
$9,157 $10,152 $8,306
$8,265 $9,334 $7,453
$8,522 $9,499 $8,075
$8,636 $9,933 $8,070
04/30/95 $8,501 $10,106 $7,958
$9,228 $10,361 $8,853
$9,143 $10,033 $8,715
$9,499 $10,527 $8,879
$9,249 $10,073 $8,469
$9,292 $10,176 $8,570
10/31/95 $9,007 $9,804 $8,423
$8,828 $9,983 $8,232
$9,285 $10,486 $8,639
$9,999 $10,824 $9,310
$9,970 $10,787 $9,412
$9,984 $11,017 $9,481
04/30/96 $10,369 $11,529 $9,822
$10,233 $11,168 $9,712
$10,197 $11,115 $9,567
$9,641 $10,455 $8,861
$9,748 $10,380 $9,128
$9,805 $10,649 $9,285
10/31/96 $9,384 $10,191 $9,109
$9,720 $10,529 $9,540
$9,805 $10,147 $9,506
$9,740 $9,700 $9,703
$9,762 $9,855 $9,786
$9,305 $9,415 $9,233
04/30/97 $9,134 $9,515 $9,095
$9,804 $10,256 $9,507
$10,218 $10,827 $9,854
$10,025 $10,707 $9,937
$8,248 $9,294 $8,175
$8,156 $9,203 $8,138
10/31/97 $6,664 $7,751 $6,329
$6,243 $7,248 $5,895
$6,050 $6,906 $5,675
$5,672 $6,915 $5,184
$6,471 $7,666 $6,283
$6,207 $7,349 $6,191
04/30/98 $5,843 $7,013 $5,648
$5,159 $6,285 $4,786
$4,809 $5,977 $4,249
$4,702 $5,862 $4,141
$4,152 $5,105 $3,545
$4,402 $5,289 $3,896
10/31/98 $4,958 $6,307 $4,744
$5,287 $6,706 $5,126
$5,465 $6,940 $5,285
$5,387 $6,918 $5,213
$5,222 $6,806 $5,158
$5,808 $7,631 $5,694
04/30/99 $6,616 $8,543 $6,816
$6,580 $8,257 $6,743
$7,466 $9,275 $7,768
$7,567 $9,626 $7,582
$7,767 $9,768 $7,857
$7,403 $9,696 $7,265
10/31/99 $7,681 $10,102 $7,561
$8,395 $10,748 $8,204
$9,131 $11,532 $8,891
$9,238 $11,333 $8,969
$8,931 $11,122 $8,867
$9,545 $11,692 $9,044
04/30/00 $8,680 $10,725 $8,229
$8,223 $10,054 $7,618
$8,745 $10,665 $8,020
$8,130 $9,823 $7,677
$8,330 $10,105 $7,621
$7,594 $9,275 $6,747
10/31/00 $7,030 $8,642 $6,217
</TABLE>
The MSCI Japan Index is an unmanaged index that groups Japanese securities
by industry and the most "investable" stocks (as determined by size, long- and
short-term volume, and free-float). The MSCI All Country Asia Free ex-Japan
Index (the "Asia Free Index") is also an unmanaged market capitalization index,
representing 12 developed and emerging markets of the Asia region but excludes
Japan. Both indices reflect actual buyable opportunities for the non-domestic
investor by taking into account local market restrictions on share ownership by
foreigners. Between November 1998 and May 2000, Malaysia was not included in the
Asia Free Index. During that period, the Fund customized the Asia Free Index to
include Malaysia. The returns presented here in the Asia Free Index include
Malaysia for all periods. The 50% MSCI Japan Index/50% MSCI All Country Asia
Free ex-Japan Index (the "Benchmark") is intended to reflect a hypothetical
allocation between the Japan and Asia ex-Japan.
The benchmarks are unmanaged and exclude the effect of any expenses and a
5.25% sales charge, which have been deducted from the Fund's return. For periods
prior to March 20, 1998, the performance information includes data relating to
Schroder Asian Growth Fund, Inc.
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SCHRODER ALL-ASIA FUND
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PERFORMANCE INFORMATION - (a)
<TABLE>
<CAPTION>
ONE YEAR FIVE YEARS INCEPTION
ENDED ENDED TO
OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 2000 2000*
-------------- ------------- --------------
<S> <C> <C> <C>
Schroder All-Asia Fund--Class A
Shares*.......................... -13.22% -5.83%(b) -5.75%
</TABLE>
(a) Performance information includes the effect of the 5.25% sales charge.
(b) Average annual total return.
* Average annual total return from commencement of Fund operations (December
31, 1993).
"TOTAL RETURN" IS CALCULATED INCLUDING REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS. RESULTS REPRESENT PAST PERFORMANCE AND DO NOT INDICATE FUTURE
RESULTS. THE VALUE OF AN INVESTMENT IN THE FUND AND THE RETURN ON INVESTMENT
BOTH WILL FLUCTUATE AND REDEMPTION PROCEEDS MAY BE HIGHER OR LOWER THAN AN
INVESTOR'S ORIGINAL COST.
PORTFOLIO CHARACTERISTICS AS OF OCTOBER 31, 2000
COUNTRY WEIGHTINGS
<TABLE>
<CAPTION>
COUNTRY % OF NET ASSETS
<S> <C>
-------------------------------------------------------------------
Japan 45.0%
Hong Kong 22.0
Singapore 7.5
Taiwan 7.4
Korea 7.3
India 5.0
Thailand 0.9
Indonesia 0.6
Phillipines 0.6
Malaysia 0.4
Cash Equivalents and Other Net Assets 3.3
----------
Total 100.0%
==========
</TABLE>
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
SECURITY % OF NET ASSETS
<S> <C>
-------------------------------------------------------------------
Hutchison Whampoa 4.0%
Taiwan Semiconductor Manufacturing 3.7
Nippon Telegraph & Telephone 3.2
Infosys Technologies 2.5
DBS Group Holdings 2.4
Matsushita Electric Industrial 2.3
Sun Hung Kai Properties 2.3
Cheung Kong (Holdings) 2.1
Wharf Holdings 2.1
Samsung Electronics 2.1
----------
Total 26.7%
==========
</TABLE>
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SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
OCTOBER 31, 2000
<TABLE>
<CAPTION>
SHARES VALUE
----------- -----------
<C> <S> <C>
COMMON STOCKS - 96.7%
HONG KONG - 22.0%
11,100 Asia Global Crossing Class A (1) $ 77,700
56,000 Bank of East Asia (1) 126,378
106,000 Cathay Pacific Airways 192,323
52,000 Cheung Kong (Holdings) 575,085
82,000 China Mobile (Hong Kong) (1) 525,719
279,000 China Resources Enterprise (1) 316,605
134,000 China Unicom (1) 268,899
162,000 Cosco Pacific 119,441
52,000 Dah Sing Financial Group (1) 223,367
42,000 Dao Heng Bank Group 212,185
201,000 Global Tech (Holdings) 233,246
164,000 Hong Kong Exchanges &
Clearing (1) 285,991
28,000 HSBC Holdings (1) 389,545
88,900 Hutchison Whampoa 1,105,715
77,000 Sun Hung Kai Properties 631,889
37,000 Television Broadcast 202,581
279,000 Wharf Holdings 568,815
-----------
6,055,484
-----------
INDIA - 5.0%
26,600 Bharat Petroleum 98,003
4,500 Infosys Technologies 687,970
16,800 ITC (1) 273,254
54,500 Mahanagar Telephone Nigam 164,082
7,100 VisualSoft Technologies (1) 147,371
-----------
1,370,680
-----------
INDONESIA - 0.6%
79,000 PT Hanjaya Mandala Sampoerna 92,845
318,500 PT Telekomunikasi Indonesia 81,670
-----------
174,515
-----------
JAPAN - 45.0%
2,400 Airport Facilities 8,265
6,200 Aoyamma Trading 50,538
30,000 Asahi Bank 118,147
8,000 Banyu Pharmaceutical (1) 171,450
20,000 Bridgestone 198,193
4,000 Canon (1) 158,628
9,000 Chubu-Nippon Broadcasting 83,252
6,800 Credit Saison (1) 143,864
46,000 Dai-Tokyo Fire & Marine Insurance 134,394
24,000 Daiwa House Industry (1) 150,568
67 East Japan Railway (1) 384,746
13,000 Fuji Photo Film 482,203
<CAPTION>
SHARES VALUE
----------- -----------
<C> <S> <C>
JAPAN (CONCLUDED)
11,000 Fujitsu $ 195,849
9,000 Glory 150,019
29,000 Hitachi (1) 310,753
3,000 Ito-Yokado (1) 135,457
12,000 Japan Airport Terminal(1) 89,572
400 Keyence (1) 124,191
1,300 Mabuchi Motor 138,827
22,000 Matsushita Electric Industrial (1) 638,725
35,000 Mitsubishi (1) 288,498
52,000 Mitsui & Company 345,282
2,000 Murata Manufacturing (1) 239,224
15,000 Nippon Mitsubishi Oil 80,642
30,000 Nippon Paper Industries 170,901
95 Nippon Telegraph & Telephone (1) 863,982
200 Nippon Television Network 112,652
16,000 Nomura Securities 339,237
13,000 Omron (1) 320,278
8,000 Onward Kashiyama 59,348
2,200 Promise (1) 165,021
13,000 Ricoh (1) 200,025
1,400 Rohm (1) 352,737
1,200 Ryohin Keikaku (1) 60,887
36,000 Sakata Inx 83,747
28,000 Sanki Engineering 136,171
7,000 Sanwa Bank 62,187
14,000 Sekisui House 147,967
11,000 Shiseido 142,051
32,000 Showa Shell Sekiyu 160,899
6 Sky Perfect Communications (1) 11,045
5,400 Sony 431,263
12,000 Sumitomo Bank (1) 145,623
5,000 Sumitomo Electric Industries 92,274
262,000 Sumitomo Metal Industries (1) 143,974
6,000 Takeda Chemical Industries (1) 395,105
2,500 TDK (1) 251,863
62,000 Teijin 280,511
32,000 TOC (1) 214,239
26,000 Tokio Marine & Fire Insurance 287,179
5,900 Tokyo Electric Power (1) 143,196
31,000 Toppan Printing 273,697
12,100 Toyota Motor (1) 483,174
64 West Japan Railway 262,597
9,000 Yamanouchi Pharmaceutical (1) 407,194
61,000 Yasuda Fire & Marine Insurance (1) 314,536
-----------
12,336,847
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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SCHEDULE OF INVESTMENTS (CONCLUDED)
OCTOBER 31, 2000
<TABLE>
<CAPTION>
SHARES VALUE
----------- -----------
<C> <S> <C>
KOREA - 7.3%
18,838 Kookmin Bank $ 215,299
24,500 Korea Electric Power (KEPCO) 547,095
5,500 Korea Telecom ADR 202,813
400 Korea Telecom. Krw5000 23,561
4,519 Samsung Electronics (1) Krw5000 566,136
9,000 Shinhan Bank (1) 90,201
6,550 SK Telecom ADR 164,159
910 SK Telecom. Krw500 194,007
-----------
2,003,271
-----------
MALAYSIA - 0.4%
6,600 British American Tobacco (Malaysia) 60,357
38,000 Digi.com (1) 57,002
-----------
117,359
-----------
PHILIPPINES - 0.6%
94,560 Manila Electric "B" Shares 77,647
5,940 Philippine Long Distance Telephone (1) 90,003
-----------
167,650
-----------
SINGAPORE - 7.5%
25,000 Chartered Semiconductor Manufacturing
(1) 108,234
40,000 City Developments (1) 184,567
55,758 DBS Group Holdings (1) 657,487
75,000 Parkway Holdings (1) 153,806
33,000 Sembcorp Logistics (1) 178,586
33,000 Singapore Airlines (1) 330,854
15,344 Singapore Press Holdings (1) 219,393
14,000 Venture Manufacturing (Singapore) 135,577
130,000 Wing Tai Holdings (1) 100,714
-----------
2,069,218
-----------
TAIWAN - 7.4%
73,000 Acer Communications & Multimedia (1) 86,851
<CAPTION>
SHARES VALUE
----------- -----------
<C> <S> <C>
TAIWAN (CONCLUDED)
19,000 Ambit Microsystems $ 88,072
33,500 Compeq Manufacturing (1) 126,298
18,000 Faraday Technology (1) 126,268
29,000 Hon Hai Precision Industry 151,453
124,300 Macronix International (1) 176,694
128,571 Nan Ya Plastic 152,967
338,137 Taiwan Semiconductor Manufacturing (1) 1,024,028
107,000 Winbond Electronics (1) 103,495
-----------
2,036,126
-----------
THAILAND - 0.9%
13,000 Advanced Info Service (1) 106,994
56,000 PTT Exploration & Production (1) 137,506
-----------
244,500
-----------
Total Common Stocks
(Cost $26,124,712) 26,575,650
-----------
SHORT-TERM INVESTMENTS - 0.7%
202,391 SSgA U.S. Government Money Market Fund
6.240% (2)
(Cost $202,391) 202,391
-----------
</TABLE>
<TABLE>
<S> <C>
Total Investments
(Cost $26,327,103) - 97.4% 26,778,041
Other Assets Less Liabilities - 2.6% 728,499
-----------
Total Net Assets - 100% $27,506,540
===========
</TABLE>
------------------
(1) Denotes non-income producing security.
(2) Interest rate shown is 7-day yield as of October 31, 2000.
ADR - American Depository Receipts
GDR - Global Depository Receipts
FORWARD FOREIGN CURRENCY CONTRACTS
CONTRACT TO BUY
<TABLE>
<CAPTION>
UNDERLYING UNREALIZED
CONTRACT DATE CURRENCY UNITS FACE AMOUNT DEPRECIATION*
------------- -------- ----- ----------- -------------
<S> <C> <C> <C> <C>
11/10/00 Japanese Yen 11,388,000 $ 105,723 $ (1,425)
=========
*Does not include foreign currency spot contracts with unrealized depreciation of $3.
</TABLE>
The accompanying notes are an integral part of the financial statements.
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<PAGE>
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SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2000
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value -- Note
2 $26,778,041
Foreign currency, at value 750,998
Dividends and tax reclaims receivable 50,828
Interest receivable 3,450
Receivable for securities sold 369,978
Receivable for Fund shares sold 95
Prepaid expenses 405
-----------
Total Assets 27,953,795
-----------
LIABILITIES:
Payable for securities purchased 198,767
Payable for foreign currency contracts
purchased 1,428
Payable for Fund shares redeemed 79,553
Advisory fee payable (Note 3) 22,021
Administration fee payable (Note 3) 2,571
Shareholder servicing fee payable (Note 4) 22,993
Accrued expenses and other liabilities 119,922
-----------
Total Liabilities 447,255
-----------
Net Assets $27,506,540
===========
COMPONENTS OF NET ASSETS:
Capital paid-in $113,647,079
Undistributed net investment income 1,425
Accumulated net realized loss on
investments and foreign currency
transactions (86,577,607)
Net unrealized appreciation on investments
and foreign currency translations 435,643
-----------
Net Assets $27,506,540
===========
CLASS A SHARES:
Net asset value and redemption price per
share $ 9.85
Offering price per share
(NAV/(1-Maximum Sales Load)) $ 10.40
Maximum Sales Load 5.25%
Total shares outstanding at end of period 2,791,144
COST OF SECURITIES $26,327,103
COST OF FOREIGN CURRENCY $ 762,016
</TABLE>
The accompanying notes are an integral part of the financial statements.
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9
<PAGE>
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SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2000
<TABLE>
<S> <C>
INVESTMENT INCOME (NOTE 1):
Dividend income $ 503,833
Interest income 55,925
Allocated expenses (330,306)
Foreign taxes withheld (50,830)
----------
Total Income 178,622
----------
EXPENSES:
Advisory and Asset allocation fees (Note 3) 160,747
Shareholder servicing fees (Note 4) 94,581
Administration (Note 3) 26,108
Subadministration (Note 3) 36,066
Custody 12,441
Trustees fees 26,466
Transfer agency fees 54,216
Amortization of organization costs (Note 2) 3,484
Other 79
----------
Total Net Expenses 414,188
----------
NET INVESTMENT LOSS (235,566)
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on investments sold (a) 5,596,230
Net realized loss on foreign currency
transactions (88,775)
----------
Net realized gain (loss)
on investments and
foreign currency
transactions 5,507,455
----------
Change in net unrealized appreciation
(depreciation) on investments (5,974,410)
Change in net unrealized appreciation
(depreciation) on foreign currency
translations (4,277)
----------
Net change in unrealized
appreciation
(depreciation) on
investments and foreign
currency translations (5,978,687)
----------
NET GAIN (LOSS) (471,232)
----------
NET DECREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ (706,798)
==========
</TABLE>
--------------
(a) Includes capital gains taxes for sales of India and Thailand securities in
the amount of $96,093.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
10
<PAGE>
--------------------------------------------------------------------------------
SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the For the
Year Ended Year Ended
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment loss $ (235,566) $ (214,273)
Net realized gain (loss) on
investments and foreign
currency transactions 5,507,455 1,508,901
Change in net unrealized
appreciation (depreciation) of
investments and foreign
currency translations (5,978,687) 17,589,351
------------ -----------
Net increase (decrease) in net
assets resulting from
operations (706,798) 18,883,979
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (67,142)
------------ -----------
CAPITAL SHARE TRANSACTIONS:
Sales of Shares 1,798,446 7,503,533
Reinvestment of distributions -- 3,318
Redemptions of Shares (18,800,331) (23,895,566)
------------ -----------
Net increase (decrease) from
capital share transactions (17,001,885) (16,388,715)
------------ -----------
Net increase (decrease) in net
assets (17,708,683) 2,428,122
NET ASSETS, BEGINNING OF PERIOD 45,215,223 42,787,101
------------ -----------
NET ASSETS, END OF PERIOD $ 27,506,540 $45,215,223
============ ===========
Undistributed net investment income $ 1,425 $ 111,554
============ ===========
CHANGES IN FUND SHARES
Sales of Shares 142,795 828,540
Reinvestment of Shares -- 306
Redemption of Shares (1,556,040) (2,781,938)
------------ -----------
Net increase (decrease) in shares (1,413,245) (1,953,092)
============ ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
11
<PAGE>
--------------------------------------------------------------------------------
SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS--CLASS A SHARES
Selected per share data and ratios for a Class A share outstanding
throughout each period: (a)
<TABLE>
<CAPTION>
For the Year Ended October 31,
----------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------
Net Asset Value,
Beginning of Period $ 10.75 $ 6.95 $ 9.34 $ 13.15 $ 12.62
------- ------- -------- -------- --------
Investment Operations (b)
Net Investment Income
(Loss) (0.07) (0.05) 0.02 (0.05) (0.03)
Net Realized and
Unrealized Gain
(Loss) on Investments
and Foreign Currency
Transactions (0.83) 3.86 (2.57) (3.66) 0.56
------- ------- -------- -------- --------
Total from Investment
Operations (0.90) 3.81 (2.55) (3.71) 0.53
------- ------- -------- -------- --------
Distributions From
Net Investment Income -- (0.01) -- (0.09) --
------- ------- -------- -------- --------
Tender offer costs
charged to
paid-in-capital in
excess of par -- -- -- (0.01) --
------- ------- -------- -------- --------
Redemption Fee -- -- 0.16 -- --
------- ------- -------- -------- --------
Net Asset Value, End of
period $ 9.85 $ 10.75 $ 6.95 $ 9.34 $ 13.15
======= ======= ======== ======== ========
Market Value, End of
Period N/A N/A N/A $ 8.50 $ 12.00
======= ======= ======== ======== ========
Total investment return
based on:
Market Value N/A N/A N/A (28.62%) 7.87%
======= ======= ======== ======== ========
Net Asset Value (c) (8.37%)(e) 54.92%(e) (25.59%)(e) (28.43%) 4.20%
======= ======= ======== ======== ========
Ratios and Supplementary
Data:
Net Assets at End of
Period (in thousands) $27,507 $45,215 $ 42,787 $150,406 $257,840
Ratios to Average Net
Assets: (b)
Expenses including
reimbursement/waiver
of fees 1.82% 1.95% 1.90% 1.78% 1.57%
Expenses excluding
reimbursement/waiver
of fees 1.82% 2.27% 2.13% 1.78% 1.57%
Net investment income
(loss) including
reimbursement/waiver (0.58%) (0.49%) 0.28% (0.31%) (0.19%)
Portfolio Turnover Rate 98%(d) N/A(d) N/A(d) 39% 35%
</TABLE>
--------------------
(a) The Fund converted from Schroder Asian Growth Fund, Inc., a closed-end
fund, on March 20, 1998 (See Note 1). For information prior to March 20,
1998, data refers to shares of Schroder Asian Growth Fund, Inc.
(b) From March 23, 1998 to June 30, 2000, the Fund recognized its proportionate
share of income, expenses and gains/losses of its underlying Portfolios,
Schroder Asian Growth Fund Portfolio and Schroder Japan Portfolio.
Commencing July 1, 2000, the income, expenses and gain/losses were directly
accrued to the Fund.
(c) Total returns would have been lower had certain expenses not been reduced
during the periods shown (See Note 3).
(d) The Fund had invested all of its investable assets in Schroder Asian Growth
Fund Portfolio and Schroder Japan Portfolio and did not have any direct
portfolio turnover for the periods from March 23, 1998 to June 30, 2000.
For the periods shown, the portfolio turnover rates of Schroder Asian
Growth Fund Portolio were 73% and 100% and of Schroder Japan Portfolio were
16% and 36%, for fiscal years ended October 31, 1999 and 1998,
respectively. For the fiscal year ended October 31, 2000, the rate
represents the period from November 1, 1999 through June 30, 2000 during
which time the Fund invested in the Portfolios and from July 1, 2000
through October 31, 2000 during which time the Fund held direct investments
in a portfolio of securities (See Note 1).
(e) Total returns do not reflect sales charges.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
12
<PAGE>
--------------------------------------------------------------------------------
SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
NOTE 1. ORGANIZATION
Schroder Series Trust II (the "Trust") was organized as a Delaware
business trust on December 5, 1997. The Trust, which is registered as an
open-end, management investment company under the Investment Company Act of
1940, as amended currently has one investment portfolio, the Schroder All-Asia
Fund (the "Fund"). The Fund is a non-diversified portfolio that was converted,
as of March 20, 1998, from Schroder Asian Growth Fund, Inc., a closed-end fund
that commenced operations on December 30, 1993. Under its Trust Instrument,
the Trust is authorized to issue an unlimited number of the Fund's Class A
Shares of beneficial interest without par value.
Through June 30, 2000, the Fund sought to achieve its investment objective
by investing all its investable assets in Schroder Asian Growth Fund Portfolio
and Schroder Japan Portfolio (each individually a "Portfolio", and,
collectively, the "Portfolios"). The Portfolios were separately managed,
non-diversified portfolios of Schroder Capital Funds ("Schroder Core"), each
of which had the same investment objective as the Fund, and in combination,
substantially similar investment policies as the Fund. This is commonly
referred to as a master-feeder arrangement. The Fund accounted for its
investment in each Portfolio as a partnership investment and recorded daily
its share of the Portfolios' income, expenses and realized and unrealized gain
or loss. Since July 1, 2000, the Fund has sought its investment objective by
investing not through the Portfolios but directly in a portfolio of securities
considered by Schroder Investment Management North America Inc ("SIMNA"), the
Fund's investment adviser, to be consistent with the Fund's investment
objective and policies.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities
at the date of the financial statements and the reported amounts of income and
expenses during the reporting period. Actual results could differ from those
estimates.
The following is a summary of significant accounting policies followed by
the Trust which are in conformity with accounting principles generally
accepted in the United States of America.
VALUATION OF INVESTMENTS:
Portfolio securities listed on recognized stock exchanges are valued at
the last reported sales price on the exchange on which the securities are
principally traded. Listed securities traded on recognized stock exchanges
where last sale prices are not available are valued at the mean of the closing
bid and ask prices ("mid-market price"), or, if none, the last sale price on
the preceding trading day. Securities traded in over-the-counter markets are
valued at the most recent reported mid-market price. Short-term investments
having a maturity of 60 days or less, are valued at amortized cost, which
approximates market value unless SIMNA believes another valuation is more
appropriate. Prices used for valuation generally are provided by independent
pricing services. Other securities and assets for which market quotations are
not readily available are valued at fair value as determined in good faith
using methods approved by the Trust's Board of Trustees ("Trustees").
REPURCHASE AGREEMENTS:
When entering into repurchase agreements, it is the Trust's policy that
the Fund take into its possession, through its custodian, the underlying
collateral and monitor the collateral's value at the time the agreement is
entered into and on a daily basis during the term of the repurchase agreement
to ensure that it equals or exceeds the repurchase price. In the event of
default or bankruptcy by the other party to the agreement, realization and/or
retention of the collateral may be subject to legal proceedings.
--------------------------------------------------------------------------------
13
<PAGE>
--------------------------------------------------------------------------------
SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
INVESTMENT TRANSACTIONS:
Investment security transactions are recorded as of trade date. Realized
gains and losses on sales of investments are determined on the basis of
identified cost. Capital gain taxes on certain foreign countries are accrued
on realized gains and unrealized appreciation.
INVESTMENT INCOME:
Dividend income is recorded on the ex-dividend date except that certain
foreign dividends are recorded as the Trust is informed of the ex-dividend
date. Dividend income is recorded net of unrecoverable withholding tax.
Interest income is recorded on an accrual basis. Foreign dividend and interest
income amounts and realized capital gains or losses are converted to U.S.
dollar equivalents using foreign exchange rates in effect at the date of the
transactions. Dividend income, interest income, foreign taxes withheld and
allocated expenses on the Statement of Operations include the allocable
portion of the Portfolios for the period the Fund had invested in such
Portfolios.
EXPENSES:
Expenses are recorded on an accrual basis. All of the expenses of the
Trust are attributable to the Fund, the only Series in the Trust.
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders from net investment income and net realized
capital gains, if any, are declared and distributed at least annually.
Distributions are recorded on the ex-dividend date.
FEDERAL INCOME TAXES:
It is the policy of the Trust for the Fund to qualify as a "regulated
investment company" by complying with the requirements of Subchapter M of the
Internal Revenue Code of 1986, as amended. By so qualifying, the Fund will not
be subject to federal income taxes to the extent that, among other things, it
distributes substantially all of its taxable income, including capital gains,
for the fiscal year. In addition, as a result of distributing substantially
all of its net investment income during each calendar year, capital gains and
certain other amounts, if any, the Fund will not be subject to a federal
excise tax.
For the year ended October 31, 2000 the Fund utilized $5,372,246 of
capital loss carryforward. As of October 31, 2000, the Fund had a net tax
basis capital loss carryforward for federal income tax purposes that may be
applied against future taxable gains until its expiration as follows:
<TABLE>
<CAPTION>
Amount Expiring
----------- ----------
<S> <C>
$21,715,703 10/31/2004
64,861,903 10/31/2006
</TABLE>
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from accounting principles generally
accepted in the United States of America. These differences are primarily due
to differing treatments for losses deferred due to wash sales, net operating
losses, passive foreign investment companies, tax treatment of foreign
currency and excise tax regulations.
At October 31, 2000, the Fund reclassified $(312,565), $125,437 and
$187,128 between capital paid-in, undistributed net investment income and
accumulated net realized loss respectively. These reclassifications had no
impact on the net asset value of the Fund and are designed to present the
Fund's capital accounts on a tax basis.
--------------------------------------------------------------------------------
14
<PAGE>
--------------------------------------------------------------------------------
SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FOREIGN CURRENCY:
Foreign currency amounts are translated into U.S. dollars at the mean of
the bid and asked prices of such currencies against U.S. dollars as follows:
(i) assets and liabilities at the rate of exchange at the end of the
respective period; and (ii) purchases and sales of securities and income and
expenses at the rate of exchange prevailing on the dates of such transactions.
The portion of the results of operations arising from changes in the exchange
rates and the portion due to fluctuations arising from changes in the market
prices of securities are not isolated. Such fluctuations are included with the
net realized and unrealized gain or loss on investments.
The Fund may enter into transactions to purchase or sell forward foreign
currencies to protect the U.S. dollar value of the underlying portfolio of
securities against the effect of possible adverse movements in foreign
exchange rates. Principal risks associated with such transactions include the
movement in value of the foreign currency relative to the U.S. dollar and the
ability of the counterparty to perform. Fluctuations in the value of such
forward currency transactions are recorded daily as unrealized gain or loss;
realized gain or loss includes net gain or loss on transactions that have
terminated by settlement or by the Fund entering into offsetting commitments.
NOTE 3. INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS
The Trust has entered into an investment advisory agreement with SIMNA.
Under this agreement, SIMNA provides investment management services and is
entitled to receive for its services compensation payable monthly at an annual
rate of 0.90% of the Fund's average daily net assets. Prior to July 1, 2000,
the Fund invested all of its assets in the Portfolios, which had retained
SIMNA to act as investment adviser, pursuant to an investment advisory
agreement and received compensation at an annual rate, payable monthly, of
0.70% and 0.50% of the Schroder Asian Growth Fund Portfolio and Schroder Japan
Portfolio, respectively. Through June 30, 2000, SIMNA served as investment
adviser under an asset allocation agreement with the Trust. Under this
agreement, SIMNA was entitled to receive a monthly fee for asset allocation
services at an annual rate of 0.20% of the Fund's average daily net assets
with respect to assets invested in the Portfolios (SIMNA no longer receives
the asset allocation fee because the Fund no longer invests in the
Portfolios).
The administrator of the Trust is Schroder Fund Advisors Inc. ("Schroder
Advisors"), a wholly owned subsidiary of SIMNA. For its services, Schroder
Advisors is entitled to receive compensation at an annual rate, payable
monthly, of 0.10% of the Fund's average daily net assets. Prior to July 1,
2000, Schroder Advisors was entitled to receive compensation at an annual
rate, payable monthly, of 0.05% of the Fund's average daily net assets.
Schroder Advisors also received fees from the Portfolios for providing
administrative services at an annual rate of 0.05% of each Portfolio's average
daily net assets through June 30, 2000. In addition, the Fund has entered into
a Sub-Administration Agreement with State Street Bank and Trust Company
("State Street") and Schroder Advisors. Under the Agreement, the Fund,
together with other mutual funds managed by SIMNA and certain related
entities, pays fees to State Street based on the combined average daily net
assets of all the funds in the Schroder complex, according to the following
annual rates: 0.06% of the first $1.7 billion of such assets, 0.04% of the
next $1.7 billion, and 0.02% of assets in excess of $3.4 billion, subject to
certain minimum requirements.
In order to limit the Fund's expenses, SIMNA and Schroder Advisors have
voluntarily agreed to reduce their compensation (and, if necessary, to pay
certain expenses of the Fund) to the extent that the Fund's net expenses
attributable to Class A shares exceed 1.95% of the Fund's average daily net
assets attributable to such shares.
For the period ended October 31, 2000 Schroder Advisors retained sales
commissions on Fund shares sold in the amount of $30,543.
--------------------------------------------------------------------------------
15
<PAGE>
--------------------------------------------------------------------------------
SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
NOTE 4. SHAREHOLDER SERVICING PLAN
The Fund adopted a Shareholder Service Plan (the "Plan") for the Class A
Shares under which Schroder Advisors, or other shareholder servicing
organizations, provide administrative support services to shareholders of the
Fund's Class A Shares. For providing for, or arranging for, the provision of
those shareholder services, Schroder Advisors receives compensation monthly at
an annual rate of up to 0.25% of the average daily net assets of the Fund
attributable to its Class A Shares. Schroder Advisors may pay shareholder
servicing organizations for those services at an annual rate of up to 0.25%.
NOTE 5. TRUSTEES' FEES
The Trust pays no compensation to Trustees who are interested persons of
the Trust, SIMNA or Schroder Advisors. For their services as Trustees of
Schroder Series Trust II, trustees who are not interested persons of the
Trust, SIMNA or Schroder Advisors receive an annual retainer of $9,500 and
$2,375 per meeting attended.
NOTE 6. INVESTMENT TRANSACTIONS
Purchases and proceeds from sales of investments, excluding short-term
securities for the period ended October 31, 2000 were $22,047,247 and
$39,558,413, respectively.
At October 31, 2000 the identified cost for federal income tax purposes of
investments owned by the Fund was $26,327,103, with a net unrealized
appreciation of $450,938. Gross unrealized appreciation and depreciation were
$4,418,520 and $3,967,582, respectively.
NOTE 7. CONCENTRATION OF RISK
The Fund's investments in companies domiciled in Asian countries,
including countries with limited or developing markets, may cause the Fund to
be more susceptible to political, social and economic events adversely
affecting the Asian countries in which it invests than portfolios not so
concentrated in a single region.
NOTE 8. BENEFICIAL INTEREST
As of October 31, 2000 the Fund had 3 shareholders each owning
beneficially or of record more than 5% of the Fund, totaling in the aggregate
45% of the Fund's outstanding Class A shares.
NOTE 9. LINE OF CREDIT
The Trust and other Schroder Funds managed by SIMNA (the "Participants"),
share in a $37.5 million unsecured revolving credit facility with State Street
for temporary or emergency purposes, including the meeting of redemption
requests that otherwise might require the untimely disposition of securities.
The Participants are charged an annual commitment fee of 0.08%, which is
allocated, pro rata based upon net assets, among each of the Participants.
Interest is calculated based on the federal funds rate plus 0.50% at the time
of the borrowing. To the extent amounts remain available for borrowing under
the facility, the Fund may borrow up to a maximum of 33 percent of its net
assets under the agreement. For the year ended October 31, 2000, the Fund had
no borrowings against the line of credit.
--------------------------------------------------------------------------------
16
<PAGE>
--------------------------------------------------------------------------------
SCHRODER ALL-ASIA FUND
--------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Schroder Series Trust II and Shareholders of Schroder
All-Asia Fund:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Schroder All-Asia Fund (a
separately managed portfolio of Schroder Series Trust II) (the "Fund") at
October 31, 2000, the results of its operations, the changes in its net assets
and the financial highlights for the periods indicated therein, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2000 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2000
--------------------------------------------------------------------------------
17
<PAGE>
INVESTMENT ADVISER
Schroder Investment Management
North America Inc.
787 Seventh Avenue, 34th floor
New York, NY 10019
TRUSTEES
Sharon L. Haugh, CHAIRMAN
Catherine A. Mazza, VICE CHAIRMAN
Peter E. Guernsey
John I. Howell
William L. Means
ADMINISTRATOR & DISTRIBUTOR
Schroder Fund Advisors Inc.
787 Seventh Avenue, 34th Floor
New York, NY 10019
CUSTODIAN
State Street Bank and Trust Company
TRANSFER & SHAREHOLDER
SERVICING AGENT
Boston Financial Data Services, Inc.
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
COUNSEL
Ropes & Gray
The information contained in this report is
intended for the general information of the
shareholders of the Trust. This report is not
authorized for distribution to prospective
investors unless preceded or accompanied
by a current Trust prospectus which contains
important information concerning the Trust.
Schroder All-Asia Fund
P.O. Box 8507
Boston, MA 02266
800-464-3108
[SCHRODER LOGO]
------------------------------------------
Schroder
All-Asia
Fund
ANNUAL REPORT
October 31, 2000
SAAF1200AR Schroder Series Trust II
